The metaverse industry is rapidly growing to bring the world closer through virtual reality. Unlike the traditional methods where users had to stand in line to get their ticket or pay online for a barcode of QR-code-based tickets, NFT ticketing are more secure, fast, and trackable.
According to data, NFT’s weekly sales volume has increased immensely, from 100 sales in 2017 to 50,000 in 2022! On top of that, the NFT market is expected to surpass 80 billion dollars by 2025!
In the following guide, we will cover more about NFT ticketing and how it is changing the way we live in the world!
What is NFT Ticketing?
NFT ticketing means cryptographic tokens as tickets but in the virtual world on a blockchain. These “tokens” or non-fungible tokens represent unique digital assets, and as “tickets,” they provide users access to any live or virtual event.
In other words, NFT tickets as digital assets keep a record of a user’s access credentials to an event. This event can be live in the real world or even virtual, where you can get a pass to the event using your NFT ticket.
An NFT ticket can be in any form, including art, real estate, or collectible. These real- or digital-world “assets” are “tokenized” into NFTs (or virtual-world tokens) and secured on a blockchain network. When users buy an NFT ticket, their authorization information is stored on the blockchain. Because an NFT collectible can have only one owner at a time, it cannot be modified or accessed unauthorizedly.
NFT tickets are also great for artists as they receive ongoing royalties every time someone invests in their NFT. Other than that, other people involved in the business, like stakeholders and event organizers, also receive a fair share through NFTs.
How Does NFT Ticketing work?
To understand NFT tickets and how they work, you should first understand how standard ticketing happens. Physical or paper tickets (traditional ticketing) is just a piece of paper with the event details mentioned on them. It doesn’t matter who buys the tickets since you can enter the event as long as you have the ticket.
Sometimes, tickets mention the author’s details, but that also comes with various risks, as anyone can forge or alter the info using unauthorized ways. Moreover, a paper ticket is for one-time use only. You buy it, attend the event, and then the purpose of the ticket is over. It provides no more value.
The same goes for digital tickets. Though digital tickets make it easier to buy one by saving you from standing in a queue, they still have risks of cyberattacks. Plus, often, there are expensive fares linked with e-tickets. It’s hard to gain trust in digital tickets as anyone can disguise and scam people. It also risks the brand’s image, and they lose their credibility.
Considering all this, NFT tickets are a far better, safer, and faster ticketing method for a live event. Because they are unique tokens secured on a blockchain network, they cannot be altered or stolen.
First, the event organizers mint a specific number of NFTs on their preferred blockchain network. The NFT is coded into the blockchain, where their sale prices are set. Later, users bid for their choice of NFT during the auction.
Secure
When a user buys an NFT ticket from a blockchain network, the NFT is stored in their wallet. The purchase is made straight from the ticketing company without third-party involvement, making a digital asset even more secure. Then, after the user has paid for their NFT, they sign a “smart contract,” which sends the ticket to the buyer, who can store the NFT in their wallet. The NFT remains secure in the wallet, and users can access it anytime.
Easily Resold
Unlike a paper of digital ticket, which is hard to resell, NFT tickets can be easily resold. In this case, the ticket is “stored” in the signed smart contract between two parties, and the buyer can resell the ticket without violating authorization rights. The next buyer also pays the same way, i.e., through their digital wallet. They sign the smart contract; the buyer receives the tickets, and the seller receives the money.
The author also receives royalties every time an NFT is resold. Each NFT’s royalties are encoded in its smart contract, and resale revenues are automatically sent to the author. The smart contract transfers the set percentage of the royalties to the author each time a secondary sale occurs.
NFT Ticketing Opportunities
NFT tickets provide various opportunities to guests and organizers.
For guests, there are various opportunities, such as:
- They get benefits and rewards from the event organizers.
- They can make money by selling tickets to upcoming events if they cannot attend them.
- They can market high, in-demand unique tickets to collectors.
- Tickets can be carefully stored as a way to protect memories.
- They can contribute to the event organizer’s community and participate in it.
Likewise, event organizers also receive various perks, such ask:
- They can attract potential customers by designing the NFT in art-like tickets with meaningful story-telling.
- Unlike paper or digital tickets where authorization is at risk, event organizers can validate each ticket while preserving ownership rights.
- They earn royalties every time a ticket is resold.
ALSO READ: Verify The Authenticity Of NFTs Migrated To XLS-20
Final Words
NFT ticketing are tickets in the virtual world; they provide users easy access to any real or virtual world event (live). Such digital assets, art pieces, and collectibles also bring opportunities for authors, creators, artists, and event organizers to try new, reliable, and secure marketing through selling NFTs.
Moreover, NFT tickets are a far more effective, secure, and quick way to purchase tickets for a live event. Since individual tokens are protected on a blockchain network, they cannot be changed or stolen. And because they are secured in the user’s wallet, they offer a far better experience than traditional (paper) or digital printing.
Not only do they protect tickets from theft and attacks, but they also secure the owner’s rights even after selling tickets. Thus, NFT tickets are changing the world through virtual reality, offering greater benefits to everyone!
