For the longest time, traditional paper tickets were the most popular option for attending events – whether that may be live concerts or sports events. While this was a convenient option, many are still unaware of the inefficiencies plaguing the ticketing industry. Thanks to the developments in blockchain technology, NFT ticketing was created to combat these issues.
What Is NFT Ticketing?
A non-fungible token, also known as an NFT, is a unique, digital asset found in the blockchain. These assets come in the form of pictures, in-game items, and virtual real estate. But, a new type of NFT has recently been making the rounds – NFT tickets.
Implied by the name itself, an NFT ticket is essentially a digital ticket. But these tickets are not your regular digital tickets that come with a QR code. Although they work similarly, NFT tickets are found in the blockchain. It acts as a digital pass for events that provide exclusive benefits to ticket holders. You might wonder: how do they work? Once they are created in the blockchain, customers store the tickets in their digital wallets. These are accessed on a computer or mobile device – providing them access to the event.
What Are The Issues In The Ticketing Industry?
Unbeknownst to many, the ticketing industry is plagued with issues up to the present. And for a long time, there was no viable alternative. If you’re in the dark about the current issues in the ticketing industry, here’s what you should know:
Black Market For Tickets
Concert-goers know that feeling of missing out on their favorite artist’s concert due to hoarding ticketing bots. The result of this hoarding? Higher prices on the secondary markets. This forces fans to pay a higher price tag for these tickets. At the same time, the black market poses a security threat to organizers.
Exchange Protocol
The main issue with having a black market is the lack of an exchange protocol. This raises security issues for event organizers. When buying on secondary markets, organizers can no longer track the attendees of their events. Paper tickets are issued in such a way that prevents them from being exchanged – without the ability to change the ownership details.
What Is The Impact Of NFT TIcketing On The Ticketing Industry?
It’s easy to see why a revamp is needed in the ticketing industry. With innovations in technology and blockchain, NFT tickets were created to tackle the issues hounding the industry. Let’s see how this novel blockchain technology changes the landscape of the ticketing industry:
Prevents The Issue Of Fake Tickets
The main issue with traditional tickets lies in verifying their authenticity. Unlike physical tickets, NFT tickets are verifiable by all involved parties through blockchain. To further resolve this, blockchain technology is used to reduce the number of scams associated with these tickets. Organizers can prohibit resale – preventing these tickets from getting into the hands of pesky scammers. Also, organizers set a fixed amount of NFT tickets to be minted. This makes it impossible to produce duplicate tickets, which is beneficial for inventory management.
Speedy Production
Minting multiple NFTs can be done in a matter of minutes depending on the network. When we talk about multiple, this isn’t just a handful – this number could go up to hundreds of thousands and perhaps even millions. Event organizers spend too much time printing paper tickets, sometimes taking over a week. There’s no better use of time than by using NFT tickets when organizing an event.
Cost Reduction
Printing tickets, especially for large events, may not only be time-consuming but also costly. When you compare the costs between minting an NFT and printing a ticket, the former has lower costs.
Revenue Opportunities
That’s correct – the creation of an NFT ticketing system leads to more revenue opportunities for event organizers and artists alike. When physical tickets are resold, artists no longer receive a percentage of the resale value. This is remedied by NFT ticketing thanks to smart contract technology. Organizers may authorize reselling of tickets in specific third-party platforms, which carves them a piece of the pie even after reselling.
Gives Customers A Fresh Experience
You might be curious about this one factor that sets apart NFTs from the traditional – a brand-new experience for customers. The staying power of an artist or a brand is primarily determined by the engagement of its fans. NFT tickets are not like physical tickets in this sense. Traditional tickets are sold for single use and are immediately disposed of after. While this is the norm, this isn’t the case with NFT tickets. Instead, they come with added benefits that build hype for events.
Final Word
Out with the old and in with the new. NFT tickets show great potential in disrupting the ticketing industry – and it’s only just begun. There are many pitfalls associated with the ticketing industry at present and fortunately, NFTs will alleviate them. For any event or organization, switching to an NFT ticketing system not only provides better experiences for consumers but also streamlines operations. In short, it’s a win-win situation for everyone! With all things said, opting for an NFT ticketing system is an absolute no-brainer for anyone in the ticketing industry.