Concert and sports event prices have steadily increased to average around $100 in the past couple of years. These events are typically memories that last a lifetime, but purchasing a ticket that turns out to be fake can also become a memory you’ll never forget. However, NFT ticketing on the blockchain could change that.
NFT ticketing that utilizes blockchain technology is emerging quickly, and it’s causing quite a disruption in the traditional ticketing system. Third-party vendors are expected to adopt this new technology soon as the events industry continues to pick back up in the coming months.
What Does an NFT Ticket Do?
NFT tickets function virtually the same way as event tickets. NFT tickets hold your digital credentials that can also hold and grant access to other assets like meet-and-greets, merchandise, VIP lounge spaces, and more. Because the NFT tickets are managed through blockchain technology, fans can sell them on a secure secondary market, which also tracks every time the ticket is sold. Additionally, smart contracts are often attached to the tickets by the event organizers, which makes it easier for them to manage agreements with third parties.
Smart contracts are pre-programmed agreements that activate automatically after a sale with preset conditions. Organizers can also program automatic royalty fees for secondary sales and omit third-party distribution by utilizing blockchain as a way to mint their tickets. Essentially, NFT tickets can’t be lost, forged, or stolen; most importantly, you can always trust they are real.
After the purchase of a ticket is made, a smart contract is automatically triggered that ensures the seller gets paid and the buyer receives their NFT ticket. If an individual wants to resell their ticket, that’s no issue for the fan or the organizers. Predetermined markets, made by the organizers, are accessible to the NFT owner, where they have the ability to sell their ticket at a competitive price along with other NFT ticket owners. Every transaction is tracked, too, so as a new buyer looking for tickets through a market of tickets being resold, you can make an informed decision.
One Opportunity After Another
NFT tickets give artists and sports teams a new power. If desired, they will have the opportunity to coordinate exclusive products or events as a reward for loyal fans. With the click of a button, any fan who owns an NFT ticket may open up their email inbox to see they’ve won free merchandise or premium access to purchase tickets for the next event of their favorite team or artist, affording fans the opportunity to buy the best tickets before the general public has access.
For artists, this means having a more direct connection with their fans, a better way to manage relationships with record labels, and avoiding having their music or merchandise being misused. For sports teams, this enables them to amplify the fan experience even more, with opportunities to win rare merchandise or other exclusive rewards like season tickets, discounts for better seats at the next game, or even brand collaboration opportunities. The important factor in this is that the extra benefits and rewards follow the ticket, thus giving fans the potential to increase the value of their ticket even after the event.
Who Manages NFT Tickets?
The event organizers own and manage NFT tickets just like they would a traditional paper ticket. Although, some companies are able to manage the NFT ticketing process for the organizers. The fan can also access our tech with our app. Essentially, we are the mediator and distributor of the NFT tickets. We bring all the benefits of Web3 without affecting the current ticket holder’s process. If a fan has a digital wallet, the NFT will be delivered. If the fan doesn’t, the traditional ticketing experience is delivered, just without the NFT. The revolving QR code is always available, too.
This combination of NFT’s, blockchain technology, and smart contracts will create a multi-faceted disruption of the traditional ticket system and its benefactors. As a fan, NFT tickets offer virtually every convenience. Most of all, NFT tickets provide a sense of trust that each ticket is real, can’t be stolen, and can easily be sold to someone else without any need for either party to prove your trustworthiness. The future of ticketing is with blockchain technology. Entertainers, fans, and organizers all benefit from this transition in one primary way — a trustworthy and secured experience.