DappRadar reports that the NFT marketplace attained a trading volume of $24.9 billion due to the enormous interest in NFTs. Although NFTs are prompting changes in many sectors, the event business is ahead of the curve in using them to bridge the gap between traditional and digital tickets.
People used to collect traditional tickets before the introduction of digital ones. Whether it was for opera performance in Vienna, a World Cup game in England, or a California music festival, each of those tickets was one of a kind and brought back fond memories.
Because of the improvements made possible by digitalization, today’s ticketing systems are fast, secure, and accessible to anybody. A simple QR code without any context, though, appears dull. The convenience and ease of digital tickets preclude their use as souvenirs for future reflection.
Setting up the ticketing system to facilitate looking back on memorable instances in the past. Consequently, introducing NFTs to enable ticket use and make it simple to accumulate tickets as souvenirs.
Wet tickets might lose or get damaged quickly. Counterfeiting paper tickets is easy, which leaves event organizers vulnerable. If you’re an event planner, QR codes are a great solution to this problem, but visitors who buy them won’t see any benefit.
NFTs eliminates the need to make concessions, and the technology is helpful for both event planners and attendees. But before we get to the solutions, let’s talk about the issues with the status quo of event tickets.
Traditional ticketing has several drawbacks
1. Smuggling of tickets
The prevalence of fraud in the ticketing market has increased spectators’ pricing and heightened security risks for event organisers. Ticketing bots are a source of turmoil because they allow scalpers to mass-purchase tickets online and sell them at inflated rates on secondary markets.
2. Protocol failure
Due to the absence of an exchange mechanism, fraud in the secondary market is feasible, and customer tracking limits the scope of a single provider. The initial purchaser, who keeps info by the event organizer, and a resold ticket are unrelated. As a result, the event hosts had no idea who showed up. Because tickets are provided in a manner that prevents secondary market transactions, it cannot change the ticket holder’s name and may resell a ticket unlimited times.
3. Customer Trust
Concerns about whether or not a purchased ticket is legitimate rank high on the list of issues for attendees. Fake tickets sold by websites pretending to be official ticket outlets may cost clients time and money.
How does NFT work for Ticketing?
Non-fungible tokens (NFTs) are one-of-a-kind digital tokens that get a record on a distributed ledger. When creating something on the blockchain and ready for sale, it may transfer electronically to buyers. Customers then keep their NFTs in an encrypted wallet that they can access from any device.
Event planners may use the ticketing system to create the necessary amount of NFT tickets on the blockchain they want. They may program the NFTs with a fixed price or open bidding so buyers can choose the final price.
Typically, a customer will acquire NFT-based tickets from the ticketing provider itself. After completing a transaction, a ticketing database will automatically generate and deliver an NFT to the buyer through a smart contract.
The ticketing service has requested that we post the ticket to IPFS. Saving tickets in a database once IPFS has computed their hashes. Upon receiving a request, generate NFT tickets and sent them to the specified NFT exchange.
Owners of NFT tickets may also trade them on the NFT secondary market. Using smart contracts to keep track of the ticket. When a buyer buys a ticket from the owner, the smart contract records the transaction and pays the seller immediately.
NFT ticketing’s advantages
New forms of tickets (NFTs) have the potential to revolutionise the ticketing process for both consumers and event organisers. Among the many advantages of NFT are the following.
1. Avoiding Scams and Fake Tickets
Blockchain may be relied upon as an honest intermediary between ticket buyers and event planners. All parties can verify the legitimacy of NFTs thanks to the immutable record of transactions recorded on the blockchain from the first sale to resale. It may create non-transferable tickets (NFTs) for use in situations where the resale of tickets is restricted.
2. Save money
When compared to the cost of paper tickets, the costs involved with selling and minting NFTs are minimal. It may make an unforgeable ticket at a reduced price, and buyers and event organisers will benefit from verifying the legitimacy of each ticket in circulation and tracing its journey from the seller to the buyer.
Creating Non-Fungible Tokens (NFTs) and minting at record speed, swerving away from the standard digital ticketing procedure. Issuing NFT and made available for trade-in in under a minute.
Since programmable NFTs can include rules for merchandise, content, resale, and royalty splits, the organiser can calculate profit sharing percentages for future resale or creative content on secondary markets and collect funds with the assurance that it cannot alter the tickets outside of the NFT’s coding.
5. New revenues
Tickets based on NFTs function like programmable money, opening the door to many new ways to make money off events, such as the secondary market for NFT collections, offering discounts on food and drink, and rewarding fans who have amassed a large number of tickets.
Which options do visitors have while using NFT tickets?
- The event organizers provide them with benefits and incentives.
- They may make money by reselling tickets to events they cannot attend.
- Collectors’ tickets are a good market for them.
- They have a secure place to retain tickets and hence memories.
- An event organizer’s community is a place they can interact with like-minded people.
What advantages do event planners have access to using NFT Ticketing?
- They may make collectable tickets that are works of art by depicting the narrative behind an event.
- Each ticket may be verified by its owner and shown to be legitimate.
- As long as the NFT ticket is resold, both the original purchaser and the reseller benefit.
- As a result, they have easier access to information that might improve future gatherings.
- It may send out ticketing for NFT events by email or text message.
The ticketing industry is only one of several that NFT has revolutionized. The live events industry is the only one that stands to be turned upside down by NFTs. Ticketing services and concert producers would be well to keep an eye on this sector for new business prospects and cutting-edge technologies that might improve the live event experience. Utilizing NFTs for ticketing increases the platform’s openness and gives the secondary buyer confidence that the ticket is legitimate.
Blog Credits: NFTICALLY