NFT tickets has re-emerged as a promising contender in the race for real-world NFT utility. So, let’s find out ,how NFT tickets can help boost digital events.
Table of contents
- What Are NFT Tickets ?
- How did NFT Tickets Market emerged?
- Introduction to NFT Ticketing
- What do NFT Ticket holders get?
- Comparison between NFT Tickets and PFP’s.
- Who is Issuing NFT Tickets?
- Movement for NFT Ticketing
- What problems do NFT Tickets Solve?
- 5 Free ways to promote NFT collection.
What Are NFT Tickets ?
NFT Tickets are are in the form of an NFT living on a blockchain.That act as a access to any virtual or digital event with, ticket issuers and recipients can benefit in several ways.
NFT ticket holders sont simply receive a ticket to an event.
But an immutable and often interactive digital asset that grants their entry into a show or a festival.
How did NFT Tickets Market emerged?
Although it can sometimes seem like digital art and avatar NFTs are the only use cases for NFTs that have longevity ,this just isn’t so.
The truth is that NFTs can be used in far more ways than they currently are.
And one use case from history that generally goes overlooked is non- fungible ticketing which could be a greater addition to the music NFT space.
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Introduction to NFT Ticketing
First introduced years before Bored Apes sent the creative world into a tizzy tokenized concert and festival passes.
They have remained an interesting yet underdeveloped facet of the NFT market.
Yet as the weird wide world of non fungibles continues to grow .
Giving birth to a wide variety of advancements and innovation.
With NFT tickets, ticket issuers and recipients can benefit in several ways .
Issuers can keep a more-in-depth record of attendance numbers by utilizing the blockchain as a ledger
While simultaneously interacting with ticket holders in a new and innovative wai via NFTs.
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What do NFT Ticket holders get?
Issuers can send out notices,host surprise giveaways,create token-gated sites and services.
And more simply by collating data associated with holders of a specific NFT ticket.
Similarly, holders don’t simply receive a ticket to an event.
But an immutable and often interactive digital asset that grants their entry into a show or festival.
These tickets also grant holders access to exclusive experiences.Including fan clubs made up only of holders of similar NFT tickets.
Comparison between NFT Tickets and PFP’s.
Imagine a parallel between PFP NFTs and NFT tickets. PFP’s come in varying degrees of rarity ;they act as member passes to a variety of communities.
They communicate an NFT collector’s special status ,and they can accrue value over time. Yet PFP’s are explicitly geared towards crypto and NFT enthusiasts .
And often come with the caveat of their association with financial gain/loss and price speculation.
On the other hand ,are a new extension of an existing and robust network of concerts ,festivals ,conferences etc.
Imagine tickets to a metaverse of -in-person events, where offers abound for example a PFP -like perk to holders added to the existing experience involving a musician ,music festival etc.
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Who is Issuing NFT Tickets?
Blockchain-powered events gained notoriety in 2021 and 2022. But NFT ticketing ,while less familiar as a concept ,has been around for years.
And if we look at NFT history ,the will to create tokenized experiences has persisted. Despite cases where the technology and know-how hadn’t reached maturity.
In 2018 ,superstar producer /DJ and blockchain music pioneer 3LAU set out to help lay the groundwork for blockchain based events.
With his single-day concert, our Music Festival . However ,the festival itself didn’t implement for attendees .Which likely would have been difficult anyways.
Considering the lack of exposure to NFT’s and software wallets at the time. So 3 LAU and co. created a tokenized experience that allowed festival goers to accrue tokens .
That could be reimplemented for real-world purchases while at the event.
Movement for NFT Ticketing
If it had been a viable option for 3LAU in 2018 ,there is no doubt that the DJ would have implemented token-gating for his inaugural fest.
As NFT tech has developed over the years ,3LAU has taken on other endeavors to aid in the democratization of the music industry.
But other artists and festivals alike have taken up the cause.
Originally, NFT ticketing began with startups in 2020. NFTs hadn’t achieved the popularity they inevitably did by the end of the following year.
Yet developers were already delving into potential music industry use cases for the novel technology.
Early on ,2 primary value propositions were set forth for NFTs.
The first was that they could potentially provide a more robust and verifiable form of identity to link with ticketc.
Effectively reducing scalping and bot activity.
Secondly ,NFTs could create a direct channel for attendees to remarket, and maintain community engagement after an event .
Startups like GUTS TECHNOLOGY first began working on building NFT technology to curb scalping by tying a ticket to a person’s wallet or identity.
While simultaneously giving artists a cut of secondary market revenue.
But organizations like GUTS can often hit roadblocks.Leading to periods of stagnation during which others pick up the cause.
One such entity now reinventing the conversation around blockchain powered ticketing is YellowHeart. It is a Web3 marketplace for ticketing ,music and memberships.
In October 2022 ,YellowHeart emerged as one of the most promising players in NFT ticketing.
