How could NFTs revolutionise event ticketing

The NFT revolution took the world by storm. While it initially disrupted the art and gaming industries, it gradually penetrated music, fashion, education, and more.

The uniqueness and the idea of ownership that NFT offers have attracted billions of people worldwide. Extending its functionalities, another new segment where NFTs find their applications are the world of ticketing. You can use an NFT ticket to attend an event or concert.

The frenzy is on; a fantastic example is that of VeeCon NFT tickets which sold 51 times in 7 days.

There are many benefits that NFT ticketing offers over traditional ticketing. Read through the article and get yourself acquainted with these fantastic aspects.

Let’s get started.

What is an NFT ticket?

NFT is the acronym for non-fungible tokens. NFTs are digital assets stored on a blockchain that are verifiable records of authenticity and ownership. As they reside on blockchains, they cannot be forged or tampered with and have only one official owner at a time.

NFT tickets are the digital assets that provide access credentials for the event. In addition, they offer extra perks to fans such as merchandise or exclusive meets and more for a rewarding experience. Besides, they provide royalties to artists and other stakeholders.

How does it work?

NFT tickets work similarly to NFTs. Take the case of traditional physical tickets. These are single pieces of paper permitted for only one event admission. In a way, tickets are non-fungible.

The limitation of traditional tickets is that resellers in the secondary marketplaces buy them online and then sell them elsewhere for excessively high prices. With NFT tickets on the blockchain, the recorded history of all transactions can be viewed, offering transparency to everyone. While anyone can see when and where the tickets were bought and sold, the organisers can verify the secondary sales made, if any.

Similar to NFTs, NFT tickets also use various applications of smart contracts. Smart contracts are code statements executed automatically when certain conditions are satisfied. Using smart contract functionality, organisers can set the royalties the artists would automatically receive once a resale takes place. In addition, event organisers can use intelligent contracts to fix the number of tickets they want to issue.

They can set the sale or auction price, and once the buyer makes the payment, the smart contract will be automatically triggered. This will ensure that the organisers receive the amount and the buyer gets the ticket, which goes into their digital wallet.

How do NFTs influence the ticketing industry?

Ironically, the ticketing industry has long been exposed to various fraudulent practices. The Covid-19 pandemic paved the way for increased computerisation of ticketing systems, which is more centralised.

This led to other malpractices, such as hoarding the tickets in advance by a few people and reselling them at exorbitant prices at other marketplaces. Furthermore, sometimes these tickets sold are fake, with no way for customers to know whether they are genuine.

To combat these issues, the NFT ticketing approach emerged. NFTs reside on the blockchain network and thus can verify and validate the ownership and authenticity of the records. NFT tickets are similar to NFTs, and adopting the same approach can evaluate if the ticket is genuine and if an authorised organiser issued it.

Benefits of NFT ticketing

NFT tickets can disrupt the traditional ticketing industry as it helps overcome those limitations.

Some of the significant benefits that NFT ticketing offers are:

Prevents forgery
While traditional physical and digital tickets based on QR codes are susceptible to forgery, an NFT ticket helps prevent this problem. NFT tickets being stored on blockchains can be verified by the event organisers and the incumbents on the record of the blockchain ledger. They validate the authenticity of ownership of every ticket on the blockchain, thereby making it highly improbable for any fraudster to falsify a ticket.

Faster and Cheaper Production
Compared to traditional physical tickets, NFT tickets are faster and cheaper to produce as they are digital assets on the blockchain network. The selling and minting costs associated with NFT tickets are much lower than the costs incurred in making paper tickets.

Avoid chances of loss
NFT tickets are digital assets stored on the blockchain and, thus, are not easily lost or damaged. On the flip side, you very well stand the chance of losing your paper tickets.

Earning Ongoing revenues
NFT tickets offer chances to earn revenue for everyone. The artists and event organisers are offered royalties on the NFT tickets. Besides, whenever a ticket holder sells the NFT ticket on a secondary marketplace, the artists receive an amount as royalty. Ticket holders can earn revenue by reselling NFT airdrops they received as a part of the ticket’s reward scheme.

Closing thoughts

NFT ticketing is emerging as a novel feature in events and concerts. As Web3 gains momentum, artists and event organisers have NFT tickets working in their favour.

NFT tickets, digital assets stored on the blockchain, are immutable and tamper-proof. Thus, they prevent users from being hoodwinked by fraudsters who sell fake tickets at inflated prices. In addition, the NFT tickets let the event organisers and artists earn resale revenues and keep track of any secondary sales.

While the NFT space is yet to evolve, it holds the surplus potential to transform the traditional ticketing industry, eliminating its inherent weaknesses.

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