Sidechain

Sidechain peer-to-peer escrow allows users to transact any mixture of NFT tickets and cash quickly, affordably, and in a trustless transparent environment. In the current market, you can buy and sell NFT tickets in two ways: 1) resale marketplaces such as Ticketmaster or StubHub that charge 20% in ticketing fees, or 2) social media groups on Facebook or Reddit where you can negotiate and pay over the counter. This second option is much cheaper but more risky. In peer-to-peer transactions, buyers and sellers would require mutual friends, proof of purchase screenshots, then determine who sends assets first. Typically, the buyer pays over Venmo or Cash App, and trusts that when the seller receives payment, they will honor their end of the deal by sending a screenshot of the ticket. This has created a large $3.6B market opportunity that sprung from 12% of people in the $30B secondary ticketing market getting scammed each year. Currently event organizers and creators see $0 and no data from these resale transactions.

NFT tickets and smart contract escrows solve this problem and is what we built this hackathon. We prioritized the easiest user experience where any user can make an offer to be accepted by another user. User 1 can deposit 1) USDC or 2) NFT tickets into a smart contract offer. When their offer is accepted, User 2 deposits their assets requested, and the smart contract executes a trustless exchange. Royalties are distributed back to Sidechain as well as to the event organizer / creator. Users are now able to transact with each other without the fear of being scammed, but also quickly and much cheaper than the 20% fee for going through resale marketplaces. Furthermore, organizers, creators, and Sidechain benefit from being able to track onchain data as well as capture this $3.6B greenfield opportunity via royalties.

The elimination of trust and friction within this market will greatly expand the amount of users and customers, as well as create a more liquid marketplace. The liquidity will help find equilibrium for tickets, and creates a more fair ecosystem.

This project uses the technologies of ThirdWeb, Wallet Connect, Solidity, NextJS, and ENS. We are using Vercel to automatically deploy a new version for each new commit. With ThirdWeb SDK we were able to provide several wallet connections like Coinbase Wallet, Metamask.

We developed a custom escrow smart contract that can receive NFTs/ERC721/ERC20.