Vitalik Buterin on Farcaster

Vitalik Buterin pfp

Vitalik Buterin

"[X] is underpriced" is a perenially unpopular, but often very correct take. If demand > supply at the current price, you are going to get back to equilibrium _somehow_. Either that happens by people paying more in money, or it happens by people paying more in time (eg. waiting in line, staying up until 3AM to snap up a ticket). The former is more honest and is far less value-destructive. If you want to give non-rich people a chance to participate, then sure, allocate some tickets non-financially, but do it in a way that targets some other goal (eg. proof of volunteering, proof of getting good grades...). Basically, acknowledge that an auction will exist, but create more ways for people to bid that target diverse constituencies. Lotteries and lines are just an awful way to allocate things. https://x.com/MorePerfectUS/status/1971272756302844069

16 replies

13 recasts

142 reactions

Icetoad 🍕 🎩 🐈 pfp

Icetoad 🍕 🎩 🐈

As someone that's probably seen 1000 concerts at this point in my life (119 just in 2013 alone), I've watched prices go up and up and people keep paying. Part of the reason is that recorded music doesn't command the premium it once did so musicians have to make money through live concerts and/or physical merchandise. Ticketmaster/Live Nation is essentially a monopoly though. They are the biggest promoter and the biggest ticket seller. Even AEG comes no where near them in terms of promotion. They also owns a good chunk of venues. Ticketmaster should have never been allowed to merge with LN. Luckily most of the musicians I like still plan small to medium sized venues and I only have to deal with TM/LN once in awhile.

2 replies

0 recast

9 reactions

Purp pfp

Except by multiple state audits of ticketmaster operations, ticketmaster is creating false scarcity with tickets, they only release like 40% of tickets for sale and the rest are sold at huge profits on aftermarket/given to insiders

0 reply

0 recast

3 reactions

Bryan R. pfp

I mostly agree with this point, though I think the missing piece is that some festivals and concerts are also rooted in culture too. I love that Tomorrowland allocates tickets to people from every country as a way to promote something worldwide. It sells out every year and uses lotteries as well. If it was just a bunch of rich Americans and Northern Europeans going, it would lose part of the mission and culture it set out to create. I don’t think you want tickets to purely be as extractive as possible. You want a balance of capitalistic optimization and culture retention. If your event has no culture (like most, it’s just fun), extract away. The latter option though (proof of volunteering, proof of contribution, etc) is a better way of retaining culture too

1 reply

0 recast

1 reaction

Peter pfp

@silencedogood.eth

Live Nation is an absurd monopoly, so yes, they still have more headroom to exploit the market

0 reply

0 recast

1 reaction

Icetoad 🍕 🎩 🐈 pfp

Icetoad 🍕 🎩 🐈

I was hoping that fan clubs that utilize NFTs gained through some combo of attendance, merit, or perhaps even bonuses from merchandise sales, would have been utilized to give avid fans more of a leg up when it came to tickets.

0 reply

0 recast

1 reaction

kedev pfp

That account has another great video about the squeeze they're creating & how they stifle even smaller venues. IMO, the issue stems from the ability to resell & the automation of that process (bots sniping tickets). We really need a better way for artists to go direct. Your idea of having different goals (eg, proof of volunteering, etc) is exactly the kind of solutions we need - a programmable way to ensure a desired demographic is given priority access to a product. https://x.com/moreperfectus/status/1832068990660735401?s=46&t=AhZECurPltCKVeo7gBnUbg

0 reply

0 recast

0 reaction

MFER #8496 pfp

Or…if you have a complete monopoly you can charge whatever you want is what is happening here.

0 reply

0 recast

0 reaction

▫️ ▫️ ▫️ alex pfp

▫️ ▫️ ▫️ alex

what’s the last show you went to?

0 reply

0 recast

0 reaction

Babooun pfp

Waiting in line or pre-sale puzzles are great ways to filter in very motivated low income people and they are essentials for a vibrant crowd. Else there’s a very common mechanism where ticket price ramps up with sells. If you’re really engaged in the event and ok to book early you get cheap tickets, you’re late or you want to keep flexibility you pay more. Fair.

0 reply

0 recast

0 reaction

Priest pfp

we line up for the culture.

0 reply

0 recast

0 reaction

noice pfp

https://app.noice.so/?castHash=0xbb3251d7b417ab618fd0f9ff98191a63e37b909d&timestamp=1758888504981

0 reply

0 recast

0 reaction

Boiler(Chris) pfp

I used to be able to drive down to the city for a concert, spend the night and it would be a few hundred. For me to go to a concert now, is like $1000 night out. Tickets to the show are only part of the equation.

0 reply

0 recast

0 reaction

Fowl Play NFTs pfp

Check out our platforms bro BaseFlip.io Fowlplay.xyz

0 reply

0 recast

0 reaction