How NFTs Solve Traditional Ticketing
Blockchain technology allows for a new and enhanced way to exchange goods and services through smart contract technology, and NFTs ticketing is the next frontier in this evolution.
NFT ticketing combines technology and use cases to provide new enhanced ways for consumers to purchase tickets to all their favorite events.
We’ve all heard the stories. You buy a ticket to see your favorite artist or sports team on the secondary market, only to find at the arena that the ticket is a fake. Or worse, your ticket was real but somehow compromised.
Blockchain technology is enhancing the way we exchange our goods and services for the better, and event ticketing is no different.
A non-fungible token (NFT) is a digital asset that is unique in that there is only one version of it. They can represent art, real estate, or even sporting/events tickets.
Since they are stored on the blockchain, there is verifiable proof of authenticity and the holder’s ownership. This gives them significant flexibility in a variety of industries – and ticketing is perhaps one of the most significant.
“One thing I guarantee you about the NBA in 25 years is that our tickets are NFTs”,said serial entrepreneur Gary Vee.
A number of benefits exist to offset manipulative practices that exist in traditional ticketing markets (think inflated resale prices and ridiculous services fees). They include:
- With NFT tickets, anyone can track the transaction on a blockchain ledger;
- NFT ticketing systems can limit resale values and fees through smart contracts;
- Event organizers can eliminate third-party distribution by minting the amount of NFT tickets needed; and
- Artists can directly reward NFT ticket holders with exclusive airdrops and other experience perks.
Solving Traditional Ticketing
NFTs ticketing could ultimately flip the traditional ticketing process on its head through four solutions to existing industry dilemmas.
- Preventing Forgery: QR codes are easily modifiable creating gaps in security and ultimately fraud. Since NFTs are on the blockchain, event organizers can easily verify the authenticity of each ticket to verify ownership.
- Increased Efficiency: Selling and minting NFT tickets is faster, cheaper, and a more efficient distribution method. This saves event organizers time and money.
- Revenue Streams: NFTs ticketing can offer ongoing royalties to the artist and event organizers ensuring revenue from secondary market sales. Ticket holders can also choose to sell any exclusive airdrops or perks that come with owning the NFT.
- Loss Prevention: Traditional tickets are easy to lose, damage, or have stolen. Since NFT tickets can be stored on a digital wallet and accessed quite easily, this risk is essentially mitigated.
Utility is the name of the game with NFTs, so it only makes sense that NFTs ticketing would be the natural evolution for event organizers and consumers alike. For a full detailed breakdown of NFT ticketing, you can find a guide here on the Binance Blog.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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