Experts explain how bright the future is for NFT event tickets

Could Non-Fungible Tokens (NFTs) Become the New Standard for Event Ticketing? There is a growing group of experts who believe they can be. It all depends on NFT’s utility and ability to solve the problems of more traditional ticketing solutions.

Take, for example, counterfeit and black market tickets. For as long as the event has been around there have been fake tickets. Fans buy these tickets, believing they are genuine, only to be returned at the door of the music or sporting venue

Nothing quite encapsulated the 2022 Champions League final between Real Madrid and Liverpool quite like the chaos witnessed outside the Stade de France. An estimated 35,000 fans, mostly Liverpool supporters, were prevented from entering the stadium by thousands of counterfeit tickets. As entry to the stadium was restricted, fans tried to get in anyway, throwing down fences, brawling with police and security personnel, and creating a horrific scene that was broadcast around the world.

NFT ticket solution

Leaders in the NFT space believe digitalized tickets on a blockchain could prevent this phenomenon from happening again, along with other problems associated with paper tickets. NFTs are versatile in that they ensure ticket credibility and enable Internet of Things (IoT) functionality. Also, they serve as a unique digital keepsake that lasts.

According to Colby Mort, head of NFT strategy at Amsterdam-based GET Protocol, NFT tickets help add real-time visual transparency, which can aid ticket authentication. Furthermore, tickets can only be resold within the system, giving event organizers control over tickets, revenue, data and instant communication with ticket holders.

The lifecycle of these digitized tickets can be extended for both pre- and post-operations. The GET protocol is exploring decentralized event funding for music, art and other upcoming events, which could mean more exposure for lesser-known artists.

Josh Katz, CEO of NFT marketplace Yellowheart, says the ticketing industry is rife with issues related to authenticity and scalping. Katz also noted that the online ticketing industry will reach $68 billion by 2025, while secondary sales could reach $15 billion.

Katz continued, “Since our inception in 2016, we’ve prioritized decompressing blockchain and NFT technologies, but over the past year we’ve seen a huge demand from ticket companies and event organizers to explore the Web3 side of their ticketing. including post-event NFT claims.”

NFT ticketing started

The NFL did its own taste test of NFT tickets by phasing out one-quarter of NFT tickets starting in November 2021. Those who attended Super Bowl LVI can also receive commemorative NFT tickets—at no cost.

Belgian electronic music festival Tomorrowland is another event that has adopted NFT ticketing. The festival has already dropped two of the three NFT collections this year While holding an NFT from any of the three collections will grant you access to events, NFT holders from all three collections will find themselves eligible for more.

With NFT, tickets open many doors for creators, artists, event organizers and holders alike. An NFT ticket is easy to retrieve and it eliminates the possibility of losing your ticket or purchasing a fake as digitized tickets are difficult to counterfeit.

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