Could non-fungible tokens (NFTs) become the new standard for event ticketing? There is a growing group of experts who believe they could be. It all rests in NFTs’ utility and their ability to fix problems areas of more traditional ticketing solutions.
Take counterfeit and black-market tickets, for example. For as long as there have been events there have been fake tickets. Adoring fans buy these tickets, believing they are real, only to be turned away at the door of the music or sporting venue.
Nothing quite encapsulated this like the chaos seen outside of the Stade de France at the 2022 Champions League Final between Real Madrid and Liverpool. An estimated 35,000 supporters, mostly Liverpool fans, were stopped from entering the stadium due to thousands having counterfeit tickets. Having been barred from entering the stadium, supporters tried to get in anyway, hopping fences, tussling with police and security staff, and creating a woeful scene broadcast across the world.
The NFT Ticket Solution
Leaders in the NFT space think digitized tickets on a blockchain could prevent this event from happening again with other problems associated with paper tickets. NFTs are multi-faceted in that they ensure the credibility of tickets and enable the Internet of Things (IoT) functionality. Plus, they serve as a unique piece of digital memorabilia that lasts.
According to Colby Mort, head of NFT strategy at Amsterdam-based GET Protocol, NFT tickets help add transparency visible in real-time, which can assist with ticket authentication. Furthermore, tickets can only be resold within the system, giving event organizers control of tickets, revenue, data, and immediate contact with ticket holders.
These digitized tickets can have extended life cycles for both pre-and post-event activities. GET Protocol is exploring decentralized event financing for music, art, and other upcoming events, which could mean more exposure for lesser-known artists.
Josh Katz, CEO of NFT Marketplace YellowHeart, said the ticket industry is rife with issues concerning authenticity and scalping. Katz also mentioned that the online ticketing industry will reach $68 billion by 2025, while secondary sales could eclipse $15 billion.
Katz continued, “Since our inception in 2016, we’ve prioritized abstracting away the complexity of blockchain and NFT technology, but over the last year we’ve seen a huge demand from ticketing companies and event organizers to explore the Web3 side of their ticketing with post-event NFT claiming.”
NFT Ticketing Begins
The NFL did its own taste test of NFT ticketing by disturbing a quarter of a million NFT tickets since November 2021. Those who attended Super Bowl LVI could also get their hands on commemorative NFT tickets—at no cost.
The Belgian electronic music festival Tomorrowland is another event to have embraced NFT ticketing. The festival has already dropped two of the three NFT collection launches this year. While holding an NFT from any of the three collections will grant you access to events, holders of NFTs from the three collections will find themselves eligible for a whole lot more.
Ticketing with NFTs opens many doors for creators, artists, event organizers, and holders alike. Retrieving an NFT ticket is easy and removes the possibility of losing your ticket or buying a fake as digitized tickets are difficult to forge.
The possible use cases for NFTs are endless.