NFT Tickets for Live Events: A Look into the Future
For the last 10 years, concert and festival fans have been ditching paper tickets in favor of keeping their event tickets on their phones. As ticketing has moved from paper to PDF and digital credentials, a new era of post-pandemic performances has begun to revolutionize the live-event industry — and it’s all thanks to the power of NFTs!
NFTs are taking the world of technology and entertainment by storm, and now they’re making their way into live events. When Bored Apes first came onto the scene years ago, they caused a stir in the creative world. The idea of a tokenized concert and festival pass has been around for a while but hasn’t been fully explored in the NFT market. As the NFT space continues to expand with advancements, NFT ticketing is becoming a major player in the race for real-world utility.
What is NFT ticketing?
NFT ticketing is exactly what it sounds like — tickets as NFTs on a blockchain, which give you access to any live or virtual event. What makes it different from digital tickets? The blockchain element really sets NFT tickets apart from the barcode or QR code versions.
Since they’re stored on a blockchain, NFTs provide solid proof of ownership and authenticity. Plus, they can only have one owner at a time and can’t be changed or faked.
NFT tickets are digital assets that give you access to an event, as well as extra perks like meet-and-greets, exclusive merch, and more to give fans a more immersive experience. It also helps build a closer relationship with fans and provides ongoing royalties for artists, event organizers, and stakeholders.
What’s wrong with the old ticketing system?
Fraud, of course.
Paper tickets and QR Codes can be easily faked, which can be a huge security issue for event venues and a bummer for fans who unknowingly buy a counterfeit ticket. Tech misuse has allowed ticketing bots to snatch up tickets in bulk and sell them on secondary markets for a fortune.
They’re quite disorganized.
It’s impossible to keep track of customers or share info outside of the seller, and the lack of a protocol makes it easy for fraud to happen on the secondary market. When a ticket is resold, it no longer has the original buyer’s info that the event organizer had. So they don’t know who’s actually at their event. And since tickets are issued without any way to change the name or keep track of how many times it’s been sold, there’s no way to control it.
They’re kinda slow… and more expensive.
The costs of selling and minting NFT tickets can be cheaper than traditional tickets. They also take way less time to produce and distribute, which allows event organizers to make and distribute NFT tickets in just a few hours!
There’s no opportunity for ongoing revenue.
The blockchain tech behind NFTs has the potential to create real value for everyone involved. With NFT tickets, smart contracts can provide ongoing royalties to the artist and event organizer. If someone sells their ticket on a secondary marketplace, a cut of the money can go to the artist. Plus, ticket holders can make money by reselling NFT airdrops they get as part of their ticket’s rewards.
What benefits do guests get from NFT ticketing?
Security
Blockchain technology keeps NFT tickets secure, preventing fraud and counterfeiting. That means only the rightful ticket holder can get into the event.
Convenience
NFT tickets can be easily stored and managed through digital wallets, eliminating the need for physical tickets that can be lost or damaged.
Unique experiences
NFT tickets can be designed and customized to offer unique experiences and rewards to guests, enhancing the overall event experience.
Resale
NFT tickets can be resold on secondary marketplaces, giving guests the ability to buy and sell tickets at market value, as opposed to being subject to the restrictions and fees imposed by traditional ticketing methods.
Credibility
NFT tickets provide proof of authenticity, allowing guests to verify the legitimacy of their tickets and reducing the risk of being scammed or purchasing counterfeit tickets.
Overall, NFT ticketing offers a secure, convenient, and enhanced experience for attendees, making it an exciting new option for live events.
Conclusion
NFTs have been causing huge shifts across industries. Live events could be totally transformed by them. NFTs for ticketing add transparency to the ticketing platform and give the secondary buyer peace of mind that they’re getting a legit ticket to the event they’re stoked about. They’re great because NFT tickets make use of the blockchain, allowing for easy authentication and fraud prevention.
NFTs are still relatively new, but they’re gaining traction quickly and completely transforming how we do things in our daily lives.
