NFT, a brand new concept that created excitement around digital art is now ready for expansion into other markets. NFT can link physical and electronic ticketing in one market. Do you still have school tickets from the past? Each ticket was unique, which brings back memories of the opera night in Vienna or the World Cup in England. Although ticketing has become more efficient with digitization, the QR codes are not interesting. Tickets don’t have the memory that people used to want, and they are not portable. Currently, the ticketing system does not have any memories. Instead they focus on recollecting memorable moments from past events. NFTs are now available to make tickets more practical and memorable. Paper-based tickets can be lost, damaged or wet. A paper-based ticket can be lost and it is difficult to travel. Organizations are not provided enough security because paper tickets can be easily faked. Although QR codes were a great option for organizers, it was not as effective for guests buying them. NFTs allow you to avoid compromises as both the organizers and guests benefit from the technology. We’ll first address the problems with traditional event ticketing.
What are the drawbacks of the traditional ticketing system?
- Black marketing for tickets
Tickets have been subject to fraud. This has led to fans having to pay more and event organizers being faced with security threats. The misuse of technological advances has caused chaos in the ticketing industry, allowing ticketing bots to purchase tickets bulk and then sell them at high prices on secondary markets.
- Inadequacy of exchange protocol
It is impossible to trace customers or exchange information beyond the borders of a supplier. A lack of an exchange protocol allows fraud to be perpetrated on the secondary market. If a ticket is resold on the secondary marketplace, it does not belong to the buyer. Event organizers are not able to know who is present at their event. You cannot alter the name or limit the number of tickets that are being sold on the secondary marketplace because the tickets are issued in such a way that they can’t be exchanged.
- Customer Trust
Guests are often concerned about whether they paid for a genuine ticket or a counterfeit one. Some customers purchase fake tickets online, pretending to be licensed ticketing agents. It can cause huge losses and disappointment.
How does NFT work in ticketing?
NFTs can be described as unique digital tokens, which are stored on the Blockchain. NFTs can be purchased digitally once they have been created and stored on the Blockchain. Customers can then store NFTs securely in a wallet that is accessible from any device. Event organizers have the ability to create NFT tickets using their preferred blockchain platform. They can code NFTs to set a selling price or conduct an auction where bidders can place their bids for tickets. Customers can then buy NFT tickets and store them in their wallets. These tickets can also be accessed via their mobile phones. NFTs are then produced by customers who have visited the event.
What are the benefits to NFT Ticketing?
NFTs are a great way to improve the ticketing experience for organizers as well as attendees. Let’s see how.
- Fake tickets and other scams are prevented
Blockchain is a single source for truth for ticket holders as well as organizers. NFTs can be transferred from initial sale to resale. This allows all parties to prove that the ticket is authentic. NFTs may be made non-transferable in situations where tickets cannot be resold.
- Reduce your costs
The costs associated with selling and minting NFTs can be much lower than the traditional ticketing system. An unforgeable ticket can be obtained at a lower cost. Customers and organizers can verify the authenticity of every ticket in the chain and track its history.
- Rapid production
A NFT can be made and sold in less than one minute.
- Perpetual income
Because programmable NFTs have the ability to include rules for merchandise and content resales, organizers can calculate profit sharing percentages on future resales. They can also receive funds knowing they can be changed within the NFT’s programming.
- New revenue opportunities
NFT-based ticket are programmable money and offer unlimited revenue potential. NFT tickets could be resold to collectibles. This would allow you to reward event ticket holders who have collected many tickets by offering food and drink discounts and rewarding them.
Which guests have NFT ticketing opportunities?
- Get perks, incentives and other benefits from event organizers.
- Selling tickets for upcoming events that are not possible to attend
- Sell old tickets that you don’t want to part with.
- To preserve memories, store tickets in a safe place.
- Get involved and become a part organizers’ communities.
What are the potential opportunities that NFT ticketing offers organizers?
- Make tickets that look like art and tell the story of an event. People will love to collect them.
- You must prove the authenticity of each ticket, and confirm the owner.
- Get the potential data you need to improve your events.
- You can easily distribute NFT tickets by email or SMS.
NFTs have the potential to completely disrupt live events. The live event space is one where concert promoters as well as ticketing companies need to be alert for emerging tech that could make live events more enjoyable. NFT is one of the emerging trends in technology that is disrupting nearly all industries, including ticketing. NFTs for ticketing provide transparency to the ticketing platform and ensure that secondary buyers are getting valid tickets to the event.
Our team of NFT experts can help you harness the potential of NFTs in ticketing.
Read More : www.leewayhertz.com/how-nft-ticketing-works/