DappRadar reports that the NFT market has achieved $24.9 billion in trading volume due to strong interest in NFTs. NFTs are driving change in many areas, but the event business is ahead of the curve in using NFTs to bridge the gap between traditional and digital tickets.
Before digital tickets were introduced, people collected traditional tickets. Whether it’s an opera performance in Vienna, a World Cup match in England or a music festival in California, each ticket is one-of-a-kind and brings back fond memories.
Thanks to the improvements made possible by digitization, today’s ticketing systems are fast, secure and accessible to everyone. However, a simple QR code without context looks boring. The convenience and ease of digital tickets prevent their use as souvenirs for future reflection.
Set up a ticketing system to make it easier to look back on past memorable cases. Therefore, by introducing NFT, tickets can be used, and tickets can be easily saved as souvenirs.
Wet tickets can be lost or damaged quickly. Paper tickets can be easily counterfeited, making event organizers vulnerable. QR codes are a great solution to this problem if you’re an event her planner, but they don’t do any good for the visitor who bought them.
NFTs eliminate the need for concessions, and technology benefits both event planners and attendees. But before we get into the solution, let’s talk about the current state of the event ticket problem.
Traditional ticketing has some drawbacks
1- ticket smuggling
The prevalence of fraud in the ticket market is driving up prices for spectators and increasing security risks for event organizers. Ticket-selling bots are a source of confusion as they allow scalpers to buy tickets in bulk online and sell them at high prices on the secondary market.
2- protocol failure
Fraud in the secondary market is possible as there is no exchange mechanism and customer tracking limits the reach of a single provider. Your ticket is irrelevant. As a result, the organizers of the event had no idea who showed up. Tickets are offered in a manner that prevents secondary market transactions, so the name of the ticket holder cannot be changed and tickets can be resold without restriction.
3- Customer trust
Concerns about whether tickets purchased are legitimate are high on the list of issues for attendees. Fake tickets sold by his website under the guise of official ticket outlets can cost customers time and money.
How do NFTs work for ticketing?
A non-fungible token (NFT) is a unique digital token recorded on a distributed ledger. When you create something on the blockchain and it is ready for sale, it may be electronically transferred to the buyer. A customer can store her NFTs in an encrypted wallet and access them from any device.
Event planners can use the ticketing system to create as many NFT tickets as they want on any blockchain they want. We may program her NFT with a fixed price or an open bid to allow the buyer to choose the final price.
Customers typically obtain their NFT-based tickets from the ticketing provider itself. Once the transaction is complete, the ticketing database will automatically generate her NFT and deliver it to the buyer through Smarthis contract.
A ticketing service has requested that a ticket be posted to IPFS. Once IPFS has calculated the hash, it stores the ticket in its database. Upon receiving the request, it will generate an NFT ticket and send it to the specified NFT exchange.
Holders of NFT tickets can also trade them on the NFT secondary market. Track tickets using smart contracts. When a buyer purchases a ticket from an owner, a smart contract records the transaction and pays the seller immediately.
Advantages of NFT ticketing
New Forms of Ticket (NFTs) have the potential to revolutionize the ticketing process for both consumers and event organizers. The many advantages of NFTs include:
1- Avoid scams and fake tickets
Blockchain could be trusted as an honest intermediary between ticket buyers and event planners. From the first sale to the resale, all parties can verify the legitimacy of her NFT thanks to the immutable transaction record recorded on the blockchain. We may create non-transferable tickets (NFTs) for use in situations where ticket resale is restricted.
2- save money
Compared to the cost of paper tickets, the cost of selling and minting NFTs is minimal. With the potential to create discounted and unforgeable tickets, buyers and event organizers can verify the legitimacy of each ticket in circulation and track its journey from seller to buyer. get a profit
3- Productivity
Create and issue Non-Fungible Tokens (NFTs) in record time, moving away from standard digital ticketing procedures. Issue your NFT and have it ready for trade-in in less than a minute.
4- Profitability
Programmable NFTs can include rules for merchandise, content, resale, and royalty splits, so organizers can create future resale or secondary markets with the assurance that tickets cannot be changed outside of the NFT’s coding. You can calculate and raise funds for your creative content on . .
5- new income
Tickets based on NFTs act like programmable money, opening the door to many new ways to make money from the event, such as the secondary market for NFT collections, offering food and drink discounts, and many Rewards fans who collect tickets for
What options are available to visitors while using NFT tickets?
- Event organizers offer them perks and incentives.
- They may make money by reselling tickets for events they can’t attend.
- Collector’s tickets are a good market for them.
- They have a safe place to keep their tickets, so they have memories.
- The community of event organizers is a place where you can connect with like-minded people.
What are the benefits of using NFT ticketing for event planners?
- They may create collectible tickets that are works of art by depicting the story behind the event.
- Each ticket is verified by its owner and shown to be legitimate.
- As long as NFT tickets are resold, both the original purchaser and the reseller benefit.
- As a result, you will have easy access to information that may improve future collections.
- We may send you tickets for NFT Events by email or text message.
Conclusion
The ticket industry is just one of several industries that NFTs have revolutionized. The live event industry is the only industry that will be upended by NFTs. Ticketing services and concert producers are encouraged to look to this area for new business prospects and cutting-edge technologies that can enhance the live event experience. Using her NFTs for ticketing increases the openness of the platform and gives secondary buyers confidence that their tickets are legitimate.
NFTICALLY has a team of NFT experts and full-stack developers focused on creating NFT B2B SaaS NFT Marketplace solutions on top of an innovative blockchain ecosystem.
If you need help with NFT-related tasks or want to create a custom product, learn more about NFT Market Development Services NFT Marketplace.
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