Having a digital ticket can reduce your chances of getting lost, but QR codes are difficult to identify and don’t provide much of a reminder. NFT tickets will be very useful in this situation for a person who is going to a movie or theater, or anything that needs a ticket.
Since NFT tickets are digital assets held on the blockchain, there is little chance that they will be misplaced, stolen or destroyed. In addition, NFT tickets can be valuable artifacts that serve as permanent souvenirs. NFT is expanding to have other applications outside the realm of art and games. Therefore, it is not surprising that NFT technology can help solve the inefficiencies of traditional ticketing companies.
NFT Tickets has the potential to change the ticketing situation for all parties involved by solving the problem of paper tickets, rewarding fans with special benefits, and even adding additional protection for events.
What Exactly is an NFT Ticket?
NFT, short for non-fungible tokens, is a cryptographic token that replaces some digital assets. They allow us to share physical or digital assets such as artwork, valuables, or real estate. They serve as a form of ownership and verification of legitimacy as they are held in the blockchain network. Additionally, NFTs cannot be changed or destroyed and can only have one owner at a time.
An NFT ticket is a digital document that records your event entry information. To enhance the fan experience, they can also offer ticket holders other benefits such as meet-and-greet, exclusive merchandise, and more. NFT tickets can give artists and event organizers ongoing royalties in addition to fostering stronger connections with their audiences.
What is the Procedure for NFT Tickets?
When considering how NFTs work, event tickets are a natural choice. Physical tickets usually consist of one sheet and are valid for one entry or seat per event. The notes are meaningless in this sense. Since concert venues have limited capacity, tickets are issued in small batches, like NFTs.
The downside to traditional ticketing is that there is little regulation or control over the few distribution channels through which tickets are distributed. For example, ticket sellers can buy multiple tickets online and resell them for a profit by bidding on a secondary ticket market.
It gives event organizers greater control over primary and secondary ticket sales because anyone can track transactions on the blockchain ledger, making it easy for anyone to see when and where the ticket was obtained and sold. Using smart contracts, software running on the blockchain, NFT ticket systems can also help reduce resale profits and costs.
When and if certain conditions are met, the smart contract is deterministic software that performs various tasks on its own. By creating rules that could result in royalty payments each time a ticket is sold to a new owner, regulators can control the distribution of royalties in secondary ticket sales. Also, event organizers can eliminate third-party distribution by creating the necessary number of NFT tickets as part of the ticketing process on their preferred blockchain network.
The buyer’s property will trigger a smart contract once it has determined the sale price or value. The buyer will receive the ticket in their digital wallet, allowing them to access it whenever they want from their smartphone. You have the possibility of reselling your ticket in the NFT market chosen by the organizer of the event because the NFT ticket is kept in the blockchain network. A smart contract is triggered if someone buys your ticket, you will be paid when the buyer receives the ticket.
How Can NFT Solve Problems with Traditional Tickets?
By correcting the inefficiencies of the current ticketing system, NFT tickets can disrupt the traditional ticketing market.
- The fact that paper tickets and QR codes are easily counterfeited is one of the main drawbacks, making venues unsafe and discouraging fans who buy fake tickets from unknown. So fight against fraud. However, because NFT ticket transactions are recorded in the blockchain ledger, event planners and attendees can verify the authenticity of each ticket on the chain and trace ownership history. , making it impossible for criminals to falsify tickets.
- The price for selling and mining NFT tickets can be lower than the price for creating and distributing ordinary tickets. NFT tickets can be produced in much less time than traditional tickets, giving organizers a much shorter lead time for ticket printing and distribution. Therefore, it provides cheap and fast manufacturing.
- The use of blockchain technology through NFT creates opportunities to create real value for all parties. Using smart contract technology, NFT tickets can provide the artist and event organizer with recurring revenue. A portion of the proceeds from the sale may also go to the artist if the ticket holder sells their ticket on the secondary market. Therefore, providing the prospect continues for profit. Ticket holders have the option to sell the NFT air they receive as part of the package.
- Tickets printed on paper are easily lost or damaged. The risk of losing or destroying your NFT ticket is greatly reduced as it is stored in a digital wallet accessible on a mobile device. It reduces the chance of damage or loss.
The NFT has the ability to allow artists, event organizers and supporters to see how the process has evolved in their favor with the rise of blockchain technology and Web 3. NFT tickets are created on the blockchain network, which makes them easy to verify and prevent criminals from making or distributing fake tickets.
The NFT ticketing system also gives event planners and exhibitors more access to primary and secondary ticket sales while maintaining lasting relationships with sponsors. Although the NFT market is still growing, and the rate it is growing, it has the potential to improve the ticketing process that is common in other parts of the live event industry.