Consider losing your ticket to your preferred pop music concert. The cause of the new buzzword in the event ticketing sector: NFTs! For event markets, NFT offers physical and digital ticketing capabilities. Since NFT has generated interest in digital art, other markets are beginning to recognize its potential.
While digitization undoubtedly made ticketing simpler, a QR code without context seems pointless. Since the introduction of NFTs, tickets have become more useful and memorable. Tickets, which were traditionally printed on paper, are vulnerable to theft, fraud, and loss in today’s highly digitalized world. The organizers welcomed the idea of QR codes, but the visitors were unimpressed.
NFTs eliminates the need for compromise because the technology benefits both the hosts and the guests. Let’s start by talking about the fundamentals of NFT ticketing.
What are NFT Tickets? 
Cryptographic tokens known as NFTs, or non-fungible tokens, are used to represent specific digital assets. They give us the ability to tokenize physical or digital assets like artwork, collectibles, or real estate. They serve as a verifiable form of ownership and authenticity proof because they are kept on a blockchain network. Additionally, an NFT cannot be changed or forged and can only have one official owner at a time.
NFT tickets are digital possessions that store your event access credentials. To further enhance the fan experience, they can also provide ticket holders with extra benefits like meet-and-greets, exclusive merchandise, and more. NFT tickets can give artists, event organizers, and other stakeholders ongoing royalties in addition to improving the relationship with fans.
NFT tickets function as passes or permits for live events, just like regular tickets do. NFT tickets, as opposed to other ticketing methods like physical tickets and conventional QR codes, have a number of advantages. In the beginning, ticket sellers can monitor their sales on the blockchain. This gives event planners an accurate attendance record and an immutable timeline of sales. Additionally, ticket sellers can bundle extra benefits like exclusive content, products, and experiences with their NFT tickets.
NFT tickets also aid in preventing ticket touting and ticket reselling. It can be challenging these days to purchase a major event ticket directly from the original issuer. Tickets are frequently purchased in bulk and then resold at a higher price. However, it is more challenging to purchase NFT tickets in bulk because they are issued to a crypto wallet address. NFT tickets can occasionally be hard to come by, expensive, and given out only to ardent followers.
Who is using NFT tickets?
In 2021 and 2022, blockchain-powered events rose to prominence, but NFT tickets have been around for much longer. And if we examine the history of NFT, the desire to develop tokenized experiences has persisted even in situations where the technology and knowledge haven’t matured.
With his one-day concert, Our Music Festival, superstar producer/DJ and blockchain music pioneer 3LAU set out to help lay the foundation for blockchain-powered events. NFT tickets for attendees were not implemented by the festival, though doing so would not have been easy given the lack of awareness of NFTs and software wallets at the time. In order to allow festival attendees to accumulate tokens that could be used to make real-world purchases while at the event, 3LAU and the company developed a tokenized experience.
There is no doubt that the DJ would have used token-gating for his debut festival if NFT tickets had been an option for 3LAU in 2018. As NFT technology advanced over time, 3LAU focused on other initiatives to help democratize the music industry, but other musicians and festivals also embraced the NFT ticket cause.
Some common NFT tickets
GUTS Tickets
A blockchain-based digital smart ticketing platform is called GUTS Tickets. Through the use of an NFT that can be connected to a participant’s wallet address, it seeks to revolutionize ticketing. GUTS Tickets also contribute to the decrease of ticket fraud and the development of manageable secondary markets for ticket resale. Additionally, ticket sellers can access real-time analytics to keep an eye on their NFTs.
Additionally, artists who use GUTS Tickets receive a portion of all secondary market earnings, creating a novel ticket sales dynamic. GUTS Tickets is positioned to take a sizable chunk of the NFT ticket market, despite the project still being in its early stages of development.
Proof of Attendance Protocol (POAP)
A blockchain project called Proof of Attendance Protocol (POAP) uses NFTs to produce digital collectibles and badges called “POAPs.” POAPs are ERC-721 NFTs that are able to track event attendance. Additionally, just like with standard event tickets, attendees receive POAPS to confirm their purchase of an event ticket. However, on the Ethereum xDai sidechain, POAPs are permanently stored. As a result, users can mint POAPs with little latency for a small fee.
