Published May 15, 2023
The NFT market is booming, with a trading volume of $24.9 billion, as per DappRadar data. And it's not just the NFTs that are transforming multiple industries, but the event market is leading the charge in combining physical and digital ticketing with NFTs.
Gone are the days of old-school ticket collections as digital technology takes over. But with unique NFTs now available, memories of past events can be re-lived in a more tangible and meaningful way – be it an opera night in Vienna, the World Cup in England, or a music festival in California.
Digital tickets cannot be keepsakes people want to keep and have to reminisce.
Currently, the ticketing system can’t help people reflect on special moments from past events. Hence, NFTs have arrived to make tickets more functional and easy to collect for memories.
A paper-based ticket may be lost, ruined due to water, and destroyed. Moreover, organizers do not get enough security with paper-based tickets – they can be easily faked. QR codes solve this challenge for organizers, but they’re not that effective for guests purchasing them.
With NFTs, you don’t need to compromise, and the technology benefits organizers and guests. But let’s first discuss some of the problems in traditional event ticketing.
Challenges of Traditional Ticketing
Buyer Beware: Fraud
The ticketing industry is suffering from an alarming rise in fraudulent activities, leading to overpriced tickets and posing threats to security.
This is due to the misuse of technology by ticketing bots, which has led to the disruption of online ticket sales. These bots allow individuals to purchase tickets in large quantities, which they then resell on secondary markets at inflated prices.
No Exchange Protocol
Inability to track customers or exchange data outside of a supplier's boundaries creates a loophole that allows fraud in the secondary market.
Once a ticket is resold, the original buyer no longer holds ownership and the event organizer cannot identify who is attending the event. The current issuing process does not allow for ticket holder name changes or limit the number of times a ticket can be sold in the secondary market.
This poses a huge challenge for event organizers in ensuring secure and reliable ticketing.
Trust from Customers
Guests often worry about being tricked into buying fake event tickets from unauthorized vendors online.
These scams can result in money lost and dashed expectations. It's crucial to ensure that your tickets are legitimate before purchasing them to avoid such issues.
How NFT Ticketing Works
Unlock the power of blockchain with NFTs – the revolutionary digital tokens that are taking the world by storm.
This cutting-edge technology allows event organizers to create custom NFT tickets that can be securely stored in a digital wallet and accessed from any device. Whether you want to set a fixed price or run an exciting auction, NFTs offer a world of possibilities for event organizers and attendees alike.
You can securely purchase NFT-based tickets directly from the ticketing company. Once payment is received, a smart contract triggers and an NFT ticket is sent to your digital wallet.
Guaranteed authenticity and streamlined ticketing.
The ticketing company utilizes an efficient system by uploading tickets onto IPFS. The IPFS calculates a secure hash, allowing tickets to be safely stored in the database. It also creates NFT tickets and uploads them to the appropriate marketplace for buyers and sellers.
As an added bonus, ticket owners can sell their NFT tickets on the same marketplace. Transactions are guaranteed secure by storing the ticket in a smart contract, allowing for automatic payment distribution to the seller once a buyer makes a purchase.
This system is the pinnacle of safety and convenience for all parties involved.
Benefits of NFT Ticketing
NFTs have the potential to overhaul the ticketing experience for buyers and organizers alike. Here are some of the main benefits:
Eliminate Ticket Scams
Fraudulent event tickets can cause headaches for organizers and ticket holders. But with blockchain, both parties have a trustworthy platform. Using Non-Fungible Tokens (NFTs), every detail of the sale and resale is stored safely and immutably. This ensures all parties can prove the authenticity of the ticket.
Plus, for events with a strict resale policy, NFTs can be made nontransferable, preventing any unauthorized transactions.
Say goodbye to fake tickets with the power of blockchain.
Achieve Cost Savings
Compared to the traditional ticketing method, the expenses connected with selling and creating NFTs (non-fungible tokens) are minimal.
You can create a secure ticket at a lower production cost, and both organizers and customers can verify the genuineness of each ticket through an accessible blockchain system and trace its ownership history.
Efficient NFT Creation in Under a Minute
Say goodbye to the traditional ticket digitization process – this streamlined approach allows for quick and easy NFT creation.
You can now have your NFTs minted and ready for sale in less than a minute.
Maximizing Your Revenue Potential
Generate perpetually profitable revenue streams with programmable NFTs.
With the built-in rules for merchandise, content, resale, and royalty splits, you can analyze profit sharing percentages for future resale or creative content on secondary markets.
Receive funds with the assurance that your tickets are unalterable within the NFT's coding.
New Revenue Streams with NFT-Based Tickets
By harnessing the power of programmable money, the possibilities for generating profit are limitless.
Imagine selling NFT tickets as collectibles, offering food and drink deals to those who possess them, or even rewarding loyal fans with exclusive perks.
Opportunities NFT Ticketing Provides to Guests
As an affiliate, you can sell tickets for upcoming events that you cannot attend, to help others access one-of-a-kind experiences.
Plus, you can sell rare tickets that collectors desire and safely store tickets to keep cherished memories alive.
You'll also have access to our vibrant community of event organizers, where you can network, collaborate and engage with like-minded experts.
Opportunities NFT Ticketing Provides to Organizers
Create artful event tickets that people will want to collect while ensuring authenticity and ownership verification.
As an added bonus, earn a piece of the profit when a ticket owner resells their NFT ticket.
And, utilize valuable data to improve future events and easily distribute NFT tickets via email or SMS.
Final Thoughts
The rise of NFTs is transforming industries in new and innovative ways, particularly ticketing.
One industry that could see massive disruption from NFTs is the live events space. Ticketing companies and concert promoters should closely monitor this emerging tech for potential opportunities to enhance the live event experience.
NFTs for ticketing platforms offer transparency and security to buyers, ensuring that they receive valid tickets for the events they're eagerly anticipating.
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