NFTs are growing in popularity and increasing in popularity, the NFT market recorded a level in the range of $24.9 billion, as per information provided by DappRadar. NFTs are transforming the way we do business across a variety of sectors, the event industry is the first to use NFTs to link physically and electronically ticketing. Before the introduction of electronic ticketing, people had to keep old-fashioned tickets. Each ticket was unique, bringing back memories, be it an opera performance in Vienna or it was the World Cup in England or an event in California.
The digital revolution has greatly simplified ticketing, and ticketing systems have become more efficient and reliable for everyone. But, using a basic QR code with no story to back it up is boring. Digital tickets can’t be kept as a souvenir people wish to keep to look back on.
Presently, the ticketing system does not allow people to reflect on the special moments of past occasions. Therefore, NFTs are here with the aim of making ticketing more useful and simple to keep to preserve memories.
What are the problems that the traditional ticketing system faces?
Tickets with black marketing
Fraud has plagued the industry of ticketing and forced fans to pay more while creating security issues for event organizers. Due to the misuse of technology ticketing, bots create chaos, and allow those who are online to buy tickets in bulk, and then sell them on the secondary market at very high prices.
The protocol for exchange is not in place.
It is not possible to track the customers’ movements or exchange data outside the borders of a provider and the absence of exchange protocols allows fraud on marketplaces that are secondary. If a ticket is purchased in the secondary market it is no longer the owner of the original purchaser with the details that the event’s organizer has. So, event organizers are not aware of who attends their event. Since tickets are issued in a manner that does not permit exchanges on the secondary market there is no way to alter the ticket owner’s name or determine how often the tickets are exchanged.
Trust in the Customer
One of the most important issues for visitors is whether they purchased a genuine ticket or fake. Sometimes, people purchase fake tickets on websites that claim to pose as legitimate ticketing agencies which can cause financial loss and dissatisfaction.
What is the process for NFT to work with Ticketing?
NFTs are digital tokens that are unique and that are stored on a blockchain. After they have been created on the blockchain they are then offered to customers in digital form. They then store the NFTs in a safe wallet that is accessible from any device.
In the ticketing system, event organizers are able to mint the necessary number of NFT tickets using their preferred blockchain platform. They can use NFTs in order to set an auction price or even run this sale in an auction in which buyers can bid on tickets.
The buyer buys NFT-based tickets direct from the ticketing agency. After receiving the payment an intelligent contract kicks in an event in the database of ticketing and will send an NFT ticket to the purchaser.
The ticketing company asks to upload the ticket to IPFS. The hash calculation is done by IPFS and tickets are saved to the database. NFT tickets are made and then uploaded onto the NFT marketplace.
Tickets owners can also sell NFT tickets via the NFT marketplace. NFT marketplace. The tickets are stored in the form of a smart contract. If a purchaser purchases tickets from the owner the smart contract activates the purchase, and the funds are transferred to the seller instantly.
What are the advantages of NFT ticketing?
NFTs could potentially revolutionize the experience of buying tickets for the ticket purchaser and the organizer. Here are a few of the advantages NFT provides:
Beware of fake tickets and scams
Blockchain is a reliable source for ticket holders as well as organizers. The transfer of NFTs between the first sale to the sale is stored on the blockchain in a way that all parties can confirm the authenticity of the ticket. If resales of tickets are prohibited NFTs are able to be created in a non-transferable form, and not be sold to another buyer.
Reduce the cost
The costs associated with the selling of and minting NFTs are not significant when compared to the conventional ticketing system. It is possible to create a non-forgery ticket with a lower cost of production and both the organizers and customers can verify the authenticity of each ticket in the chain and trace the ownership history.
Rapid production
Contrary to the traditional method of digitizing tickets, this is a different method of creating and minting NFTs in a short period of time. NFT can be made and placed on sale in just an hour.
Perpetual revenue
Since programmable NFTs include rules built-in for products, content, resales, and royalty splits, this means that the organizer has the ability to examine the percentages of profit sharing for future resales or content in secondary markets and get money knowing that the tickets can’t be altered in the NFT’s code.
New revenue opportunities
Tickets based on NFTs function as programmable currency, offering an endless amount of opportunities to earn revenue, like selling NFT tickets to collectibles making use of NFT tickets to offer discounts on food and drinks, and also rewarding fans who have collected many event tickets.
What are the opportunities NFT ticketing gives guests?
* They are offered perks and rewards from the event’s organizers.
* They are able to sell tickets for forthcoming events that they can’t be able to attend.
* They may also sell tickets that collectors want.
* Tickets can be safely stored to preserve memories.
* They are able to be part of an organizer’s community.
To read more – https://www.leewayhertz.com/how-nft-ticketing-works/
Michael Scott Blog 