Augment Live Experiences with Blockchain
Sick of Ticketmaster selling large blocks of tickets to resellers, driving up prices? Thought it was blasphemy to spend $10,000 on a Taylor Swift ticket?
With the advent of blockchain technology, Non-Fungible Tokens (NFTs) are becoming increasingly popular in various industries, and the ticketing industry is no exception as an industry that stands to improve with these innovations.
How exactly could blockchain help improve the ticketing industry and subsequent buyer experience? There's plenty of ways a ticketing agency, or primary seller, could use NFTs to revolutionize the way people purchase and use digital tickets for events. Let's go through a few:
Exciting Activations: Think about "Moments". Let's say I've purchased a ticket (NFT-Ticket) from Ticketmaster for the Seattle SuperSonics game (let us hope!). I scan my verifiably authentic ticket upon entry (as well as confirmed on acquisition), and head to my seat in Section 100. My wallet holding my ticket can read that I am in Section 100. Bronny James flies down the lane for a windwill dunk, right in front of Section 100! And... because this place is full of cameras, I am airdropped a "Moment" from the game; a perspective from ~Section 100 of Bronny's dunk, as if I'd perfectly recorded the occurance - and this limited-run NFT "Moment" is airdropped to everyone in Section 100 - it's limited, it's high-quality... and I didn't have to have my phone out the entire event to catch it! I can keep it for a great memory, sell it to collectors, exchange for other moments, redeem for x, y, or z, and more. And that's just one activation of an NFT Ticket using Wallets!
Unique and Secure: NFTs are unique digital assets that are verified and secured on the blockchain. This means that once a ticket is purchased, it cannot be duplicated or altered, ensuring that each ticket is unique and authentic. Create your Wallet with the Ticket Seller, purchase and receive an NFT-Ticket, and scan for Entry - sounds familiar, but this time, -you- control the ticket once it hits your wallet, and the Seller needn't worry about authenticity. This makes it cheaper and easier to sell tickets, and gives peace of mind via control to buyers.
No Scalping or Fraud: With traditional ticketing systems, scalping and fraud are common problems. However, NFTs offer a solution to this. Since NFTs are unique and can be tracked on the blockchain, it becomes difficult for scalpers to resell tickets and for fraudsters to create fake tickets. As aforementioned, it becomes easier and cheaper for Sellers to distribute primary-market tickets, without concern in regards to false items coming to market.
Easy Transfer: NFTs can be easily transferred between individuals without the need for intermediaries. This makes it easier for consumers to sell or gift their tickets to others if they are unable to attend an event - yet doesn't impact authenticity. This also allows an avenue for primary-sellers to attach royalties to tickets, to ensure some small percentage of the resell fee returns to them. However, because there are workarounds (more laborious than a sale, like transferring an NFT Ticket), there will be a more fair fee-balance, when compared to using a ticket vendor's reseller marketplace, where exorbitant fees are often found in exchange for the "security" of reselling on an official marketplace.
Easy Verification: At the event, NFTs can be easily verified using a mobile phone, ensuring that only valid tickets are accepted. This reduces the need for physical tickets and eliminates the risk of counterfeits.
More Control: With NFTs, consumers have more control over their tickets. They can view their tickets anytime, anywhere, and keep them forever as a digital collectible.
NFTs offer a better solution for consumers in the ticketing industry; consumers can enjoy unique, secure, and easily transferable tickets with more control over their purchase. This can lead to a better overall experience for consumers and reduced fraud and scalping in the ticketing industry. And this is barely scratching the surface! Cheaper, easier, better. We'll take it.