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NFT Tickets Are the Future Of Live Events: Here is Why


fans holding tickets
Photo by Andy Li on Unsplash

Non-fungible tokens (NFTs) have changed how live event tickets are sold. NFTs bring a new level of security, transparency, and uniqueness to an industry that is changing quickly and has already been changed by NFT ticketing. This has caught the attention of organizers, artists, the NFT Community and fans alike. One promising path for NFTs is selling tickets. In the last couple of years, many brands, NFT Community and events have started using NFTs to sell tickets, and the results have been good for both customers and businesses. In this article, we'll discuss why NFT tickets are how live events will be changed.


What Is NFT Ticketing?


NFT ticketing is precisely what it sounds like: tickets in the form of an NFT that live on a blockchain and act as passes to any live (or even virtual) event. What makes this different from electronic tickets? The blockchain is a big difference between NFT tickets and those with barcodes or QR codes.


With NFT tickets, the people who give them out and those who get them can benefit in multiple ways. Issuers can keep a more detailed record of how many people showed up by using the blockchain as a ledger. At the same time, they can interact with ticket holders in a new and exciting way through NFTs. Issuers can send out notices, hold surprise giveaways, make token-gated sites and services, and more by putting together information about the people who own a certain NFT ticket.


The Future Of Live Events Is NFT Tickets


NFT tickets benefit event attendees, promoters, artists, the NFT community and marketers. Also, they give artists a unique way to connect with their fans and audiences through rare and limited-edition merchandise, content, and experiences. Also, NFT tickets help stop "scalping," when many tickets are bought and sold at a higher price. Also, because blockchain data is stored in a way that can't be changed, ticket sellers can link identity information to concertgoers for security and marketing purposes.


The music industry is one of the most important ones starting to use NFTs. NFTs are quickly becoming an essential format for musicians because they give them new ways to market their music, reach new audiences and new NFT communities and interact with their fans in new ways. Also, as the NFT landscape keeps changing, we can expect NFT to become more valuable and play more roles in the arts and entertainment worlds.


But there is also a problem with scalability: as long as there is a barrier to entry into the NFT world, it might be hard for NFT ticketing to grow. To buy and hold NFTs, you must set up a wallet, which can be complex and confusing. Also, people seem to be less interested in the crypto world. Recent Pew Research shows that about half of Americans have heard of non-fungible tokens (NFTs), but only 4% have bought a token. For blockchain-based ticketing to catch on in the mainstream, consumers must be taught how to use it and given incentives to buy their first NFT.


ticket box
Photo by Claudio Schwarz on Unsplash

Advantages Of NFT Ticketing For Live Events


  • Security


One of the best things about NFT tickets is that they make people feel safer. NFTs can't be copied, faked, or hacked, unlike traditional paper tickets or even digital tickets. They are kept on a blockchain, making changing them very hard. This means that event organizers can be sure that only real tickets are sold and used, and fans can be sure that their tickets are real.


  • Scalability


NFT tickets can also be made bigger or smaller. Digital tickets can only be sent to a certain number of devices, while the number of paper tickets that can be printed is limited. With NFT tickets, however, there is no limit to how many can be made and given out.


  • Transparency


Both organizers and fans can see what's going on with NFT tickets. Organizers can track how many tickets are sold and where they are going in real-time, which can help them decide on pricing and capacity.


  • Unique Experiences


Fans who buy NFT tickets can also get to do unique things. For example, event organizers can make NFT tickets that are only available to a limited number of people and give them access to certain areas or events within the larger event. Organizers can charge more for these limited-edition tickets, which can help them bring in more money.


  • Collectability


NFT tickets can also be traded and collected, which makes going to a live event even more exciting. Fans who buy NFT tickets can keep them as souvenirs, trade them with other fans, or even resell them on secondary markets.


  • Increased Revenue


NFT tickets can bring more money to an event's organizers than just the ticket price. For example, event organizers can sell NFTs that give buyers exclusive access to meet-and-greets, VIP areas, or merchandise. They can also make NFTs that are only available for a limited time and sell them for a higher price. They can also sell NFTs that give access to future events.


  • Sustainability


Last, NFT tickets can be better for the environment than paper tickets. Making and printing paper tickets takes time and money, and they can contribute to waste if they are not recycled properly. On the other hand, NFT tickets are digital and can be kept on a blockchain forever.


The issue with Conventional Events Tickets


The events business has a big problem with people selling tickets. If you've tried to get tickets to a big event in the past few months, you've probably noticed how fast they go. Even though there have been many attempts to limit how many tickets can be bought at once, most tickets for big events are now purchased by bots and sold for more money.


Also, physical and digital tickets make it easy for scammers to trick ticket sellers and event staff and get into events without paying. Also, no one knows what the real cost of the music business is. But the rising cost of tickets shows how this affects fans and people who pay to go to events.


Conclusion


In conclusion, NFT tickets help live event organizers, artists, and fans in many ways. They offer better security, the ability to grow, transparency, unique experiences, the ability to be collected, more money, and a long life. As blockchain technology keeps improving and more people use it, we can expect more live events to use NFT tickets as the future of ticketing.


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