NFT in Ticketing industry

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How can NFT Ticketing disrupt the ticketing
industry?
leewayhertz.com/how-nft-ticketing-works
NFT, a new concept that created hype around
digital art, is now ready to move forward to
various other markets. One such destination is an
event market where NFT can connect the physical
and digital ticketing. Do you remember old
school tickets that people used to collect? Each
ticket was unique, reviving memories whether it
was an opera night in Vienna, World Cup in
England or a music festival in California. No
doubt that digitization made ticketing
streamlined, but it seems boring with a simple
QR code without any story behind them. Nowadays,
Tickets do not have the memory part, which
people wanted to keep with them when they move or
travel. Currently, the ticketing system lacks
memories that they reflect on remembering special
moments from past events. NFTs have come into
the picture to make tickets more functional and
memorable. You may lose a paper-based ticket
they may get wet and ruined. Also, its hard to
travel with a paper-based ticket as it may get
lost. Moreover, organizers do not get
enough security with paper-based tickets as they
can be quickly faked. QR codes looked like a
good answer for organizers but not that effective
for guests purchasing them. With NFTs, you dont
need to compromise as the technology benefits
both organizers and guests. But lets first
discuss some of the problems that exist in
traditional event ticketing. What are the
problems with the traditional ticketing system?
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Black marketing of tickets Frauds have plagued
the ticketing industry, forcing real fans to pay
additional prices while presenting security
threats for event organizers. Misusing the
technological advances, ticketing bots cause
chaos, enabling online touts to purchase tickets
in bulk and sell them on secondary markets at
high prices. Lack of exchange protocol It is
impossible to track customers or exchange data
beyond the boundaries of a provided supplier.
The lack of exchange protocol enables fraud on
the secondary market. When a ticket is sold
again on the secondary market, it no longer
belongs to the actual buyer whose details the
event organizer has. Therefore, event organizers
do not have an idea who is at their event.
Because tickets are issued in a way that cannot
be used for exchanges on the secondary market,
you can neither change the name of the ticket
holder nor control how many times the ticket
will change hands. Customer Trust One of the
major concerns for guests is whether they have
paid for a real ticket or a fake one. Sometimes,
customers buy fake tickets on websites posing as
legitimate authorized ticketing agents. It leads
to loss of money and massive disappointment. How
does NFT work for Ticketing? NFTs are unique
digital tokens stored on the blockchain. Once
they are created on the blockchain, they can be
sold to customers digitally. Customers then store
NFTs in a secure wallet that can be accessed on
any device. In the ticketing system, event
organizers can mint the required number of NFT
tickets on their choice of a blockchain
platform. They can code the NFTs to set a sale
price or run the sale as an auction where people
can start a bid for tickets. Customers then
purchase NFT tickets and keep them in their
wallets that can be accessed from their mobile
devices. Once they visit the event, they produce
NFTs.
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A buyer books the NFT-based ticket and pays the
ticketing amount to the ticketing company. On
receiving the payment, the smart contract
triggers and an NFT ticket is sent to the buyer
from the ticketing database. The ticketing
company requests to upload the ticket on the
IPFS. Hash is calculated by IPFS and tickets get
stored on the database. NFT tickets are created
and uploaded to the requested NFT
marketplace. Ticket owners can also resell NFT
tickets on the NFT marketplace. The ticket is
stored in a smart contract. Once a buyer buys
the ticket, the smart contract triggers and the
payment is sent to the seller automatically. Wha
t are the benefits of NFT Ticketing? NFTs have
the potential to enhance the ticketing experience
for both attendees and organizers. Lets
understand how. Preventing fake tickets and
scams Blockchain provides a single source of
truth for both ticket holders and organizers. The
transfer of NFTs from the initial sale to resale
is stored on the blockchain immutably so that
all parties can prove the tickets
authenticity. In cases where the resale of
tickets is forbidden, NFTs can be developed as
non- transferrable, not to be moved to another
buyer physically. Reduce costs Costs associated
with selling and minting NFTs are negligible as
compared to the traditional ticketing system.
You can get an unforgeable ticket for less
production cost so that customers and organizers
can validate the authenticity of every ticket on
the chain and track the history of
ownership. Quick production An NFT can be minted
and ready to sell in less than a
minute. Perpetual revenue Since programmable NFTs
can have built-in rules for merchandise, content,
resales and royalty splits, it means that the
organizer can analyze profit sharing percentages
for future resales or creative content on
secondary markets and receive funds knowing they
are unalterable within the NFTs coding. New
revenue opportunities NFT-based tickets act as
programmable money, providing unlimited potential
for new revenue opportunities. For example, the
resale of NFT tickets as collectibles, using NFT
tickets to provide food and drink deals and
rewarding fans who have gathered many event
tickets.
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What opportunities does NFT Ticketing provide to
guests? Receive perks and incentives from event
organizers. Sell tickets for upcoming events
that you cannot go to. Sell rare past tickets
that other people would love to collect. Store
tickets safely to keep memories alive. Engage and
be a part of event organizers communities. What
opportunities does NFT Ticketing provide to
organizers? Create art-like tickets representing
the story of an event so that people would like
to collect them. Prove the authenticity of each
ticket and verify the owner. Earn a part of
reward when a ticket owner resells the NFT
ticket. Access potential data to make subsequent
events better. Distribute NFT tickets easily via
email or SMS. Conclusion Live events space is
one of the industries that could be disrupted by
NFTs completely. It is an industry where
ticketing companies and concert promoters should
keep an eye on potential opportunities and
emerging tech to make live events better than
before. NFT is also one of the emerging
technology trends that is disrupting almost
every industry, including ticketing. NFTs for
ticketing brings transparency to the ticketing
platform and assures the secondary buyer that
they are getting a valid ticket to the event
they are excited about. If you are ready to
leverage the benefits of NFTs in ticketing,
consult our team of NFT development experts.