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In this article we're going to run through 8 ways that we are using NFTs to revolutionise the event ticketing industry and change it for the better.
Non-Fungible Tokens (NFTs) have been making waves in the art world, but their potential goes far beyond that. In particular, NFTs have the power to revolutionise the ticketing industry and fix some of its most pressing problems.
The ticketing industry has long been facing challenges such as scalping and fraud.
Scalpers buy large numbers of tickets and resell them at inflated prices, making it difficult for real fans to attend events.
Fraud is also a common problem, as people often purchase fake tickets or resale tickets that have been used and are no longer valid.
But non-fungible tokens (NFTs) now offer us a solution to these problems!
NFTs are digital assets that are stored on a blockchain and can represent anything from art to, in this case, event tickets. They are unique and cannot be replicated, making them an ideal solution for the ticketing industry.
In this article, we will explore eight ways in which NFTs can fix the ticketing industry!
NFTs can be used to verify a ticket's authenticity and track its history.
Each NFT is unique and can be tracked on the blockchain, making it easy to verify that a ticket is legitimate and to see if it's still valid.
This can reduce fraud and ensure that people are not buying fake tickets. Additionally, the blockchain allows for a transparent history of the ticket, from who has owned it and if/when it was used, giving buyers and sellers more data to make informed decisions.
Continuing on from authenticity and verification, NFTs can also be used to control access to events. The blockchain is a powerful tool for verifying that data and assets are legitimate, but it is notoriously slow and cumbersome.
To counter this, we’ve developed a method for efficiently scanning NFTs and cross-referencing the blockchain to ensure tickets and collectables are valid. Our NFT scan technology does all the heavy lifting in the background and quickly lets venue staff know if there is an issue with a ticket.
The same process can be applied to collectable NFTs to unlock exclusive benefits such as access to restricted areas, invite-only events, exclusive digital merchandise and much more.
The use of NFTs in event ticketing offers improved secondary market control compared to traditional ticketing methods. One way this is achieved is through the use of royalty splits. Event organisers can receive a percentage of the resale price of their tickets if they are resold on the secondary market, providing a new revenue stream for event organisers and promoting the continued success of their events. Smart contracts are the vehicle that makes this, and many other smart seller tools, possible.
NFT ticketing also allows event organisers to set price ceilings that prevent tickets from being resold at more than a maximum price. The seller sets a price ceiling, and the smart contract will prevent that NFT ticket from being resold for a higher amount. This helps to prevent ticket scalping and ensures that fans have access to affordable tickets, even if they are being resold on the secondary market.
Another way NFT ticketing improves secondary market control is through the use of device-locked tickets. Because our tickets are device-locked, we can allow sellers to prevent them from being transferred or resold to unauthorised individuals, providing a secure, fair ticket-buying experience that's devoid of scalpers.
By leveraging the unique features of NFT technology, event organisers can control the secondary resale market in ways never before possible.
NFT ticketing not only gives us more control over the secondary market but also enables event organisers to tap into a new revenue stream from secondary sales of their tickets and digital collectables.
A royalty split is when a percentage of the revenue generated from the sale of an NFT, be it an NFT ticket or collectable, is automatically sent to a specified wallet.
Let’s say, for example, a seller chooses to set a royalty split percentage of 20%. If one of their tickets is resold on the secondary market for £100, £20 of that would automatically be sent to their wallet, with the remaining £80 going to the person who resold the ticket.
Royalty splits, alongside other NFT-enabled seller tools, mean organisers can now embrace the secondary market instead of fighting it.
NFT ticketing technology offers increased transparency and accountability. It allows event organisers and ticket sellers to view the entire journey of a ticket, from its initial creation to its eventual sale and any subsequent resales, providing greater insights in the ticket distribution process.
This data can then be used to better analyse customer behaviour and purchasing patterns, helping organisers improve their marketing strategies and target future campaigns more effectively.
It also provides a way for sellers to contact people who have been part of a ticket's journey but who may not have bought it directly from them during the initial sale.
Identifying and contacting people who have purchased a resale ticket on the secondary market has, until now, been extremely difficult, if not impossible. But with blockchain technology, we have a way of engaging with every person whose hands a ticket has passed through.
NFT technology has opened up new possibilities for event organisers to use NFT collectables as rewards in their ticketing programmes. NFTs can be used as rewards for fans who attend events, creating a collectable and valuable item that is unique to each individual. These rewards can include exclusive digital memorabilia, such as digital autographs, unique artwork, and behind-the-scenes access to events, providing added value for fans and increasing the overall experience of attending an event.
NFT rewards can also be used to incentivise fans to participate in fan engagement activities, such as sharing their experiences on social media or engaging with other fans at the event.
This helps to build a sense of community around the event, heighten engagement and foster a sense of belonging and exclusivity. By creating a reward system based on NFTs, event organisers can also help to build brand loyalty and increase the value of attending an event in the eyes of fans.
In addition to these benefits, the use of NFTs as rewards in event ticketing can also help to open up new revenue opportunities for event organisers. Through the use of royalty splits, event organisers can receive a percentage of any future sales of the NFT collectables if they are ever resold on the secondary market.
By leveraging the unique features of NFT technology, organisers can create a more engaging and valuable experience for fans, build a stronger sense of community around the event, and open up new revenue opportunities through royalty splits.
Fan engagement stands to benefit massively from NFT ticketing. Being able to reward and connect with fans using NFT collectables and airdrops will ultimately lead to a heightened level of engagement, higher levels of satisfaction and happier attendees.
NFTs can be used to increase fan engagement and create new ways for fans to interact with their favourite events and performers. For example, virtual meet and greets or exclusive fan clubs can be created using NFTs. This can increase the overall experience of the event and create new revenue streams for performers.
One example of how NFTs can be used to increase fan engagement is our Immersive Fan Pass programme. We’ve created a new way for artists and brands to connect with their most loyal fans worldwide. For more information, check out this article.
The ticketing industry is currently dominated by established ticketing platforms that have a monopoly on the market. This results in high fees for event organisers and fans, limited competition, and reduced innovation in the industry.
The strict rules and conditions enforced by these platforms also limit the control event organisers have over the ticket distribution process, making it difficult for them to create unique and personalised experiences for fans.
By using NFTs, event organisers can have greater control over the ticket distribution process, set their own prices, attach certain conditions to tickets using smart contracts, and enhance the experience with digital collectables.
The current ticketing process is outdated and leads to long wait times, high fees, and an overall cumbersome experience for event organisers and fans. NFT ticketing is a logical next step in the evolution of the ticketing industry, providing a modern and streamlined solution that leverages the latest technology to improve the overall event-attending experience, from purchasing tickets to improved interaction before, during and after an event.
In conclusion, NFTs have the potential to revolutionise the ticketing industry and fix some of its most pressing problems. From issues surrounding authenticity and verification, to fan engagement and revenue generation, NFTs offer a range of solutions that can benefit both buyers and sellers in the ticketing industry.
Get in touch with us today by emailing firstname.lastname@example.org if you want to know more about how you can take advantage of NFT ticketing using SeatlabNFT for your next event.
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