What started as a motley experiment to create a market for digital art on the blockchain, became one of the biggest success stories in blockchain evolution. It also expanded the importance of smart contracts and proves that any industry can be disrupted.
Although many critics exercised skepticism by insisting that NFTS are a bubble that will soon burst, the times have shown the importance of these digital collectibles, and how fast it is disrupting other industries. Also, Blockchain gaming and Metaverse are becoming the new deFi buzzword, and NFTs are still part of its evolution.
However, since the rise of NFTs and its intermittent struggles to solidify its base, everyone is asking: What next?
The NFT wave has moved to the digital ticketing industry, to create a bridge between the memories of the old ticketing traditions, and modern digital ticketing.
What is NFT Ticketing?
It is common practice for arbitrage scalpers to buy out concert/exhibition or football tickets before the time of the event, inflate the price, and resale it on the secondary market for high profit. This is a very old practice that has stymied the growth of many entertainers and sporting events.
NFT ticketing is simply leveraging the potentials of blockchain to create digital tickets to eliminate ticket fraud and arbitrage. This ensures that artists get fair value for their products and talents, and loyal fans are not exploited.
The place of blockchain, however, is to eliminate the third-party and middlemen that dominate the ticketing industry. Blockchain technology creates the necessary protocol that will make every ticket history open in its ledger, traceable, and impossible to fake. The tickets can also be programmed in ways to profit the entertainers and sports directly. That is to say that proceeds from resale will directly go to the owners rather than a fraudulent third party.
The NFT ticketing system is a favorable development for event organisers. One of the ways it will benefit them will be the ease with which tickets will be tracked. This is because since tickets will be directly interlinked to their buyers after sale, it will be easy to monitor their movements on the blockchain.
This new movement will benefit the entertainment industry especially Sports, Movies, Arts, Social media, and Gaming.
Why the NFT Ticket industry will be huge
The possibilities of the NFT ticket industry are enormous. It is relatively new, and live event organisers are beginning to notice its benefits. Listed below are a few reasons why the ticketing industry will be disrupted by NFTs.
Easy and reoccurring revenues for entertainers, creative and loyal fans
The possibilities of smart contracts as a protocol of blockchain are limitless. With these possibilities, contracts can be developed for revenue disbursement, secondary sales, and how royalties will be split between entertainers, organisers, and loyal fans.
It will eliminate scalpers and fraudsters
As already noted, one of the advantages of using NFT ticketing is that it will, above all things, eliminate the fraudulent activities prevalent in the digital ticketing space. With the blockchain documenting and tracking every ticket movement, third-party scalpers will be taken out of the picture.
It is not very cheap to print Paper tickets compared to what is obtainable with blockchain. Yet, printing on paper has many disadvantages outside cost. Sometimes the bar codes can be forged. The bar code may also chip as a result of unforeseen circumstances. NFT tickets will replace paper printing and save event organisers money and time.
Speed and transparency
The speed of most blockchains in printing NFTS makes them suitable for ticketing. Purchasing and processing can be done from the comfort of one’s home and with ease. Since Blockchains are transparent, every ticket can be tracked on the open ledger.
Metaverse has become a popular idea for the blockchain industry. However, when Facebook announced its transition to Metaverse the possibilities expanded beyond gaming. Most celebrities and superstars are already having live shows in the Metaverse with tickets to the shows being sold as NFTS. Live events in the Metaverse are becoming a thing, and as the Metaverse explodes so will NFT ticketing.
Finally, there are many other reasons why NFT ticketing is the next best thing in the industry. The above reasons are chosen for they are the most obvious, and are being employed by most platforms running NFT ticketing. It is also advisable to carry out your research before investing in any sector. You should not take this article as a piece of financial advice.