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The Actual Future of NFTs

Ronnie Whaley

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The Actual Future of NFTs
December 13, 2022

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Ronnie Whaley

December 13, 2022

Share:

Table of contents
The Actual Future of NFTs
December 13, 2022

Share:

December 13, 2022

So, imagine you’re in line for a concert you’ve been looking forward to for months. You head up to the turnstile ransacking your backpack or wallet for your ticket and… it’s NOT THERE. Well…  (*#@!)

And here comes a digitized ticket, NOT AS EASILY copied as a QR Code, with a SICK ARTWORK that definitely looks better than… just a QR Code. Welcome to the future of event ticketing… NFTs! 

Since you’re here we assume you’ve already been introduced to the NFT concept. But just in case, let’s cover some bases. NFTs or non-fungible tokens are cryptographic tokens that represent unique digital assets. They allow us to tokenize digital or real-world valuables, such as art, collectibles, and much more. Emphasis on DIGITAL, which means it’ll be harder for you to lose them even if you have a knack for losing things.  

Now, what does that have to do with tickets and ticketing?  

NFTs are basically digital deeds. And one of the available options of an NFT is giving people access to events.  

Still not getting it? Let’s connect NFT Ticketing to the world’s current concert ticket system.

Today, if you wanted to buy a ticket to a concert, you’d probably go online, purchase a ticket through a large ticketing website company that takes over 80% of profits, and be given printable access with your name and other ticketing information. You go to the venue and wait in line. As you wait in line see people selling scalper or knock-off tickets. You enter and present the ticket you’ve printed or have on your phone. You enjoy the concert and leave; with only the memories and the videos and pictures, you’ve taken on your phone.  

Now let’s introduce this occurrence but with NFT ticketing. So, you want to see a concert. You go online and purchase an NFT for this specific event using a stable cryptocurrency with all profits going straight to the event itself. The NFT ticket uses blockchain technology which makes it impossible to be duplicated or faked. You go to the concert where there is no line because the confirmation of tickets is so smooth. Why? The trust and reliable security of blockchain technology There is no need to verify and re-verify someone’s ticket. Just a quick QR code scan of you going to enjoy your show. The show’s over and now you no longer part ways with the event just because the in-person part is over. Since you have an NFT ticket that is still yours, the event can now host a portal exclusive to NFT holders which can contain all types of perks like access to content, access or discounts to future shows, exclusive merch, and a lot more. 

So yeah, it’s easy to see how this can totally disrupt legacy ticketing and how it’s obviously going to replace it in the very near future. How so? 

These are THE 3 MAIN REASONS NFTs are it for the future of events: 

First, TRANSPARENCY. The main difference from a traditional ticketing system is that NFT tickets can be viewed by anyone who’s “supposed” to have access to it. Think of it as a PUBLIC LEDGER of sorts. It’s verifiable from the event organizer’s end. This allows them to readily access and analyze their sales numbers from the get-go making AUDITING a lot more real-time. Anyone NFT ticket minted or purchased can be viewed on a blockchain as a SMART CONTRACT with its own transaction record. This smart contract has its own address that serves as a unique identifier for every move made on that specific ticket. Only one person or entity can own said ticket at any given time and again it’s VERIFIABLE.  

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A very obvious benefit of this, it gets rid of the SCALPING problem! It’s executed in any marketplace as soon as a resale is made, and more importantly, event organizers get a resale cut every time. Which in itself is HUGE.  

Second, DATA VALUE. With the varying levels of data that can be tied to smart contracts, and the added factor of real-time access, NFTs and their open data nature grants all event stakeholders an opportunity to customize the end consumer experience. Basically MORE CONTROL for the event organizer. NFTs are also very FLEXIBLE with the amount of data attached to them which makes for BETTER ACCOUNTABILITY. And since no other system has it, let’s just say it brings on ACCOUNTABILITY. Period. Kinda like adding data to the ticket thru the course of the event without event managers having to build more reporting infrastructure. Subjected to analytics, this can improve feedback, adjust your event’s KPIs and ultimately meet your goals – whether it be engagement, user education, sales quota, and even a deeper look at BRAND LOYALTY… 

…which brings us to the third section of this digital trifecta… 

ACCESSIBILITY. NFTS are really ACCESS TOKENS for all involved parties in any given event. As a ticket holder, you can use this access token as a sort of governor pass into all sorts of perks before and during the event. And since the smart contract basically becomes a lasting connection between the issuer and the holder, the perks go beyond the event date. Attendees can use their NFT tickets as access to a community set up by the event organizer. Now on the other end of things, as an event organizer, stakeholder, artist, or sponsor, you can use this access point to fully take advantage of your event or brand’s “fandom”. You can offer this fanbase early-VIP ticket reservations for your next event or to the venue, exhibitors, or sponsors, this access can give them a relatable and more targeted link to an already-tested demographic.  

So, granted that there are all these benefits to unique digitized ticketing, NFT is still very much a NEW TECHNOLOGY and has ways to go before being fully embraced by every type of consumer. One such area it can definitely improve on is EXTENSIBILITY — bridging the NFT System to be modular and giving access to all other platforms that event organizers use.  But hey, SOON. For now, though, NFT Tickets are definitely it.  

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