NFT Ticketing: Opening New Doors of Possibilities

Posted By : Priyansha Singh | 17-May-2022

 

NFT Ticketing


NFTs have traversed quite a significant path in the technological landscape. From just being a token of an extreme rarity to being one of the most sought-after technologies, NFTs are swiftly evolving with a gargantuan future. 

 

While the last few months have witnessed NFTs being wielded by digital creators for taking ownership of their art or content, other industries are now also beginning to comprehend the value that these decentralized nifty tokens are offering. NFTs initially started to create hype in the art industry but now it is already moving readily to other markets. One such example is the event market where Non-Fungible Tokens are seamlessly connecting physical and digital ticketing. 

 

In this blog, we will understand what NFT ticketing actually means and how it is disrupting the event management and ticketing industry.


NFT Ticketing
 

Understanding NFT Tickets

 

NFT tickets serve as access credentials for a multitude of events, concerts, movies, and other social activities and provide exclusive perks. These tokens can be sold, thereby generating new revenue streams for businesses and the related communities. NFT tickets enable attendees to access both virtual as well as in-person viewing experiences. With ever-lasting digital assets, organizations can continue to earn royalties even after the events are over.

 

Essentially, NFT tickets are tamper-proof and work as self-executing smart contracts on the neoteric blockchain technology. These can be used to create and deliver value in many ways. The NFT ticket system can represent anything, whether it is a unique live recording, a digital memorabilia ticket, or even a special moment in sports.

 

Here are some of the benefits of NFT ticketing:

 

  • Prevent fake tickets and scams
  • New and constant revenue opportunities
  • Cost reduction and swift production
  • Safeguards fair ticket prices in all market phases
  • Eliminates black market and robberies
  • Provides built-in blockchain trust, immutability, and transparency
  • Boosts fan engagement
  • Offers proof of ownership and authenticity

 

A Brief Overview of NFT Ticketing

 

A few years back, there was no doubt how digitization had incessantly streamlined ticketing, however, it seemed boring having a simple QR code with no actual story linked to it. Digital tickets could never be keepsakes that people would want to keep and reminisce about. 

 

At the present time, the ticketing system can not essentially help people to reflect on special moments from any previous occasions or past events. Also, there are plenty of chances that you may lose paper-based tickets or unconsciously drop them while traveling. Moreover, since they can get easily faked, organizers do not get enough security for any potential event management. While QR codes appeared like a viable solution for organizers, however, they are not effective for guests seeking to purchase them. 

 

With Non-Fungible Tokens, there is no scope for compromisation. This technology benefits both guests as well as organizers alike. 

 

As we have already mentioned before, NFTs are not just tokens that can be merely added with assets, making the trade with trusted ownership and authenticity. It is, in fact, much more than that. The core nature of NFTs can efficaciously solve many issues/flaws and cater to multiple demands that we are currently facing in the real world. NFT ticket, indubitably, is one such domain where NFTs can be applied in various ecosystems to process and promote different platforms easily. NFT ticketing is all about creating tokens on certain token standards or smart contracts which can be ultimately used by anyone and for a plethora of use cases in accordance with their needs and preferences. 

 

Advantages of NFT Ticketing For Guests

 

  • They can engage and participate in any event organizer’s community
  • They can get incentives and perks from event organizers
  • They can sell upcoming events NFT tickets that they can not possibly attend
  • They can sell rare NFT tickets that collectors desire
  • They can safely store NFT tickets to keep their memories alive

 

Advantages of NFT Ticketing For Organizers

 

  • They can construct art-like tickets representing the event’s story so that people would essentially want to collect them
  • They can distribute and sell NFT tickets easily via SMS or email
  • They can verify the ownership and prove the authenticity of each NFT ticket
  • They can earn a slice of the profit whenever a ticket owner resells their NFT tickets
  • They can access and manage potential data in order to make subsequent events better

 

Also Read: The Growth of Real Estate Tokenization in The Metaverse

 

Use Cases of NFTs in Ticketing

 

  1. NFT Event Ticketing

 

NFTs have incessantly made the entire process of ticketing much easier by identifying and authenticating people for exclusive access. This can be applied to any segment such as passes for VIP events and access to any restricted area in the arena. NFT event ticketing is also proving to be a great aid for security system maintenance. At present, there are many complexities that event organizers prominently face with existing validating systems such as biometrics, RF, and more. NFTs, on the other hand, has emerged as a boon for this industry. Since it is unique and decentralized, it can not be tampered with or duplicated in any form.

 

  1. Movie Ticketing

 

NFTs have the serious potential to influence movie ticketing functionality. As of now, if anyone purchases a conventional ticket, there are still chances of authenticity and validation failure. Because of such unavoidable drawbacks, people have to undergo many inconveniences while verifying and validating the ticket ratio. However, movie ticketing with NFTs has clearly put a final end to the ruckus that people have to face each time. Since there is absolutely no chance of authenticity tampering, the NFT-based ticket alone can be considered as proof of ownership. Altogether, it establishes a new route for movie ticketing standards where users can also transfer or sell their tickets before they are validated. Nevertheless, simple implementations of NFTs have the ability to disrupt the movie ticketing market.

 

  1. Certifications

 

Remote-based learning and self-learning are rapidly becoming mainstream and are growing at a greater pace in the metaverse. In order to support and augment the authenticity and trust of certifications, NFTs have emerged to be highly advantageous. Furthermore, NFT ticketing has opened new doors for gaining access to remote-based learning platforms and indulging in certification-based courses. Leveraging this use case as the prominent attribute will not only increase the certification validity but will also augment their credibility value on a larger scale. 

 

  1. Surge Trade Market

 

Because of their indivisible nature, NFTs serve as a great solution for the surge trade market. NFTs in cahoots with smart contracts furnish impeccable opportunities for utilizing the surge and demand sales. Because of their exclusivity, NFT tickets provide keys to access the doors to the fortunes with the tokenization and trading of virtual metaverse assets and NFTs on board. 

 

Summing Up

 

Movies, concerts, and live events are some of the areas that could be entirely disrupted by the NFT ticketing technology. It is a tool that concert promoters and ticketing companies should keep a close eye on emerging tech and potential opportunities to make real-time events more lucrative, safe, and intuitive than ever before.

 

At Oodles Technologies, we have gained in-depth expertise in offering industry-specific technological solutions to global businesses. As a full-fledged blockchain and metaverse development company, we offer customized NFT and metaverse solutions that cater to different business demands. If you are looking for NFT development services or NFT marketplace solutions, feel free to get in touch with our experts. 

 

About Author

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Priyansha Singh

Priyansha is a talented Content Writer with a strong command of her craft. She has honed her skills in SEO content writing, technical writing, and research, making her a versatile writer. She excels in creating high-quality content that is optimized for search engines, ensuring maximum visibility. She is also adept at producing clear and concise technical documentation tailored to various audiences. Her extensive experience across different industries has given her a deep understanding of technical concepts, allowing her to convey complex information in a reader-friendly manner. Her meticulous attention to detail ensures that her content is accurate and free of errors. She has successfully contributed to a wide range of projects, including NitroEX, Precise Lighting, Alneli, Extra Property, Flink, Blue Ribbon Technologies, CJCPA, Script TV, Poly 186, and Do It All Steel. Priyansha's collaborative nature shines through as she works seamlessly with digital marketers and designers, creating engaging and informative content that meets project goals and deadlines.

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