Non-fungible tokens (NFTs) are extremely popular, with the NFT market touching a whopping $24.9 billion in trading volumes. NFTs are cryptographic tokens that work as a stand-in for specific digital assets. NFTs allow tokenizing of digital/physical assets, such as real estate, valuables, or artwork.
Understanding NFT ticketing
This section will provide an overview of NFT ticketing to make it easier for you to understand the concept.
What is NFT ticketing?
NFTs are verifiable forms of authenticity verification and ownership stored on a blockchain network. They cannot be falsified/changed and can officially be owned only by one person at a time.
How NFT ticketing differs from traditional ticketing methods
Before the advent of digital tickets, there were unique old-school tickets. With tickets being digitized, ticketing systems have become more reliable and efficient. However, digital tickets cannot be used as keepsakes. NFTs fill this gap, making tickets more functional and easier to collect for memories.
The potential of NFT ticketing to disrupt the ticketing industry
NFT tickets can disrupt the traditional ticketing industry by addressing its inefficiencies. They help combat fraud due to their blockchain presence, and can also be manufactured cheaply and quickly. They also minimize the damages of losing/destroying your ticket.
Benefits of NFT ticketing
There are several benefits of using this method of ticketing and here are a few of them:
How NFT ticketing eliminates ticket fraud
Since paper tickets and QR codes can easily be counterfeited, people could accidentally purchase bogus tickets. Since NFT ticket transactions are documented on blockchain ledgers, participants and event planners can verify the validity of every ticket in the chain, tracing the ownership history as well. Hence, this mode of ticketing makes it virtually impossible for people to fake NFT tickets.
How NFT ticketing enables secondary market trading
Event organizers can even sell NFT tickets on the secondary market by drafting profit distribution rules for future resales into smart contracts. In cases where resale is prohibited or the tickets are named, NFT tickets can be made non-transferable and non-sellable.
How NFT ticketing enables new revenue streams for event organizers
Besides NFT tickets generating revenue via secondary markets, they also act as programmable money. So, they have unlimited potential for new revenue streams. For instance, you can use them to reward fans who hold event tickets, for food/drink deals or resell NFT tickets as collectibles.
NFT ticketing use cases
We will discuss some use cases where this type of ticketing would work well.
How NFT ticketing can be used for concerts, festivals, and live events
NFT ticketing offers organizers and artists newer ways to engage with their brand. For instance, one can sell photos and videos from a concert or invite-only passes via NFT tickets. One could also offer lifetime passes, as Kings of Leon and Coachella did. NFT tickets even work for rewards-based videogames and programs and exclusive experiences.
How NFT ticketing can be used for sports events and games
Sports events and games can offer digital passes that update once redeemed. Plus, they could provide additional perks such as free food/beverage vouchers, access to exclusive merchandise, and airdropping additional NFTs. If NFT tickets remain the same for multiple events, the continued engagement could promise larger rewards, including personal meet-and-greets and upgraded seats.
For instance, the NBA plans to issue NFT “ticket stubs” to fans who redeem their tickets at the venue. Ticket stubs from memorable games could mean big money later on. Also, they could be wired to funnel a percentage of all future secondary sales. So, the NBA generates a new stream of passive revenue, while fans get something that could increase in value.
How NFT ticketing can be used for conferences, meetups, and other events
NFT ticketing can gather enormous value at conferences, meetups, and events. In 2019, Consensus’ annual blockchain and crypto conference presented attendees with an NFT swag bag. It had NFTs deemed “good for” both digital assets (in this case, CryptoKitty) and physical objects, like tees. Between 2019 and 2021, the value of CryptoKitty rose from $65 to $256. Clearly, NFT swag bags can sometimes become collectibles and increase in value over time.
Learn more about what makes NFTs viable long-term assets in this article.
NFT ticketing platforms and solutions
Let’s take a look at the platforms that would benefit from the trend and how they can provide relevant solutions.
Overview of existing NFT ticketing platforms and solutions
Before buying NFTs, you need a crypto wallet or any digital wallet compatible with NFT marketplaces. While some platforms allow directly buying NFTs for a fixed price, others hold auctions.
Comparison of different NFT ticketing platforms and solutions
OpenSea is one of the oldest NFT platforms and the largest marketplace but it doesn’t allow fiat currencies. While it’s user-friendly, it charges 2.5% of each transaction as fees, plus any gas fees (paid to miners). Rarible, which is like OpenSea, charges the same amount but allows the use of credit cards to transact in fiat currencies.
Jupiter Meta offers fixed prices, a personalized experience, and a zero gas fee. There’s even a Bollywood-linked NFT, Bollycoin, which offers souvenirs like movie clips, tickets, stills, and posters. It’s no surprise that the costliest NFTs sold in India include those revolving around movie stars.
How to choose the right NFT ticketing platform and solution
First, you must research the platform and understand its features, such as security measures, user fees, pricing, and storage options. Next, check the platform’s user-friendliness and if you need to be tech-savvy. Read reviews as you learn more about user experiences before investing. Comparing prices comes next, after which it’s a good idea to contact customer service and see how responsive they are.
With blockchain technology growing by leaps and bounds, major ticketing industries, users, and fans could see the ticketing system shift in their favor thanks to NFTs.
How is NFT ticketing different from traditional ticketing?
NFT ticketing leverages blockchain technology to offer enhanced security, transparency, and ownership features compared to traditional ticketing systems. It also opens up new possibilities for ticket transferability and the creation of digital collectibles.
What are the challenges of NFT ticketing?
NFT (Non-Fungible Token) ticketing has the potential to disrupt the traditional ticketing industry, offering benefits such as security, authenticity, and ownership rights.
How does NFT work for ticketing?
NFT ticketing transforms traditional ticketing by using blockchain technology to create unique, secure, and easily transferable digital tickets. It provides transparency, reduces fraud, and offers new opportunities for event organizers, artists, and attendees.
What do NFT tickets mean?
These tickets are gaining popularity in various sectors, including live music, sports, gaming, and art exhibitions, as they offer a new way to engage with audiences and provide unique experiences. NFT tickets leverage the benefits of blockchain technology to enhance ticketing processes, ownership, and the overall event experience.