Experts discuss the promising future of NFT event ticketing
Could non-fungible tokens (NFTs) replace traditional event tickets as the industry norm? A rising number of professionals think they might. Everything depends on NFTs’ usefulness and their capacity to address issues with more conventional ticketing alternatives.
Consider fake and illegally purchased tickets. Fake tickets have existed for as long as there have been events. Loyal supporters purchase these tickets in the mistaken belief that they are authentic, only to be turned away at the entrance of the concert or sporting event.
Nothing nearly captured this like the mayhem that occurred outside the Stade de France during the Real Madrid vs. Liverpool 2022 Champions League Final. A rough estimate of 35,000 spectators, largely Liverpool supporters, were turned away from the stadium because thousands of them had fake tickets. Despite being prohibited from accessing the stadium, fans still attempted to do so by jumping fences, fighting with police and security personnel, and making an appalling scene that was aired around the globe.
Leaders in the NFT industry believe that digital tickets stored on a blockchain could prevent future occurrences of this incident and other issues related to paper tickets. In addition to ensuring the validity of tickets, NFTs also make the Internet of Things (IoT) functional. Additionally, they serve as a special and durable piece of digital mementos.
Colby Mort, head of NFT strategy at GET Protocol in Amsterdam, claims that NFT tickets bring transparency that is apparent in real-time and can aid with ticket verification. Additionally, because tickets may only be sold within the system, event organizers have complete control over ticket sales, revenue, data, and direct communication with ticket holders.
These digital tickets may be used for pre- and post-event events and have longer life periods. The GET Protocol is investigating decentralized event finance for forthcoming music, art, and other events, which can give unknown artists more visibility.
Since November 2021, the NFL has distributed a quarter of a million NFT tickets as part of its own taste test of NFT ticketing. Additionally, commemorative NFT tickets were available for free to Super Bowl LVI attendees.
Another event that has adopted NFT ticketing is the Tomorrowland festival of electronic music in Belgium. Two of the three NFT collection releases for this year have already been released during the event. While possessing an NFT from any of the three collections will give you entry to events, those who do so will also find that they are qualified for a lot more.
For producers, artists, event organizers, and holders alike, using NFTs for ticketing opens up a lot of possibilities. An NFT ticket may be easily recovered, eliminating the chance of misplacing it or purchasing a fake since digital tickets are challenging to counterfeit.
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