Ever been on your way to a concert only to realise you’ve misplaced your ticket? Or standing in line at a venue frantically searching your emails for your digital copy?
NFT ticketing is a relatively new concept designed to address these exact issues. But what is it and just how much potential does it have? Let’s find out.
NFT-based tickets are unique digital assets that store access credentials for both in-person and virtual events, as well as additional benefits for attendees. These extra perks can include access to meet and greets, exclusive merchandise, unseen content and more.
With the use of blockchain technology, NFT ticketing systems can track transactions, allowing event organisers to better control ticket sales by seeing exactly when and where they’re being sold. Smart contracts also play a role in NFT ticketing systems – they allow limits to be set for prices and fees and help allocate royalties that automatically pay out whenever a ticket is bought.
Smart contracts also enable the general sale of NFT tickets – they’re triggered as soon as the buyer pays, which leads to the NFT being sent straight to their digital wallet. NFT tickets can then be easily accessed from a mobile phone.
But why choose an NFT-based ticket in the first place? One of the main disadvantages of paper tickets and QR codes is that they can easily be counterfeited. NFT tickets, on the other hand, are all recorded on the blockchain, which means their authenticity can be verified and their history of ownership can be viewed by all parties.
Cost and speed are also improved, since minting NFT tickets costs a lot less and takes a lot less time than issuing traditional ones.
Of course, they also reduce the chances of loss or damage, which both have the potential to ruin a night out.
Your virtual tickets also make better keepsakes – in fact, they can even be bought and sold as digital souvenirs.
There are plenty of reasons to make the switch, but what would the effects of a mass shift to NFT ticketing be?
Some argue that increased use of NFTs could have a negative impact on the environment, due to the amount of energy used in mining to confirm the blockchain transactions. “Batching” transactions is one way people are trying to get around this, which involves buyers making transactions off-chain then batch processing all of them at once to reduce energy consumption.
It can also be argued, however, that using NFTs to replace physical tickets could have a positive impact on the environment, since humans get through approximately 1 million tons of paper every day.
Environmental concerns aside, NFT ticketing certainly succeeds in making the process more streamlined and efficient for all parties involved. Organisers benefit from integrated payment methods, the prevention of forgery and greater control over sales, while buyers benefit from the ability to interact with their favourite performers, the opportunity to sell their tickets if they can’t attend an event and significantly quicker, cheaper purchases.
How does NFT ticketing sound to you – would you buy one?