Users receive an image, information about the event they’re attending, and a serial number when they mint POAP NFT badges using the POAP platform. These badges serve as electronic portraits of a user’s experiences. POAPs can be purchased on NFT marketplaces, but their resale value is typically low.
Ticketmaster
Leading US-based event and ticketing company Ticketmaster. Following the announcement that it would enable event organizers to issue NFT tickets for live events on the Flow blockchain, the Live Nation subsidiary made headlines recently. In NFTs, Flow is already at the top. Some of the biggest NFT projects and partnerships with sports stars, including NBA Topshot, UFC, and CryptoKitties, are hosted on the Flow blockchain, which is managed by Dapper Labs. These NFT tickets will not only give their owners access to live events, but also special benefits, mementos, and experiences.
In November 2021, Ticketmaster and the Ethereum layer-2 project Polygon began developing an NFT offering to create virtual tickets for NFL games. But Ticketmaster NFTs ultimately decided that flow was the best choice. More than 70,000 Super Bowl digital collectibles were initially available to ticket holders. After that, a small group of NFL game attendees will get NFTs from Ticketmaster. As of this writing, Ticketmaster has issued over five million NFTs on Flow.
SeatlabNFT
SeatlabNFT is an NFT ticketing marketplace, the aim of the project is to sell tickets in a new and fairest way. The project wants to connect fans to their favorite artists with incredible experiences. SeatlabNFT is built on the Near Protocol blockchain.
Highlights of SeatlabNFT
SeatlabNFT aims to revolutionize the event ticketing industry by eliminating fraud and dramatically reducing the impact of scaling. SeatlabNFT aims to develop a new system that brings experience and communication back to the heart of attending live events.
Thanks to the power of Web3, the project has a rare opportunity to rebalance the live events industry and create real value for everyone involved. SeatlabNFT also offers event organizers and brands a new way to connect with event attendees more authentically.
How does SeatlabNFT work?
SeatlabNFT sells tickets and controls their use through smart contracts. Smart contracts allow for a predefined distribution of royalties. Once tickets are redeemed for cash, artists, and event creators can choose where to transfer a percentage of revenue from any secondary sale, reducing the impact of ticket scaling and bringing back additional revenue bags of artists and event organizers.
Wicket is the last project on our list of NFT tickets. Wicket uses NFTs and blockchain technology to eliminate dishonest ticketing practices. Through a blockchain connection between tickets and attendees’ phones, the project seeks to do away with secondary markets and fraud. A frictionless user interface for its NFT tickets is another way that the project is lowering the entry barrier for Web3 adoption.
Wicket
Wicket is the last project on our list of NFT tickets. Wicket uses NFTs and blockchain technology to eliminate dishonest ticketing practices. Through a blockchain connection between tickets and attendees’ phones, the project seeks to do away with secondary markets and fraud. A frictionless user interface for its NFT tickets is another way that the project is lowering the entry barrier for Web3 adoption.
Wicket tickets can only be purchased from the official Wicket marketplace. Additionally, the attendee data is updated on the blockchain each time a Wicket NFT ticket is sold again. As a result, while maintaining an accurate register of this in attendance, event organizers gain insights into secondary markets. Additionally, Wicket NFT tickets are still being adopted by significant venues, promoters, and venues, and are currently being tested in Italy and the Netherlands.
NFT Tickets: The Evolution of Live Events
Attendees, event promoters, artists, and marketers profit from NFT tickets. Additionally, they give artists a singular chance to interact with fans and audiences through limited-edition goods, content, and experiences. Additionally, NFT tickets aid in preventing scalping, which involves buying tickets in bulk and reselling them at inflated prices. Additionally, ticket sellers can associate concertgoers’ identities with identity data for security and marketing purposes thanks to the immutable storage of blockchain data.
One of the most important sectors to adopt NFTs is the music business. NFTs are quickly evolving into a crucial format for musicians, offering new marketing opportunities, audiences, and opportunities for fan engagement. Additionally, we can anticipate seeing NFT utility rise and play more roles within the arts and entertainment sectors as the NFT landscape continues to change.
Conclusion
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