Top 5 NFT ticketing’s Advantages That Beat The Old System
The increased interest in NFTs, according to DappRadar, led to a $24.9 billion trading volume in the NFT market. The event industry is ahead of the curve in deploying NFT ticketing to close the gap between traditional and digital tickets, even though they are causing disruptions in many industries. Before the advent of digital tickets, people collected traditional tickets. Each of those tickets, whether for an opera in Vienna, a World Cup game in England or a music festival in California, was unique and brought back pleasant memories.
Digital tickets can’t be used as keepsakes for later contemplation because they are convenient and simple. Today’s ticketing systems are quick, secure, and open to all due to advancements made possible by digitization. However, a plain QR code without any context appears uninteresting. Establishing the ticketing system to make it easier to recall former special events. Consequently, the introduction of NFTs makes it possible to utilize tickets and simple to collect tickets as souvenirs.
Paper tickets are simple to fake, making event organizers exposed. Wet tickets may quickly lose value or become damaged. QR codes are a fantastic answer to this issue if you’re an event producer, but attendees who purchase them won’t profit.
NFTs do away with the necessity for concessions, and event organizers and guests benefit from the technology. But first, let’s discuss the problems with the current system for event tickets before moving on to the remedies.
Traditional ticketing has several issues.
1. Smuggling tickets is one.
The ubiquity of ticketing fraud has driven up the cost of admission for attendees and raised security concerns for event organizers. Because they let scalpers buy many tickets online and resell them for a profit on secondary markets, ticketing bots are a topic of controversy.
2. A protocol error
Customer tracking restricts the reach of a single provider and makes secondary market fraud possible because there is no exchange mechanism. A resold ticket is unrelated to the original buyer, who is given information by the event organizer and keeps it. The hosts of the event were, therefore, unaware of who attended. It cannot change the name of the ticket holder. It may resell a ticket an unlimited number of times because tickets are issued in a way that inhibits secondary market activities.
- Client Trust
Attendees’ first concern is whether or not the ticket they purchased is authentic. Customers may lose time and money if they purchase fake tickets from websites posing as legitimate ticket outlets.
What is the NFT Ticketing process?
Digital tokens that are unique and have a record on a distributed ledger are known as non-fungible tokens (NFTs). A blockchain-created item may transfer electronically to buyers once it is ready for sale. Then, clients store their NFTs in a secure wallet that they can access from any computer or device. Event organizers can utilize the ticketing system to generate as many NFT tickets as they need on the blockchain. So that purchasers can select the ultimate price, they might program the NFTs with a fixed price or open bidding.
NFT-based tickets are typically purchased by a customer directly from the ticketing company. A smart contract connected to a ticketing database will automatically create and deliver an NFT to the buyer after completing a transaction.
NFT tickets are generated and transmitted to the designated NFT exchange after receiving a request. We must upload the ticket to IPFS, as asked by the ticketing system. After IPFS has calculated the hashes of the tickets, saving them in a database. Keeping track of the ticket using smart contracts. The smart contract records the sale of a ticket when it is made by a buyer and pays the seller immediately. Owners on the NFT secondary market can trade NFT tickets.
NFT ticketing’s advantages
NFTs, or new forms of tickets, have the power to completely transform the ticketing industry for both event organizers and attendees. The following are a few of NFT’s many benefits.
- Steer clear of fraud and fake tickets
Blockchain may be trusted to act as an honest middleman between purchasers of tickets and event organizers. For usage in circumstances where the resale of tickets is prohibited, it might produce non-transferable tickets (NFTs). Thanks to the unchangeable record of transactions recorded on the blockchain from the initial sale to resale, all parties can confirm the legitimacy of NFTs.
2. Save cash
The expenses related to selling and minting NFTs are negligible compared to the price of paper tickets. Buyers and event organizers will profit from confirming the validity of each ticket in circulation and tracking its path from the vendor to the buyer. It may manufacture an unforgeable ticket at a discounted price.
Non-Fungible Tokens (NFTs) are being created and minted at a record rate by deviating from the conventional digital ticketing process. In less than a minute, NFT is issued and made tradable.
4. Business Success
The organizer can determine profit sharing percentages for potential future resale or creative content on secondary markets and collect money with the confidence that it cannot alter the tickets outside of the NFT’s coding because programmable NFTs can include rules for merchandise, content, resale, and royalty splits.
- New earnings
NFT-based tickets have the same functionality as programmable currency, creating a wealth of new revenue streams for events like the secondary market for NFT collections, food and drink specials, and rewards for accumulating a lot of tickets.
Hello #NFT digital ticketing world 👋🏽
Are you ready? Let’s shake things up and revolutionize the world together.
— AuthenTIX (@AuthenTIX_live) September 16, 2022
What choices are available to users of NFT tickets?
- They receive rewards and incentives from the event organizers.
- Individuals might make money by reselling tickets to events they cannot attend.
- They can find a lucrative market in collectors’ tickets.
- They have a safe location to store tickets and, by extension, memories.
- A community is a place where like-minded individuals can interact with event organizers.
What benefits come with using NFT Ticketing for event organizers?
- They may use the story behind an event to create collectible tickets that are pieces of art.
- Each ticket’s owner can confirm its authenticity and demonstrate that it is valid.
- The initial buyer and the reseller profit as long as the NFT ticket is resold.
- They now have simpler access to knowledge that can enhance subsequent gatherings.
- Tickets for NFT events may be distributed through email or text message.
The ticketing sector is just one of several that NFT has transformed. Only the live events sector has the potential to be completely upended by NFTs. It would be wise for ticketing agencies and concert organizers to keep an eye on this market for fresh business opportunities and cutting-edge technologies that could enhance the live event experience. Using NFTs for ticketing, the platform becomes more transparent, and the secondary buyer is assured that the ticket is authentic.
A team of NFT experts and full-stack developers at NFTICALLY is dedicated to building NFT B2B SaaS NFT Marketplace solutions on top of cutting-edge blockchain ecosystems.