Before the development of digital Ticketing, individuals purchased traditional tickets. Whether it was an opera night in Vienna, the World Cup in England, or a music festival in California, each ticket was special and brought back many memories.
Since digitalization has made Ticketing more efficient, everyone can now use ticketing systems with certainty. However, employing a standard QR code with no description appears dull. Digital tickets cannot be souvenirs people wish to retain and think back on.
The ticketing system cannot assist attendees in remembering unique experiences from previous events. NFTs have thus been introduced to make tickets more practical and simple to accumulate memories.
A paper-based ticket is susceptible to damage and loss. Paper-based tickets are also less secure for organizers since they are simple to spoof. For organizers, QR codes solve this issue, but visitors who purchase them may not find them very useful. NFTs eliminate the need for compromise, and hosts and visitors profit from the technology.
How does NFT work for Ticketing?
Non-Fungible Tokens (NFT) are unique digital tokens stored on Blockchain. After being regulated on the blockchain, they can be digitally sold to customers. Then, customers can access their encrypted wallets from any device to store NFTs. Event planners may use their preferred blockchain platform to create the necessary amount of NFT tickets for the ticketing system. They can program the NFTs to establish a selling price or conduct the bid sale, where buyers can place ticket bids.
NFT-based tickets are bought directly from the ticketing firm by the customer. An NFT ticket is sent to the buyer via a ticketing database once a smart contract is triggered by payment. The ticketing business seeks permission to upload the tickets to IPFS.
Tickets are hashed by IPFS and stored in the database. The targeted NFT marketplace receives the creation and upload of NFT tickets. On the NFT marketplace, ticket holders can also sell their NFT tickets. A smart contract always has a copy of the ticket. The smart contract starts working once a customer purchases a ticket from the ticket owner, and the seller is instantly paid.
What are the benefits of NFT ticketing?
NFTs can change the ticketing process for both purchasers and organizers. The following are a few of the primary advantages NFT offers:
Preventing fake tickets and scams
Both ticket buyers and organizers may rely on blockchain as a reliable source. For all parties to validate the ticket’s legitimacy, the transfer of NFTs from the first sale to the subsequent sale is recorded immutably on the blockchain. NFTs can be created as non transferable tickets, which cannot be transferred to another customer, in situations where the resale of tickets is prohibited.
Reduce costs
Compared to the conventional ticketing system, the costs of selling and minting NFTs are minimal. Customers and event organizers may verify the validity of every ticket in the chain and monitor the history of ownership when an unforgeable ticket is produced.
Quick production
In contrast to the conventional method of digitizing tickets, this method quickly creates and mints NFTs. NFT can be created and made available for purchase in less than a minute.
Perpetual revenue
The organizer can evaluate profit-sharing percentages for potential resale or creative material on secondary marketplaces and get payments knowing the tickets are unalterable inside the NFT’s code since programmable NFTs can include built-in rules for merchandising content, resale, and royalty splits.
New revenue opportunities
As a programmable currency, NFT-based tickets provide limitless possibilities for new income streams, such as selling NFT tickets as collectors, using NFT tickets to offer food and drink specials, and rewarding fans who have accumulated a lot of event tickets.
Final words
NFT is a new technological trend causing significant changes in several sectors, including Ticketing. NFTs for tickets increase transparency in the ticketing process and provide secondary buyers with the peace of mind that they are purchasing a legitimate ticket for the event they are eager to attend.
