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NFT Tickets Are Poised To Revolutionize The Ticketing Industry

May 29, 2022

In the NFT ticketing system, NFTs from a unique collection, created specifically for an upcoming event, replace the standard entry ticket.

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Some of the older people out there may remember the days when they went to a concert of their favorite band, and then kept the beautifully designed paper ticket as a souvenir from the event. Those days seem to be over, as the more effective QR code has replaced the losable, tearable, fakeable old style ticket. But a new system, the NFT ticket, is gaining traction and could provide the best of both worlds. Here’s how.

What is an NFT ticket?

In the NFT ticketing system, NFTs from a unique collection, created specifically for an upcoming event, replace the standard entry ticket. So event organizers will mint a certain amount of NFT event tickets and sell them on their website or NFT marketplaces, where buyers will purchase. Since authenticity and proof of ownership are some of the main advantages of NFTs, it becomes easy to verify owners and provide them with admission when they present their NFT ticket. It is also possible to attach a QR code to the NFT. 

NFT ticket vs QR code

Old paper tickets are almost non-existent, as they have been replaced by the more reliable QR code, which is more difficult to fake. Some proponents of NFT tickets claim QR codes are great for organizers while unexciting for customers, although in reality there are also benefits for organizers. Here are some:

Advantages of NFT tickets for organizers

  • Prevent bulk buying and reselling - Tickets for popular events often sell out in minutes, and some tech savvy people can use bots to buy large amounts of tickets in order to resell them for a profit. This harms the process for customers and allows other people to profit from your event. NFTs purchases can be more easily limited to one per wallet. 
  • Verify reselling - Many people try to get their hands on tickets second hand and end up being scammed. With one verifiable collection on the blockchain this can be avoided, as a ticket’s authenticity can be easily verified. Allowing people who missed out early to buy on the secondary market
  • Easy change of ownership - some tickets are sold under a name and that name cannot be changed. Or even if it can, when tickets change hands multiple times organizers cannot keep track. With an NFT ticket the blockchain shows all the transactions and all the people who owned the ticket even if they didn’t use it. This is useful information for future promotions
  • Fast and cheap to produce - NFT tickets can be produced extremely quickly and at a lower price per ticket than QR codes
  • Auctions - Find out how much access to your event is worth by selling a ticket via an auction rather than a fixed price. Let the market decide the price.

Advantage of NFT tickets for customers

  • A more memorable experience - This is perhaps the main advantage of NFT tickets. It gives event goers a lasting memory from an enjoyable event. Each ticket can even be completely unique by displaying changing attributes like standard NFT collections. 
  • Easy resell - Reselling tickets on an NFT marketplace becomes simple and easy.
  • Resell after use - a well designed NFT from a memorable event can be sold even after that event is over, just like old paper tickets from Woodstock sell for hundreds, or thousands of dollars. Organizers will also profit from resales via royalties. 

NFT lottery

Another type of NFT event ticket is a lottery ticket. In this case an NFT grants access to a lottery where the prize can either be an NFT, or currency like a regular lottery (in this case cryptocurrency). The entire process is open-sourced, creating trust in the lottery process. Paying out the reward directly to the winner’s digital wallet is swift and easy. 

Conclusion

NFT tickets have the potential to combine the reliability of QR codes with the uniqueness of old style paper tickets, that provide customers with a memorable experience. In addition, NFT tickets offer other benefits such as a controlled secondary market, value after the event is over, and many community enhancing possibilities for both organizers and ticket buyers. 

FAQ

What is a ticket in NFT?

An NFT ticket is simply an NFT that grants access to an event like a standard ticket. They are purchased online with cryptocurrency by connecting a digital wallet to the website that is selling the NFT. 

How do you use NFTs tickets?

Either holder proves they own the NFT in their digital wallet (there are several efficient ways of doing this), or the digital file has a QR code attached.

What does NFT mean for Ticketmaster?

Ticketmaster is a website for buying verified tickets to events, which has begun selling tickets as NFTs, or providing an NFT alongside a ticket. This is a sign that NFT tickets are gaining traction in the ticketing industry