How NFT is used in Event Ticketing

For a very long time, tickets to events were issued in the form of paper passes. However, this has changed considerably in the past decade. The change can be attributed to the emergence of digital ticketing options such as email ticketing and pdf-stamped tickets. Once again, event ticketing is changing, and this time, NFTs are gradually reshaping how tickets are issued.

TL;DR

• NFTs are emerging as a viable alternative to digital ticket issuance
• NFT ticketing is considered safer, and more durable compared to the digital ticket issuing. 
• NFT ticketing also offers post-event values such as community membership and NFT trading.

Viable Alternative to Digital Ticket Issuance

The emergence of digital ticket issuance came at a time when the event ticketing industry needed a solid alternative to paper ticketing. Paper ticketing was fraught with issues such as ticketing manipulation and fake ticket issuance. Paper tickets also meant that concert-goers were more vulnerable to theft and ticket loss. Digital ticketing, therefore, served as a relief to all parties involved.

It did not take long before the shortcomings of digital ticketing came to the fore. Scammers found a way to forge fake digital tickets and even manipulate bar codes. Thus, creating a bigger issue around event ticket verification and authentication.

NFT ticketing offers a viable alternative to digital token issuance. It is almost impossible to manipulate, and harder to steal or misplace. NFT tickets are minted on the blockchain as unique digital assets. Therefore, they cannot be forged or manipulated. Also, the blockchain ensures that all NFTs are permanently stored, without the possibility of ever getting lost.

Additionally, NFT tickets help eliminate ticket hoarding and price inflation, which is rampant during major events. It is a common occurrence for certain individuals to purchase tickets in bulk with the intention of selling at inflated prices on secondary markets. NFT helps to eliminate such occurrences as organizers can mint and sell NFT tickets directly from their platforms. Eventgoers can make purchases and receive NFTs at their wallet address.

These attributes make NFT ticketing better and safer than the digital ticket options that are currently prevalent in the event ticketing industry.

Also read: What are PFP NFTs and what are they used for?

Post-event Value-added options

NFT ticketing also has values beyond the event they were created for. This is perhaps one of the biggest selling points of NFT event ticketing. 

NFT event ticketing allows event organizers to get closer to their fanbase. Music artists and football clubs could find this useful. Participants who have acquired NFT tickets could be granted access to communities where they can relate directly with their favorite artists. Participants could also be entitled to redeem digital collectibles with physical items as part of collector engagement programs.

NFT tickets could also be a good way to offer lifetime membership access to collectors. This is the case with music festival organizer, Coachella, which granted NFT collectors lifetime membership to all its events.

Additionally, NFT tickets can be traded post-event. Just as in trading cards, NFT tickets can become valuable collectibles that can be traded on secondary marketplaces.

Bottom Line

The NFT event ticketing space is only just emerging. Nevertheless, it offers a unique opportunity for event organizers to offer unique values to fans, both during and after the event.