The answer to what exactly NFT Ticketing is, their digital access credentials which provide holders exclusive benefits to the event which is being attended. Also different problems related with it could also be successfully met with the aid of traditional ticketing systems, also they aid in building stronger bonds between fans with the help of artists and event organisers.
For instance, seeing one of your favourite musician perform live with various other fans is definitely an extraordinary experience. For instance you, say you are waiting in queue for entering the concert venue and as you reach there, you cannot find your bag for ticket. You become panic and in worry try searching for your bag here and there. But in case of digital ticket, you have very less chances of loosing the same, although the QR Codes could be easily forged and won’t offer much in terms of memorabilia. In such a case, NFT ticket would be a handy one for concertgoer. These NFT Tickets are digital assets which are saved on a blockchain, so risk associated with its losing, being damaged is comparatively low. Also the NFT tickets could valued collectibles which act as memorabilia.
Also NFTs involve more use cases in various industries which are more than art and gaming. Therefore, NFT technologies can no doubt solve the inefficiencies which are so gone through by the legacy ticketing industry. NFT tickets have various benefits attached with them as addressing of the shortcomings of paper tickets, rewarding fans with remarkable perks, acting as add on layer of security and not only this, NFT ticketing is also holding the capability of transforming ticketing landscape for every party which is involved in the same.
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About NFT Ticket
NFTs are the cryptographic tokens which thereby represent unique digital assets. They provide allowance for tokenising the real-world or digital assets as art, collectibles or real estate. As they are saved on blockchain network, they tend to act as verified proof of authenticity and ownership. Also NFT can hold single owner at single time and could therefore be forged or get altered.
Access credentials could also be held for an event by NFT tickets and could offer the ticket holders with add-on perks as meet-and- greets, exclusive merchandise and more for creation of even more immersive fan experience. Also establish closer relationship with fans, NFT tickets are responsible for giving ongoing royalties for the event organisers, stakeholders and for artists as well.
Working Of NFT Ticketing
Taking care about the mechanics of NFT, it moves effectively with the event tickets. The physical tickets are single piece of paper and are valid for one event admission or seat and in this manner the tickets are non-fungible. As NFTs, tickets are to be sold in few batches as live venues are having the capacity limits.
The drawback of such a ticketing system is that the tickets are made way through some distribution channels with lesser regulation and control. For instance, the resellers in the secondary ticket market could happen to inflate the prices and the ticket scalpers could purchase many of the tickets online for reselling at higher rate. NFT tickets have one more advantage as to easy tracking of the transactions on blockchain ledger, making it easy for each one to have a look as to when and where the tickets were purchased and sold as well.
NFT ticketing system could aid in limiting the resale value and fee with the aid of smart contracts, basically a program running on the blockchain. Smart contract is definite program which self-executes certain tasks in case some conditions are met. Organisers tend to decide how royalties are bifurcated on the secondary ticket sales by creation of a rule which could trigger a royalty payment, at times when ticket is being sold to new owner.
Also the event organisers could keep the third party distribution, thereby minting the amount of NFT tickets which are required on their desired blockchain network as being part of ticketing system. In case, they are setting some sake or auction price payments from buyer is going to pin point a smart contract and payment would be received by you and at the same time buyer would attain the ticket.
NFT tickets could be effectively used by the artists, so as to reward long time fans with different airdrops or even other perks so as to enhance their experience. For instance, a real example of NFT tickets was Binance partnership with the Southern Europe’s largest music festival- Primavera Sound.
Binance had offered Primavera Sound 2022 attendees exclusive NFT POAPs ( Proof of Attendance Protocols) which aids in building their experience rich and and a bit personalised. To this, the ticket holders were offered to download the Binance app so as to request their different NFT, which could be used for unlocking memorable experiences at the Binance booth.
In which way NFTs could solve Traditional Ticketing Challenges?
The NFT ticketing could effectively disrupt the traditional ticketing industry by resolving the inefficiencies faced by present ticketing system.
Avoid Faking Of Tickets
The major drawback of paper tickets and QR Codes is that they could be easily copied or faked, thereby creating gap in security for event venues and upset the moods of fans who have by default bought a fake ticket.
But as the NFT ticket transactions are being saved on a blockchain ledger, the event organisers and attendees could validate the legacy of each ticket on the chain and thereby trace the history of ownership. So making it next to impossible for bad actors in falsifying a ticket.
Reducing Cost and Conducting Productions At A Faster Pace
The costs which are so linked with selling and minting NFT tickets could be a bit lower than the costs which are required to produce and spread traditional tickets.
NFT tickets could most of the times require very less production lead time than the physical tickets, thereby allowing organisers for distributing and minting tickets in just few hours.
The Revenue Chances
The technology which beholds NFT is the blockchain technology which opens the opportunity for producing tangible value for each one involved. The NFT tickets could give ongoing royalties to the artist and event organiser with the aid of smart contract technology. In case a ticket holder sell their ticket on secondary marketplace, some percentage of resale revenue could also be again directed towards the artist. In addition to this, the ticket holders again sell the NFT airdrops, which they have been gifted as some portion of the built-in rewards of tickets.
Chances of Loss being Lowered
The traditional paper based tickets could be in a very easy way lost or get damaged. As the NFT tickets are being saved in a digital wallet which could be accessed with the aid of mobile phone, then the chances of losing your ticket is being minimised.
Crux
With the aid of NFTs alongwith the growth of blockchain technology and Web3, artists and event organisers could see the ticketing system shift in their favor with the aid of NFTs. These are built on the blockchain network and the NFT tickets are in simple way authenticated and their immutable nature tends to avoid bad actors from making or distributing of fake tickets. In addition to this, the event organisers and artists could have added advantage from the NFT ticketing system, thereby controlling more strongly both primary and secondary market ticket sales, and in a way building long lasting involvement with fans as well.
As the NFT space is yet in its infant stage, but with the rate at which it is growing is having the capability to improve the traditional ticketing system.
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