NFTs have created a buzz around digital art, and are now ready to expand into new markets. The event market is one example, where NFTs can connect physical and digital ticketing.
Taking a look back on the late 90s and early 2000s, people would collect tickets as keepsakes to reminisce on memories of their favorite events such as music festivals, theatre, football games and so much more.
Fast forward to the 2010s when the ticket industry (along with many others) was digitized. There's no doubt that digitization has streamlined ticketing, but a simple QR code with no story behind it seems, well, boring.
Here’s how NFT tickets can help. Event organizers can use the ticketing system to generate the required number of NFT tickets on their preferred blockchain platform, programmed at a set sale price, or hold auctions where people can bid on tickets. A buyer purchases NFT-based tickets from the ticketing company directly. When payment is received, a smart contract is triggered, and an NFT ticket is sent to the buyer by a database. It’s cost-effective, quick, and fool-proof.
NFT-based tickets function as programmable money, opening up an infinite number of new revenue opportunities, such as reselling NFT tickets as collectibles, using NFT tickets to provide food and drink deals, and rewarding fans who have compiled a large number of event tickets.
NFTs have the potential to enhance the ticketing experience for both ticket buyers and organizers. Perhaps this is what our roaring 20s were supposed to look like!
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