More than just art, NFTs can transform the event venue industry

by | Sep 8, 2022

Nonfungible tokens as an industry have long drawn the attention of media for their association with artwork, but they can be connected to anything that can be represented on computer systems.

In recent news, Ticketmaster, the largest event ticketing company said that it would start using Dapper Labs’ Flow blockchain to begin issuing NFTs as part of events. This would allow them to issue NFTs before, during and after events for people visiting events who could use them as proof of participation, memorabilia, backstage passes, coupons, and other use cases.

Although using NFTs as tickets or memorabilia for events isn’t new, it’s still a transformative use for crypto that allows venues to allow users to self-own tickets and associate tickets, or NFT drops, with their own crypto wallets.

As mentioned above this opens up a whole variety of new experiences for people going to concerts, sports events, talks, and other events. For example, imagine that a person who owns a particular NFT from a previous event could get cheaper concessions at a later event just by having it in their wallet. Perhaps they could get special VIP access by having an NFT as well.

Participants at a sporting event could receive collectible drops during a sporting event or concert that would be like posters or T-shirts – except in this case it’s virtual swag – they could use to show off that they were there.

Many people already collect their ticket stubs for after the event, by turning the tickets themselves or adding an NFT drop, Ticketmaster is adding extra value for participants.

Although the Ticketmaster platform is not about NFT tickets themselves, there are other platforms that are tackling tickets. For example, YellowHeart offers tickets as NFTs which provide access to events, concerts, and venues with the objective of cutting out counterfeits.

It also means that scalpers would have a much more difficult time getting tickets away from legitimate buyers because the event venue could limit the resale contracts for tickets in order to dissuade them. Scalpers limit the utility of event tickets and drive-up prices for legitimate eventgoers by buying up tickets early and getting them to sell out. This can be a massive problem in the traditional industry.

Of course, the same use cases exist with NFT tickets as with the NFT memorabilia mentioned above.

After someone leaves an event, they could unlock further virtual content using their NFT from an event website using their wallet, for example, perhaps watching clips from a sporting event, listening to exclusive music from the band, or more. This raises the potential value for event tickets and event memorabilia NFTs.

by | Sep 8, 2022 | media | 0 comments

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