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.
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.
Old paper tickets are almost non-existent, as they have been replaced by the more reliable QR code, which is more difficult to fake.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:
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.
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.
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.
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.
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