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Saudi Arabia-based strategic investment company Quara Holding has announced a partnership with blockchain-based ticketing technology provider, B.A.M Ticketing.\u00a0<\/span><\/p>\n Quara Blockchain, a subsidiary of Quara Holding, will utilise the partnership to help event organisers eliminate ticket fraud and keep track of tickets sold within Saudi Arabia.\u00a0<\/span><\/p>\n Each ticket is created using blockchain and non-fungible token (NFT) technology and are linked to the buyer, providing traceability and helping to prevent fake tickets from being placed on the secondary market.\u00a0<\/span><\/p>\n \u201cWe are delighted to work with B.A.M Ticketing to provide tamper-proof tickets with the latest blockchain and NFT technology to the kingdom,\u201d said Ziad El Chaar, chief executive of Quara Holding.\u00a0<\/span><\/p>\n \u201cThis partnership is a major milestone for the Saudi entertainment event industry, enabling them to set ticketing rules, control the full ticketing lifecycle and enhance the user experience.\u201d\u00a0<\/span><\/p>\n He added: \u201cNowadays, it\u2019s relatively easy to forge tickets and resell them to secondary markets. There is also limited care in identifying each participant entering events. It is a strategic imperative to provide blockchain-based tickets to ensure security, increase trust and transparency that will further support the growth of the entertainment sector in the kingdom.\u201d\u00a0<\/span><\/p>\n George Mueller, managing director of B.A.M Ticketing, said: \u201cWe are incredibly proud to work with Quara Holding to offer the latest blockchain and NFT ticket service to increase security and control the ticketing ecosystem.\u00a0<\/span><\/p>\n \u201cTicket scalpers buy large numbers of event tickets with the sole aim of reselling them at a high profit, with an average of 70% mark-up above the initial purchase price. Blockchain technology is being leveraged as a solution to control the entire ticket cycle while NFT tickets offer an easy way to gather information about how and where your tickets are being sold or re-sold.\u201d<\/p>\n