Imagine losing your ticket on the night of your favorite pop music concert. The reason why the event ticketing industry has a new buzzword: NFTs! NFT provides physical and digital ticketing capabilities for event markets. Now that NFT has created a buzz around digital art, other markets are starting to catch wind of its potential.
Digitization certainly simplified ticketing, but a QR code without context seems vapid. With the advent of NFTs, tickets are now more functional and memorable. Tickets, which were traditionally paper-based, can be lost, faked, and stolen in the highly digitized world we live in today. Organizers thought QR codes were a good idea, but guests didn’t find them compelling.
With NFTs, neither the organizers nor the guests have to compromise as the technology benefits both. To begin with, let’s discuss the basics of NFT ticketing.
Digital assets are becoming more valuable as we move toward Web 3.0 (or Metaverse). Companies can sell or use digital assets to enhance their customer’s online experience. It is possible to store and exchange physical items either together or independently using their unique digital representations.
That is when the digital platforms need a secure interface like NFT ticketing. NFT tickets serve as access credentials for your events and provide exclusive perks. These assets can be sold, generating new revenue streams for the community and yourself. (In a tie-up with an event or ticketing merchandise or through the resale of purchased tickets)
The NFT tokenized tickets will allow attendees to access both the in-person and virtual experience. With everlasting digital assets, you can continue to earn royalties even after the event is over.
Let’s explore how NFT tickets work in greater detail.
Okay, let’s not get too technical. But can we take this example? You want to purchase a ticket for a pop music concert. Except for this time, the ticket is not lost yet! Let’s see how NFT ticketing works for this pop concert.
Isn’t this cool? Such a well-organized, foolproof, and secure platform. But, what are the benefits of such a system?
It is possible for attendees and organizers to benefit from NFTs. Let’s find out how.
Both ticket holders and organizers have access to a single version of information via blockchain. As a result, all parties can verify an NFT’s authenticity after transferring from initial sale to resale. If you want to prohibit resale, it’s possible to make NFTs non-transferable so they can’t be sold to another person.
Compared to traditional ticketing, NFTs have negligible costs. A non-forgeable ticket allows customers and organizers to verify the authenticity and track ownership histories for less production cost. An NFT can be created and made ready for sale in under a minute.
Programmable NFTs often have built-in rules for purchases, resales, and royalty splits. It allows users to calculate profit sharing percentages and receive the funds they are due within the NFT code, preventing manipulation of these percentages from changing over time.
With NFT-based tickets, new revenue opportunities are endless. For example, we could resell NFT tickets as collectibles, offer food and drink deals with NFT tickets, and reward fans who collect many tickets.
Not just benefits, but there are a variety of claims surrounding NFT ticketing. Let’s see how accurate they are.
When it comes to NFT ticketing, decentralization doesn’t work; complete digitalization does. Electronic identification will be the most significant change. With easier customization, it will be much harder to create a secondary market and engage in fraud. Organizers must nonetheless be willing to restrict the activity of ticket buyers. For instance, restricting friends from exchanging tickets among themselves. But is that feasible in the event market? Are there any possible opportunities for guests and organizers with contradictory scores? What’s in favor for whom?
Finally, concert promoters and ticketing companies need to watch emerging technologies like NFTs. NFTs can completely disrupt the live events industry. So the opportunities are endless. With our understanding, NFT tickets can revolutionize the existing scenarios. Why? The NFT tickets are:
So are the NFTs suited for the ticketing industry? The answer seems to be a Yes, but only time can strengthen this claim.
Are you from the event management industry? Let us know what you think about this change. For more such interesting and informative updates, follow bitsCrunch!
Frequently Asked Questions
NFTs are Non-Fungible Tokens, and in layman terms, representing digital art or collection, video clips of best moments in the sports and entertainment field, gaming skins and collectibles, stored in a distributed ledger powered by blockchain technology. These are unique items and are not interchangeable with another NFT.
Generally, things are valuable when they are scarce. There is only one Mona Lisa. There are only 59 Le Bron James dunking NBA Top Shots (one of which sold for $US387,000).
The primary difference between the two is that unlike cryptocurrency and digital currency, NFTs cannot be traded for each other as they are unique. representations of real-world assets. Cryptocurrencies and digital currencies can be traded for each other as there will be no loss to their value.
An NFT is a unique digital signature that you can attach to an asset. Whether that’s a song, or an image, or a piece of footage, a unique digital signature is like a fingerprint that contains information like who created the asset, when, and any conditions on its future sale (for example, whether or not the creator gets a percentage of when it is on-sold).
BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network.
BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network. It is designed to play a vital role in the functioning of the bitsCrunch ecosystem and is intended to be solely used as the primary utility token on the network.
We are a Cross-functional team with more than 25+ years of experience in Data Analytics & Artificial Intelligence and Blockchain. We already have all the NFT data since its inception. We blend our AI expertise with the Blockchain to bolster the NFT ecosystem.
We have built a model to identify the impersonation of artworks, thereby preventing the Provenance of the artist and the artwork. We are offering our services in a SaaS manner, wherein the customers can stake a certain amount of our native tokens to avail our services.
We haven't launched our BCUT Token yet, but we will send out a confirmation on the launch of the token on our official website and official Telegram channel.