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NFT Ticketing

Let’s just think about this for a minute. Who thought that teenagers will be earning millions of dollars just by investing in NFTs in a few weeks? Currently, NFTs are on the rise because of the massive engagement by people including artists and artists in this new technology. Not only in real life but also in the Metaverse there is a huge spike of NFTs because of the ongoing craze. With advances in blockchain development reaching multiple industries, NFTs are on the rampage and the ticketing industry is not left out of this huge new spike of applications of the novel digital asset class.

Before we move further let us answer a popular question that often arises, and that is how all of this started. Well with Bitcoin and other crypto coins, there was always a limitation on colored coins which were assets created by a developer community to mirror other assets such as stocks or cryptocurrencies on Bitcoin. So after many experiments, a digital artist Kevin McCoy created the first-ever NFT known as ‘Quantum’, and thereafter further experiments were built using blockchain technology.

In the ticketing market, NFTs are gaining popularity because most of the inefficiencies that were present in conventional ticketing are being solved by NFTs. Although NFTs were mostly collectibles that represent some sort of value and can be bought and sold on an NFT marketplace. The very idea that something of value can be present in a better and more preservable form on-chain sparked the interest of innovators and developers curious and longing for a change in how artists, and brands issue tickets and reward their fans and followers.

For a bit of context on how tickets can become NFTs on the blockchain, it is crucial to understand that digital files are converted on the Ethereum platform following token standards defined by the respective smart contracts. This step enabled many developers to create new tokens in the marketplace. Overall the standards such as ERC721 and ERC1155 are the guidelines and NFT developers follow these to create, issue, and deploy new tokens on the NFT marketplaces based on blockchain technology. So when you think about NFT ticketing, you are essentially taking your mind to everything you know about traditional tickets, except that the ones we are talking about here are programmed according to set standards on the blockchain.

Problems With Traditional Ticketing Systems

NFTs solved a lot of problems and inefficiencies in the traditional ticketing system. Some of them are as follows.

Authenticity

The sales cycle of traditional ticketing is an overall mess because most of the time the users don’t know if they are buying a real or fake ticket. There are a lot of websites that sell different tickets and their customers trust them only to end up getting disappointed. There are a few legitimate websites from where you can pay for the real ticket. In reality, most of these websites are just posing to be legitimate. All of this mess leads to a loss of funds and disappointment. According to a survey, an average of 12% of people buying tickets online get scammed online.

Ticket black marketing

One of the major issues with the traditional ticketing system is that they are sold in the secondary market at a much higher price than their actual price. It is impossible on these systems to manage who is buying, selling, or redeeming tickets. Another fault is that there is no control over who is buying tickets so the technology is misused and bots are placed to buy tickets in bulk which causes chaos in the market. After purchasing those tickets online through bots, they are sold on the black market at whatever price they want.

Inadequate Exchange Protocol

There is no control over that how many times a ticket can be resold. The event organizer only has the details of the customer that bought that ticket initially. Those who buy the tickets initially don’t show up at the event often because they sell those tickets in the secondary market. The tickets are sold at a much higher price and also increase the security risks because the event organizer knows little about who showed up at the event with that ticket. There is no way to change the name of the ticket holder on the ticket so it is not possible to control how many times a ticket will be exchanged.

Costs Of Tickets

The cost of the tickets is a combination of many factors. Event organizers don’t have it easy because of the high-security threats due to the exchanges of tickets. Fake duplicate tickets are also one of the reasons for the high prices of tickets. The investors or the promoters of the event have to wait till the event is finished to get their share. They take different shares from the tickets mostly some percentage from every ticket of the event. Most of the ticketing companies are hired for the event and they provide sales solutions, marketing of the event, as well as the hardware ticket scanner of tickets so that only real ticket owners get the entrance to the event.

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Implementing NFT Ticketing on the Blockchain

The ticketing industry can evolve for good by implementing NFTs and blockchain technology. On the ticketing marketplaces, whenever a new digital token is added as an NFT, it is added to the blockchain. After adding the NFTs to the blockchain, they are ready to be sold on the platforms. The tokens are separately stored in their private wallets so that way there is no way of hacking or ticket fraud. Cryptocurrency is also based on blockchain technology but the difference between NFTs and cryptocurrency is that the NFTs are non-fungible. This means that they cannot be interchanged for any other type of asset mostly another NFT because each of them has a separate value in the NFT marketplaces.

People mostly buy tickets in a rush and end up buying fake ones. So for that, NFT ticketing solves the problems and the platform for ticketing can be built with the technology on top of the blockchain required to support it. The tickets on the NFT platform are sold directly on the platform by the artists to the consumers. They can set the price of the tickets or even can open an auction on the tickets. This scenario is rare at this point but is expected to become common in the upcoming years. But for now, many producers and venues are selling tickets the old way. There is a long way to implement NFT ticketing for events, but have a very exciting path for the future and will become more common. The very first NFT ticketing event was hosted by MetaCartel during the blockchain week that was held in Berlin recently.

