HOW CAN NFT TICKETING DISRUPT THE TICKETING INDUSTRY?

NFT is a new concept that generated a lot of hype about digital art. It’s now ready to expand to other markets. NFT can be used to connect digital and physical ticketing in an even-sized market. Do you recall old school tickets that were collected? Each ticket was different, so each one brings back childhood memories. It is clear that ticketing was made easier by digitization. However, it can be boring to scan a QR code and not know much about the story. Tickets no longer have the memory portion that travellers want to carry with them on their travels or moves. The current ticketing system has no memories. It is not possible to recall specific moments from past events. NFTs have been introduced to help make tickets more efficient and memorable. It is possible to lose a paper-based flight ticket. They may also get damaged or wet. Paper-based tickets can also be lost, making it difficult to travel. Because paper-based tickets are easily falsified, organizers may not have sufficient security. QR codes are a good solution for organizers but they don’t work well for guests who purchase them.

NFTs don’t require you to compromise, as the technology benefits both guests and organizers. First, let’s discuss the problems associated with traditional event tickets.

What are the shortcomings of the traditional ticketing system?

  • Black marketing tickets

The ticketing business has been plagued with frauds, which have forced real fans to pay higher prices and presented security threats for event organizers. Misusing technological advancements, ticketing robots can cause chaos by enabling online touts and ticket sellers to purchase tickets in bulk, then sell them on secondary marketplaces at high prices.

  • Mangel of an exchange protocol

It is impossible, beyond the provider’s boundaries, to track customers and exchange data. The secondary market is vulnerable to fraud due to the lack of an exchange protocol. The ticket becomes void if it is sold again on secondary market. Event organizers have no idea of who is attending their event. The tickets cannot be traded on the secondary markets because they are unique in that they are not transferable. You can therefore neither change the name of the ticket holder or control how many tickets will change hands.

  • Customer trust

Guests need to be sure that they are purchasing a legitimate ticket and not a fake. Sometimes customers purchase fake tickets through websites pretending they are authorized ticketing agencies. This leads to massive disappointment and financial loss.

How does NFT work with ticketing?

NFTs are unique digital tokens that are kept on the blockchain. After they are created on blockchain, customers can sell them digitally. Customers store their NFTs in secure wallets that can be accessed by any device. Event organizers can issue the required amount of NFT tickets through the ticketing system. They can choose from any number of blockchain platforms. They can code the NFTs and set a sale price, or have the sale run as an auction so that people can make bids for tickets. Customers then purchase NFT Tickets and keep them in their wallets. This can be accessed through their mobile devices. NFTs can be produced once they attend the event.

What are the NFT Ticketing benefits?

NFTs offer the possibility to improve ticketing for both organizers and attendees. Let’s learn how.

  • Anticipating fake tickets and frauds

Blockchain serves as a single source to truth for both ticket holders, and organizers. NFT transfers from initial sale to resale are immutably stored on blockchain so that all parties can confirm the ticket’s authenticity. NFTs can also be designated as non-transferable and cannot be sold to anyone else if tickets are banned.

  • Reduce costs

There are very few costs involved in selling and minting NFTs, compared to traditional ticketing. A non-forgery ticket is possible at a lower price. Organizations and customers can confirm the authenticity and track the ownership history.

  • Production in a hurry

In less than 5 minutes, an NFT is ready for sale.

  • Perpetual revenue

Programable NFTs can include rules for content, merchandise, resales, and royalty splits. The organizer can then analyze profit share percentages for future creative content or resales on secondary markets, and receive funds in the knowledge that these are not subject to change within the NFT coding.

  • Revenue opportunities

NFT tickets are programmable cash, offering unlimited opportunities for new revenue. NFT tickets can be resold and used to reward those who have bought many event tickets.

What are the potential benefits of NFT Ticketing for guests?

  • You will receive perks or incentives from the event organizers.
  • Buy tickets to upcoming events you can’t attend.
  • Sell past tickets that are rare and desirable.
  • You can store your tickets securely to preserve your memories.
  • Participate and be part of the communities that organize events.

What opportunities does NFT-Ticketing offer organizers?

  • You can create tickets with art like elements that tell the story about an event, so people will want to buy them.
  • Verify the owner and prove the authenticity.
  • You can use this data to improve the quality of future events.
  • Send NFT tickets easily by SMS or email.

Conclusion

NFTs may completely disrupt the live event space. It is an industry in which concert promoters, ticketing companies, and concert promoters need to keep an eye out for potential opportunities and emerging technology that will make live events better. NFT is another disruptive technology trend in ticketing. NFTs are a ticketing technology that allows for transparency and guarantees secondary buyers that they will be getting a valid ticket for the event they are interested in.

Get in touch with our NFT developers experts if you want to maximize the benefits of NFTs when ticketing.

Read More: https://www.leewayhertz.com/how-nft-ticketing-works/

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