Introducing its very own metaverse to help artists and fans avoid legacy ticketing issues like steep prices ,fraud and zero resale profit for artists.
Use cases for Artists
With Yellow Heart’s NFT ticketing metaverse ,artists can program benefits.That are proprietary to NFT technology.
Like full albums, custom vinyl records ,exclusive merch ,visual art and more.
Artists Beyond large-scale efforts ,independent musicians and artists are also finding ways to implement NFT ticketing into their tours and shows.
NFTs are quickly becoming a prominent music industry sector.
With many artists launching NFT and Blockchain endeavors to bolster their fanbases . NFT ticketing seem an inevitable part of the burgeoning music NFT ecosystem.
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What problems do NFT Tickets Solve?
1. Fanz is a dApp that was developed by Decentraland DAO grantees. And allows event organizers to issue tickets for their metaverse events.
The technology developed by the company enables improved management of tickets as NFTs. The platform offers services to facilitate the creation and promotion of events.
As well as the buying and selling of tickets.
2. The Fanz team believes that NFT technology has a broader use case in the entertainment business. Authentic NFT tickets can be traded after the event. Creating a new collectibles market.
3. NFTs can also be tied to single performes. Enabling the establishment of a blockchain -verified royalty system for said performers .Based on each sale, and thereby bringing in new revenue streams.
4. NFTs make tickets unique to their issuers. Allowing them to serve as prospective access keys to future material .Should the you choose to use such a feature.
Smart contracts, therefore, form the basis for NFT ticketing. By cutting out third parties, organizers can auction or sell their tickets on an NFT platform.
When the buyer makes the payment, the smart contract is activated. While the organizer receives payment, the buyer gets the NFT ticket deposited into their digital wallet.
5 Free ways to promote NFT collection.
a.Build community and brand using social media.
b. Collaborate with other NFT creators
c. Listing it on popular NFT marketplaces/directories
d. Produce quality content related to your NFT collection
e. Run giveaways
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Regardless of successful use cases ,NFT ticketing have yet to bridge the gap. Over the “mainstream” NFT ecosystem .
Yet similar projects exist at the innovative intersection between live events, and NFT.
One such service is the Proof of Attendance Protocol. (POAP) is a protocol that allows users to create commemorative NFT badges through the use of blockchain technology.
They have been around for years. Enabling event coordinators to reward enthusiasts for attending festivals, conferences ,summits and more.
Associated primarily with blockchain powered events like Devcon and other various Ethereum and Bitcoin events.
POAPS took on a new life in 2021 as the NFT ecosystem ballooned.
Furthermore, these POAPS started to gain utility as status symbols, incentivizing holders to trade them on Open Sea to potentially receive perks down the line.
As this niche sector of NFT market develops, it has raised the question. “What will it take for NFT tickets to become the norm?
If Proof of Attendance badges are booming ,why is the market for NFT tickets still so lacking? Mostly, it comes down to utility.
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NFT Tickets acceptance
Although the music industry has undoubtedly begun to accept the idea of NFTs.
Whether as collectibles , a method of crowdfunding or lifetime festival passes ,the vast majority of music enthusiasts have not been onboarded into the NFT space.
In other words, most show-lovers still don’t have an NFT wallet pushing NFT tickets out of the equation for many organizers.
Ofcourse, some digitally native communities are more aware and accepting NFT ticketing.
But to others especially general music lovers ,NFT ticketing does not lend enough advantages over downloading a conventional PDF ticket via mobile devices.
final thought …
But, you make no mistake, as more music fandoms become active in the NFT cspace,the line between music lovers and NFT enthusiasts will continue to blur.
So artists and consumers must do their due diligence in learning how NFTs can disrupt the music industry from album drops to multi-day festival passes.
What is NFT Ticketing market size?
NFTs have established themselves as a major market segment in the crypto industry. with more than $20 billion in trading volume and mainstream participation from all corners of the world.
How does NFT work for ticketing?
Just like other NFTs , NFT Tickets are one-of- a -kind tokens stored on a specific blockchain. Which can be transferred from the issuer to the buyer’s wallet.
The organizers of the event can mint as many as they need.Including using batch minting protocols.
Why is NFT Ticketing the future of the ticketing industry?
NFT Ticket holders dont simply receive a ticket to an event but an immutable and often interactive digital asset. That grants their entry into a show or festival.
These tickets also grant holders access to exclusive experiences . Including fan clubs made up only of holders of similar NFT tickets.
What is the difference between ticket and token?
A security token becomes a security ticket after a request for service is successfully authenticated.
For SOAP after receiving a SOAP message as confirmation ,that security ticket is issued for all subsequent requests.
How do you sell your NFTs tickets?
Ticket owners can also resell NFT tickets on the NFT marketplace.
The ticket is stored in a smart contract. Once a buyer buys the ticket from the ticket owner, the smart contract triggers and the payment is sent to the seller automatically.