Advantages of Blockchain-Based NFT Ticketing

NFT tickets will be pushed forward and gain popularity in 2022 and in upcoming years with the rise in the real world as well as the Metaverse. NFTs could be a great benefit for the music industry to boost the industry that has been down for the last few years due to the Covid-19 pandemic. Many problems can be solved in the ticketing industry due to NFT ticketing and have been made easy.

Cost Reduction

The cost of NFT tickets is way less than that of traditional ticketing. The history of the ownership of tickets can easily be tracked. The production cost of the ticket is also less and the tickets can be easily checked and verified if they are real or not. Consumers can check the authenticity of the tickets at any point before buying them.

Authentic Tickets

There is no chance of scams or fraud in NFT ticketing because blockchain technology stores every transfer of the ticket. The history of that ownership can easily be viewed and both ticket holders and organizers have to deal only with authentic tickets. From the initial state from which the ticket was deployed on the marketplace to every resale that has been done on that ticket, everything is stored on blockchain technology. Since NFTs are developed to be non-transferable so their ownership of them cannot be moved from one person to another physically.

Low Minting Time

One of the significant advantages of NFT ticketing is that the minting time of the NFT tickets is extremely low as tickets can my minted on the NFT marketplaces in seconds. The tickets are posted live and then can consumers can easily get the tickets and organizers can get their profit. Hundreds and thousands of tickets can be produced in less than a minute on the platforms on different blockchain platforms. For traditional ticketing, the same process will take more than a week to print those tickets.

NFT Tickets Options Modification

NFTs are based on smart contracts that are deployed on blockchain technology. They are generated by coding and that code can be modified according to your needs and requirements. Different modifications can be done to reselling policies, generation, selling, or transfer of tickets.

The reselling of tokens on the secondary market can be limited and different rules can be set up for that for example distributing royalties on primary or secondary markets. The event organizers can make a profit from resale by coding that into the smart contract. The profit distribution rules can also be set up. Similarly, a setting for not reselling tickets can also be coded so that there can be no resales or the exchange of ownership is not possible. This way the event organizers just have the details of the initial owner because they can be no further owners of it.

Revenue Opportunities

New income opportunities can be generated by NFT ticketing because many people collect these tickets as collectibles and then they are sold at auctions. An individual can also add a business idea to it and make people collect these different tickets and then add bonus prices for it. This will encourage people to buy more tickets and good revenue will be generated easily.

The Global Ticketing Market and Disruptions on NFT Ticketing

The overall online ticket market was valued at around 28.49 billion USD in 2021. NFT ticketing on the other hand is becoming popular in the industry because it has been solving all the problems in the traditional ticketing system. The ticketing industry is a very huge market and is in the hands of a few ticketing companies that enjoy a very good profit from every event. Adapting NFT ticketing will solve the problem of scams and fraud, which are used to affect both consumers and event organizers.

In the Covid-19 pandemic, almost every process and product was digitalized and due to various lockdowns, people have a better time so they started to understand blockchain development better. This is the reason why NFT tickets are predicted to be adopted very rapidly by different industries. Experts, for example, believe that NFT ticketing will set the pace fo a new era of innovation in the music and ticketing industry. Going by the numbers, fans of sports, music and live entertainment are more likely to adopt NFT tickets soon. However, the event organizers and artists have to come up with creative ideas to engage fans with the NFT tickets.

It is very likely the event industry will be disrupted by NFT ticketing. New technologies and a lot of opportunities have been opened up because of it. Live events including concerts will be made better with blockchain technology, thanks to NFTs. The ticketing industry has been affected by the growing trend of NFT tickets which is also bringing revolutionizing live events and other activities that require tickets. A whole new era of transparency in the ticketing industry has been added where the consumer knows that they are buying the real tickets by reviewing the owner's history and the event organizers also know who is the real owner of that ticket even if they are resold in the secondary market.

NFT, based on blockchain technology is an emerging technology lately just like cryptocurrency, and has disrupted a lot of industries. One of them is the ticketing industry, in which NFT tickets are the future and have to bring a lot of change by solving the inefficiencies in the traditional ticketing system. It is an industry that the music industry should keep an eye on for potential opportunities and maximize profit while making live events better than ever. Typical setups for ticketing can be a Solana NFT marketplace for secondary or primary sales of tickets which will enable rapid participation and seamless settlement in most events.

Although the solution to change traditional ticketing with NFT marketing is very innovative some big companies still hesitate to adopt NFT ticketing because overall their revenue is hurt by that. It might take more time to bring the industries and companies to the same middle ground because ticketing is more expedient from a blockchain view than the companies see it. One way these companies may start to appreciate the benefits of blockchain ticketing is in the Metaverse, a growing new world for everything powered by blockchain technology.

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