What Is an NFT? Everything You Need to Know
In this article, we'll explore everything you need to know about NFTs, what they are, and how they can have real-world utility.
Current Web2 ticketing solutions offer little to nothing in the way of additional utility for fans and event creators. This is how NFTs can help.
Current Web2 ticketing solutions offer little to nothing in the way of additional utility for fans and event creators. Constrained by the centralised technology, they offer only a way of accessing the venue.
While the primary function of tickets is venue access, tickets could also augment and improve the current event experience, extending it, making it more immersive on-site and even giving genuine value to fans who are attending shows.
The continued rapid growth of blockchain technology opens up the possibility of NFT tickets, which will be able to provide this extended, more immersive experience for fans, potentially even giving them a valuable asset to reward their attendance at a show.
Blockchain networks act as a traceable, irrefutable ledger, making it easy for event organisers to identify fans holding NFT tickets to particular events. On top of this, blockchain allows for the airdropping of NFTs to fans with NFT tickets, creating a world of opportunity to enhance the event experience for those in attendance.
Unlike centralised Web2 technology, with Web3, blockchains provide a way of sending specific users of the network digital assets, often in the form of NFTs.
Users of almost all dApps (decentralised applications hosted on a blockchain) need to have a digital wallet. This wallet can store either tokens (cryptocurrency) or any NFTs associated with the dApp or the blockchain network itself.
NFTs are currently most commonly used as digital media assets like photos, videos or audio recordings. The ownership and authenticity of these assets are verifiable by the blockchain networks that host them. They can be transferable between parties or made non-transferable as desired.
The world of Web3 is scaling rapidly, and in recent months, a new avenue for NFTs has emerged in the form of utility NFTs. These NFTs give the owner additional benefits, alongside their ownership of a unique digital asset.
Airdropping digital assets either before, during or after an event, automatically, or triggered by a certain action brings the opportunity to provide a radically enhanced experience for live event attendees.
NFT airdrops give event organisers a way of creating a new, immersive and interactive experience for their fans and attendees.
Attendees at events can be airdropped an NFT for interacting with an element on-site such as a QR code. This NFT could be a digital memento, or it could also carry additional utility, such as granting the holder access to a secret stage at the event or a VIP area in an arena. The possibilities are endless for event creators looking to enhance the immersive experience for fans attending their show.
Making these NFT passes non-transferable could mean that they later serve as proof of attendance for those who earned them, adding social value for the holder.
NFT authenticity is verifiable through blockchain, and the recent boom in NFT art has shown that there is a market for these unique digital assets.
In the context of live events for fans, NFT mementoes of an event could offer a souvenir of their attendance and a way of earning money from attending shows. While an NFT airdrop of an image, video or audio recording costs event organisers very little, it enhances the connection the fans feel to the show.
There is also the opportunity for fans to sell those NFTs later on if they so desire, giving them genuine value from their attendance at shows.
The experience for fans doesn’t have to end when the show does. With blockchain traceability, NFTs can be airdropped to attendees before, during or even after the event.
Certain ticket types might merit an NFT drop of a VIP access pass before the show begins, adding further excitement and anticipation before they’ve even arrived.
Similarly, airdropping fans an NFT memento the morning after a show would extend the experience for them, allowing them to relive the moment in a more immersive way while they are still buzzing from the event.
Minting tickets as NFTs using blockchain technology creates an entirely new dimension to the way event ticketing can enhance the experience for audiences.
Not only can it offer fans genuine value, but it can also prolong the event experience and make on-site attendance more immersive and engaging.
We’re building SeatlabNFT to give artists and event creators a way of harnessing the power of blockchain to create this enhanced experience for fans. Along with the opportunity for airdropped perks and rewards, we’ve included features which let creators define certain ticket types that will receive an airdrop. Of course, what those NFT airdrops will be, is up to the creativity of those who put on live shows.
We’re approaching the release of our NFT ticketing platform, so to see the latest updates, be the first to know when we’re launching or join the community, use the links below.
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