NFTs in the event and ticketing industry: How can it sustain millions of users?

MARKET_WATCH NFT

Here’s calling out to the entertainers and event experts — let’s bid adieu to the ticketing troubles that have plagued you and work together to get everyone tickets to the next gig. 

 

Ticketing issues seem to be more and more common: The Rolling Stones concert in 2016, the 2017 Fyre Festival fiasco, Beyonce and Jay-Z’s 2018 “On the Run” tour, and most recently, Taylor Swift’s Era tour debacle

Many believe that large-scale ticketing giants have held a monopoly on event hosting for the world’s crème de la crème. If the big fish don’t have the resources to combat this issue, what will the rest of us do? Perhaps we need a different solution altogether. 

The issues with the global ticketing industry are well-documented at this point. Bot-based tech has us fighting due to dynamic pricing and getting into a mode of panic buying. Then there are hidden fees, queues and scams, scalping, counterfeiting, pricing wars in the resale market and more. We can agree that it’s unfair and unethical. The industry’s in desperate need of more transparency and authenticity. 

NFT-based ticketing has been making the rounds as a viable alternative. Non-fungible tokens (NFTs) have the potential to change the ticketing game forever. NFT ticketing could provide a more flexible and customizable ticketing experience for fans. For example, event organizers could create special NFT tickets for VIP experiences or exclusive events, or allow fans to purchase collectible NFT tickets that could increase in value over time.

Not to mention, there could be transparency around the number of tickets available and their pricing — without the interference of systems generated to trick consumers. With the provenance that comes from NFTs, ticketing fraud could be substantially reduced and more data would be collected on the nature of, and appetite around, secondary sales. 

Is NFT ticketing really there yet?

In fact, some companies have already begun integrating NFTs into their operations. Ticketmaster has collaborated with Dapper-Labs-backed Flow during the Super Bowl and previously with Polygon to issue digital collectibles to its fans. Commemorative NFTs also replaced ticket stubs at NFL events. Smaller companies like YellowHeart, GUTS and NFT Tix are also popping up to cater to Web3 events and campaigns. 

 

 

Source : [NFTs in the event and ticketing industry: How can it sustain millions of users?](cointelegraph.com/innovation-circle/nfts-in-the-event-and-ticketing-industry-how-can-it-sustain-millions-of-users) by Cointelegraph By Yaoqi Jia - Cointelegraph by Cointelegraph By Yaoqi Jia / April 05, 2023

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