The transition of tickets from paper to pdf format in the digital credentials age made the festival goers and event attendants replace ink and paper-based tickets with simple yet scalable QR codes.
According to Polaris Market Research, the online event ticketing market was valued at $143.9 bn in 2021 and is expected to double by 2030. But, the incorporation of NFTs into the niche might amplify this figure.
The growing popularity and potential benefits of NFTs have made various industries adopt non-fungible tokens as a core component. Currently, the ticketing industry is the next in line to incorporate NFTs into its process to bridge the gap between traditional and digital ticketing.
Further down this line, how NFT can help the ticketing industry streamline its workflow and remove conventional barriers is discussed in detail.
In simpler terms, an NFT ticket is a digital ticket that is attached to a non-fungible token (created and stored on a blockchain by an event organizer), allowing ticket holders to enter a real or virtual event. NFT tickets differ from counterparts like barcode or QR-based tickets with the implementation of blockchain technology.
In contrast to the old-school ticket, NFT tickets enable users to receive an immutable digital asset that grants entry to entertainment or another special event. It also allows them to access VIP features like a Fan club membership, trading of tokenized tickets, etc.
Digitization of the ticketing system streamlined the ticket reservation industry while making the niche more reliable and effective. The NFT-based ticket also helps event organizers to resolve challenges in the traditional ticketing system and enhance security. For instance, QR-based tickets are reliable and carried on smartphones, while printed tickets can be stolen, faked, and destroyed.
The incorporation of NFTs in the ticketing industry benefits the issuer (or event organizer) and ticket buyer in many ways. The event organizer can maintain a detailed record of participants and their details using a blockchain ledger and seamlessly interact with the ticket holder innovatively through NFTs. With the data stored on a specific NFT ticket, an event organizer can send the latest updates, surprise giveaways, personalized offers, etc., to that particular token receiver.
The current ticketing system is dominated by ticketing bots and scammers who purchase tickets in bulk and sell them on a secondary marketplace pushing fans to buy tickets for very high prices. Implementation of NFTs into the ticketing system can effectively control this scenario. Further, the current ticketing system does not allow people to recollect special moments from past events. NFTs can multiply the functionality of tickets and help users re-collect their mesmerizing times.
In addition, NFT ticketing prevents scams and enables fans to buy genuine tickets while allowing event organizers to keep track of the participant.
NFTs are beneficial for both event organizers and guests in various scenarios where some are described below.
(i) Validate the authenticity of tickets and verify ticket holders.
(ii) They can earn royalty whenever a tokenized ticket is sold on the NFT marketplace.
(iii) They can generate bulk NFT tickets in a short time and at a low cost.
(iv) Generated tickets can be sent through SMS or email.
(v) NFT tickets can be designed and generated like art that reflects the event which will make it a unique and rare collectible item.
(i) Rare or special NFT tickets can be sold at profits on the NFT marketplace.
(ii) NFT tickets can be stored on a digital wallet to recollect memories.
(iii) If they are unable to attend an upcoming event, they can sell the NFT ticket instantly.
(iv) They can receive perks and benefits from event organizers based on their NFT ticket holdings.
(v) In addition, the ticket buyer can also use the tokenized ticket as collateral to obtain a loan.
NFT is a digital token that can be created, stored, and distributed digitally to customers safely and efficiently.
When it comes to ticketing systems, event or concert organizers can generate a sufficient number of NFT tickets on the preferred blockchain network. NFTs enable the organizers to code the minted tokens to be appropriate for conducting an auction for selling tickets or to sell at a base price.
The NFT ticketing system employs Smart Contracts to automate complex tasks and eliminate intermediaries. A user can buy the NFT tickets from the event platform, and the smart contract sends an NFT ticket to the buyer via the ticketing database once the transaction has been completed.
The system also employs IPFS, where the tickets are uploaded based on the request from the ticketing company. On the IPFS, NFT tickets are stored on the database after the hash is generated and attached to an NFT ticket. Next, NFT tickets are tokenized and uploaded on the user-requested marketplace.
In an NFT Marketplace, the ticket holders can sell the tickets, and a smart contract automates the buying and selling process based on the specified conditions.
The implementation of NFT into the ticketing system redefines the niche by enhancing monetizing opportunities for event organizers and ticket buyers. Some potential benefits of NFT tickets are stated below.
Blockchian-based ledger technology improves trust and transparency among event organizers and ticket holders. All the details of an NFT (from an initial base price to resale) are stored on a blockchain that can be accessed and verified to prove the authenticity of an NFT ticket.
Tokenization of event tickets prevents the black marketing or duplication of tickets because each NFT ticket is created with a unique hash code. This enables fans to buy a ticket directly from an event organizer at a fair price.
Compared to paper-based tickets, NFT ticket generation requires low cost, and it takes less time to create and mint NFTs in a minimal time (within a minute). So, it can be put on sale in a minute.
NFT tickets are digital assets that can be programmed or configured to unleash a realm of monetizing opportunities. For instance, NFT-based tickets can be resold as collectibles, rewarding fans with most event tickets, etc.
In a ticketing system, an organizer can predict or maximize the profit, create NFTs on the secondary market, etc., because NFTs can be programmed with in-built rules for merchandise, content, royalty, and resale.
The NFT ticketing system is one of the promising and next-in-race use cases for real-world NFT utilities. NFT tickets improve trust and transparency in the ticketing niche and enable fans to buy a genuine ticket from an authentic source.
NFTs can also unlock potential opportunities for live events and drive radical shifts to make them better. For instance, Proof of Attendance Protocol (POAP) enables event coordinators to create NFT badges via blockchain technology, which can be used to reward fans with memorabilia based on blockchain for attending conferences, summits, festivals, etc. As the Web3 & POAP events started rolling out, Non-fungible ticketing became an underdog in the steadily expanding Web3 music niche.
So, the amalgamation of emerging technologies like Web3, NFT, metaverse, etc., redefines the ticketing niche and helps businesses to establish a profitable online event ticketing platform development.
As a leading NFT development company, we offer versatile NFT ticketing platform development services like NFT ticketing platform, NFT marketplace development to sell tickets, NFT ticket generation, metaverse & web3 tokens, etc. Conversion of the online event ticketing platform concept into a new-age NFT ticketing platform is made easy with our expertise in blockchain technology and applications.
Get in touch with us to create a state-of-the-art NFT ticketing platform that provides effortless minting, secure creation, and distribution of NFT-powered tickets.
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