Fury at Dynamic Pricing: This is What People on The Internet are Saying
People are furious at being forced to pay outrageous amounts for tickets because of dynamic pricing. This is what people on the internet are saying.
Defected Records has announced its entry into the Web3 space. We're exploring what that means for the broader live events community.
The independently owned British electronic music label Defected Records has announced its entry into the Web3 space.
Founded in 1999 by Simon Dunmore, Defected was initially funded by the world-famous nightclub and label Ministry Of Sound. Since then, the label has grown a devoted worldwide following and become one of the biggest, most respected brands in global dance music. Defected is widely acknowledged as a market leader in house music, consistently delivering high-quality hit records to fans. Their presence at venues ensured sell-out crowds, and collaboration with venues like the iconic Printworks has made the label a titan of the electronic music industry.
Their entry into the Web3 space is great news for fans and the broader house music scene, as it continues the trend of enhanced audience engagement using NFTs.
Defected Records has always been a pioneer in the electronic music scene, consistently evolving its offerings to keep pace with the evolution of society and technology around it. Their first entry to Web3 comes by way of a Proof of Attendance mechanism where attendees will be rewarded with an NFT collectable simple for being present at the event. These POA NFTs are free for fans attending the Defected Croatia Festival to mint.
Defected Croatia is seen as a highlight in the label's annual calendar. The event took place this week from the 4th to 9th of August.
The NFTs were minted on an Ethereum sidechain, giving attendees an NFT as a digital souvenir of their time at the festival.
Proof of Attendance, or POA badges are fast becoming the new must-have item for social clout. These digital proof of attendance assets are beginning to replace the worn-out festival wristbands and old ticket stubs that fans often collect as mementos of the events they have attended. Additionally, as NFT PFPs quickly became a social status symbol, replacing hyper-curated and heavily filtered profile pictures, it is also likely that POA badges will replace the tattered wristbands that signify attendees' presence at popular events.
While this festival marks the first use of NFTs by the iconic house music label, it's unlikely to be a one-off. There have been no further announcements from Defected Records. Still, the label's use of Web3 technology for their Croatian festival is in line with the more general use of NFTs by event organisers to enhance the fan experience.
Web3 is only just beginning to make its mark on the live events industry, with the decentralisation of the internet continuing its unrelenting erosion of established technological practices.
While POA badges are already a valued status symbol for fans aware of NFT technology, it's still early days. The evolution of NFTs to utility assets will likely supercharge fan adoption of Web3 technology.
At SeatlabNFT, we're always delighted to see big-name players in the live events space embrace Web3 technology. We created our platform to help artists and event creators foster a closer connection with their fans.
To find out more about how SeatlabNFT is redefining the event ticketing industry, make sure you sign up for our newsletter below and follow us across all of our social media platforms.
Looking to list your events on SeatlabNFT? Start Selling Today