I agree that the idea may not be the best for promoters, artists or venues, however, in my opinion, it's the worst for buyers, specially those who cannot spend a lot of money.
The process of purchasing a ticket will induce a lot of anxiety in the purchase process. They don't know the lowest price they could buy the ticket on, before it gets sold out. They have to pick a price and hope that it is available when the price reaches that value eventually. Many people may decide to go above their limits just to get tickets of popular concerts, decreasing their disposable income unnecessarily.
In theory this process sounds wonderful and exactly like an economics textbook envisions a free-market purchase, but I don't think buyers will enjoy this process. There are lots of other factors to consider in the purchase process apart from economics and API rate-limiting. I don't have a better solution to add for this though.
The process of purchasing a ticket will induce a lot of anxiety in the purchase process. They don't know the lowest price they could buy the ticket on, before it gets sold out. They have to pick a price and hope that it is available when the price reaches that value eventually. Many people may decide to go above their limits just to get tickets of popular concerts, decreasing their disposable income unnecessarily.
In theory this process sounds wonderful and exactly like an economics textbook envisions a free-market purchase, but I don't think buyers will enjoy this process. There are lots of other factors to consider in the purchase process apart from economics and API rate-limiting. I don't have a better solution to add for this though.