1/ A few weeks ago, Chairman Clayton explained explained token sales with an analogy to buying tickets to a Broadway play. This was interesting because it reminded me of a NYAG report on the event ticket industry, which struck me as having some similarities to token sales.
2/ Here’s the report (ag.ny.gov/pdfs/Ticket_Sa…) and here are some highlights:
3/ The majority of tickets aren’t reserved for public sale. They are distributed in “presales” or to various “insiders”: 
4/ Ticket brokers then markup prices in the resale market “by an estimated 49% on average, but sometimes by more than 1000% -- yielding easy profits.”
5/ Tickets are also subject to “service fees” that “sometimes reach outlandish levels”:
6/ There’s also apparently a thing call “speculative tickets” where brokers sell tickets they do not yet have or have not even been issued yet, with the plan to buy the tickets at a cheaper price and then deliver them to the retail buyer:
7/ I haven’t fully digested all of the analogies, similarities, and, of course, distinctions between ticket and token sales. Nor do I necessarily know yet what any of this should (or shouldn’t) mean for token policies (if anything), but I’m interested in everyone’s thoughts.
