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NFT tickets open up a world of new benefits for event organisers and fans. These are 10 of the most important reasons to use them.
Whatever the crypto market is doing these days, it's still impossible to avoid hearing about NFTs and how they will change the world. However, the technology is only just beginning. Thanks to some shady behaviour from a small minority, the world is still divided regarding the benefits of Web3 and blockchain.
We won't start listing all the different industries that blockchain can revolutionise; plenty has been written about that already. Instead, we're going to focus on the industry we're redefining using Web3 technology; event ticketing.
If you've been following our project for a while, you've probably read a lot about the ticketing industry's various problems and how we're solving them. Some solutions will benefit fans, some will benefit artists and event organisers, and some will completely change the way live event ticketing is thought of.
So, whether you're a fan, an event organiser, or an artist putting on a show, here are 10 reasons to use NFT tickets.
NFTs are hosted on a blockchain. Blockchains are decentralised networks that can provide proof of authenticity and ownership for digital assets. Unlike Web2 solutions, NFT tickets are guaranteed authentic since they are hosted on an immutable ledger.
Some blockchain networks—like NEAR, which we are building on—also support smart contracts, self-executing pieces of code that can set conditions around NFTs. For example, smart contracts can set a maximum price for the resale of a ticket (price ceilings) or direct a fixed percentage of revenue from a sale to a particular wallet (royalty splits).
Using smart contracts, it's possible to achieve a much higher level of control over the secondary ticketing market. Control over the secondary market allows fans to be flexible when planning to attend an event but also prevents scalpers from ruining the experience for everybody.
With Web2 solutions, once a ticket has been sold, the journey it takes from there is a mystery. By contrast, blockchains keep a chronological record of all their transactions. This allows event organisers unparalleled access to the journey an NFT ticket takes and helps identify the most loyal fans as well as provide key data that could help formulate future marketing campaigns.
If fan loyalty can be identified, then it can also be rewarded. Blockchains use unique wallet addresses to identify who owns an NFT. This means that artists and event creators can send digital rewards directly to the wallet addresses of their most loyal fans via airdrops.
Airdrops are digital assets and can take many forms. They can be NFT collectables of images, audio or video; they could be VIP passes, early access tokens or discount vouchers for food or drink in a venue. They can be used flexibly, giving creators freedom in how they include them in their events.
Airdrops don't have to apply to only the most loyal fans. They can be sent to ticket holders before an event to create a build-up of anticipation or after an event while fans are reliving the moment. The ability to identify ticket holders before and after the event creates an extended show experience unmatched by current ticketing platforms.
Of course, it makes sense that if airdrops can be sent before or after an event, they can be used during it as well. This unlocks a new level of immersion for those attending an event, whatever it may be. Artists could take a selfie with the crowd in the background, airdropping an NFT of it in real-time to those in attendance. Alternatively, organisations could airdrop a clip of the match-winning point or game-winning goal to fans in the stadium.
NFT airdrops can also be triggered by audience interaction with on-site elements or by participation in activities. Doing so makes the live event experience more interactive for fans. It can give them collectables to show off or be used to unlock access to hidden or restricted areas of the venue.
The smart contracts applied to NFT tickets that provide control over the secondary market can also be applied to NFT collectables sent out as airdrops. This opens up the opportunity for both fans and event organisers to not only use airdrops as rewards, but potentially the opportunity for fans and organisers to profit through secondary sales.
Imagine event attendees receive a rare NFT collectable as an airdrop from a famous artist or event which subsequently becomes desirable to other fans or collectors. The asset could be traded on the open market, netting the original attendee a profit from an asset they received for free. And, if the artist or event organiser set royalty splits to automatically direct a percentage of revenue from all secondary resales back to a specified wallet address, they would also benefit financially.
Alright, this one is specific to SeatlabNFT, at least for now. We're the only NFT ticketing platform based on the climate-neutral NEAR Protocol blockchain. While some blockchains are known for their heavy energy usage, quite the opposite is true for NEAR.
Instead, by building SeatlabNFT on the NEAR Protocol blockchain, we've made it as environmentally friendly as possible to switch from Web2 ticketing and paper solutions to a modern, Web3-powered NFT ticketing platform.
The final reason today is also specific to SeatlabNFT. We've made it free to create and list NFT tickets on our platform. This is because the way that NEAR is designed means that transaction fees on the network are virtually non-existent.
As a result, the SeatlabNFT treasury covers all costs incurred when creating NFT tickets on our marketplace. It's another way we've built SeatlabNFT for the live events community.
There are at least 10 good reasons to switch to NFT ticketing, whether you're an artist, event organiser or a fan.
We've also got some fantastic features which provide fans with additional utility and rewards just for holding the $SEAT token.
SeatlabNFT is here to redefine event ticketing. We're building a fraud-proof ticketing platform which reduces the impact of scalping and provides a better experience for everyone in the live events community.
Looking to list your events on SeatlabNFT? Start Selling Today