How NFT ticketing can disrupt the ticketing industry?
DappRadar reported that the NFT market achieved a trading volume of $24.9 billion due to the huge interest in NFTs. While NFTs are driving change in many areas, event businesses are ahead of the curve in using them to bridge the gap between traditional and digital tickets.
People used to collect traditional tickets before going digital. Whether it was for an opera performance in Vienna, a World Cup game in England or a music festival in California, each of those tickets was one-of-a-kind and brought back fond memories.
Due to the improvements made possible by digitization, today’s ticketing systems are fast, secure and accessible to anyone. A simple QR code without any context, however, looks dull. The convenience and ease of digital tickets precludes their use as souvenirs for future reflection.
Setting up a ticketing system to facilitate looking back at memorable instances of the past. As a result, NFTs are being introduced to enable the use of tickets and make it easier to collect tickets as souvenirs.
Vet tickets can be lost or damaged quickly. Paper tickets are easy to counterfeit, 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 benefits.
NFTs eliminate the need for concessions and the technology is helpful for both event planners and attendees. But before we get to the solution, let’s talk about the status quo issues with event tickets.
Traditional ticketing has several drawbacks
1- Ticketing
The prevalence of fraud in the ticketing market has increased visitor prices and increased security risks for event organizers. Ticket bots are a cause for concern because they allow scammers to buy tickets online and sell them on the secondary market at inflated rates.
2- Protocol failure
Due to the absence of exchange mechanisms, fraud is possible in the secondary market, and customer tracking limits the scope of a single provider. The primary purchaser, who holds the event organizer’s information, and the resold ticket are unrelated. As a result, event organizers had no idea who showed up. Because the tickets are issued in a manner that prevents secondary market transactions, it cannot change the ticket holder’s name and resell the ticket an unlimited number of times.
3- Customer trust
Concerns about whether a purchased ticket is valid rank high on the list of issues for attendees. Fake tickets sold by websites pretending to be official ticket outlets can cost customers time and money.
How does NFT work for tickets?
Non-fungible tokens (NFTs) are a type of digital token that has a record on a distributed ledger. When something is created on the blockchain and ready for sale, it can be transferred electronically to buyers. Customers then place their NFTs in an encrypted wallet that they can access from any device.
Event planners can use the ticketing system to generate the required amount of NFT tickets on the blockchain of their choice. They can program NFTs with a fixed price or open bidding so that buyers can choose the final price.
Generally, a customer will get NFT-based tickets from the ticket provider itself. After completing a transaction, a ticket database will automatically generate and issue an NFT to the buyer via a smart contract.
The ticket service has requested that we post tickets to IPFS. Storing tickets in a database once IPFS has calculated their hash. After receiving a request, the NFT ticket is generated and sent to the specified NFT exchange.
Owners of NFT tickets can also trade them on the NFT secondary market. Uses smart contracts to keep track of tickets. When a buyer buys a ticket from the owner, the smart contract records the transaction and immediately pays the seller.
Advantages of NFT Ticketing
New Forms of Ticketing (NFTs) can revolutionize the ticketing process for both consumers and event organizers. Among the many benefits of NFTs are the following.
1- Avoiding scams and fake tickets
Blockchain can be relied upon as an honest intermediary between ticket buyers and event planners. All parties can verify the validity of NFTs for an immutable record of transactions recorded on the blockchain from first sale to resale. It can generate non-transferable tickets (NFTs) for use in situations where ticket resale is restricted.
2- Save money
Compared to the value of paper tickets, the costs involved in selling and minting NFTs are minimal. This can create an unforgettable ticket at a reduced price, and buyers and event organizers will benefit by verifying the validity of each ticket in circulation and tracing its journey from seller to buyer.
3- Productivity
Creating non-fungible tokens (NFTs) and minting them at record speeds, moving away from standard digital ticketing methods. NFTs are issued and made available for trade-in within a minute.
4- Profitability
Because programmable NFTs can include merchandising, content, resale and royalty split rules, organizers can calculate profit-sharing percentages for future resales or creative content in the secondary market and raise funds with the assurance that it is ticketed outside of NFT’s coding. can’t change .
5- New revenue
Tickets based on NFTs act like programmable money, opening the door to many new ways to monetize events, such as a secondary market for collecting NFTs, offering discounts on food and drinks, and rewarding fans who collect large numbers of tickets.
What options do visitors have when using NFT tickets?
- Event organizers provide their benefits and incentives.
- They can make money by reselling tickets to events they can’t attend.
- Collectors tickets are a good market for them.
- They have a safe place to keep tickets and therefore memories.
- An event organizer’s community is a place where they can connect with like-minded people.
What are the advantages of using NFT tickets for event planners?
- They can create collectible tickets that are works of art depicting the narrative behind an event.
- Each ticket can be verified by its owner and shown to be valid.
- As long as the NFT ticket is resold, both the original buyer and the reseller benefit.
- As a result, they have easy access to information that can improve future assemblies.
- It can send tickets for NFT events via email or text message.
Conclusion
The ticketing industry is one of the few that NFT has revolutionized. The live event industry is the only one to be turned upside down by NFTs. Ticketing services and concert producers will do well to keep an eye on this sector for new business opportunities and cutting-edge technology that can enhance the live event experience. Using NFTs for tickets increases the openness of the platform and gives confidence to the secondary buyer that the ticket is valid.
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If you need help with NFT-related tasks or want to build a bespoke NFT marketplace, learn more about our NFT marketplace development services.
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