Are NFTs The Future of Virtual and Hybrid Event Engagement?

by Nov 30, 2021NFTs & Blockchain

NFTs have made a big splash in the digital world in recent years. Companies across the full spectrum of the business world have taken note and are looking for ways to leverage non-fungible tokens to benefit their customers, raise brand awareness, and produce alternative revenue streams to boost the bottom line. One segment where NFTs are poised to make a big impact is the events industry, including virtual and hybrid event platforms. 

Driving Event Engagement with NFTs

NFTs can be used to drive and manage event attendee engagement and behavior. A conference organizer can use NFTs to incentivize attending breakout sessions or make some events within the conference exclusive to a specific type of NFT ticket purchased, granting them special access to speakers and presenters. NFTs could also be used to gamify conference attendance, such as collecting badges for sessions attended to unlock an additional NFT. Leveraging NFTs into higher event engagement only takes a bit of creative thinking to become reality. 

Pre-Event Marketing with NFTs

Incorporating NFTs into a virtual event or hybrid event can help with pre-event marketing to increase registrations. Make no mistake, NFTs have made a huge splash across the digital landscape in the last couple of years. By integrating NFTs, it sends a clear signal you are up-to-date and even on the cutting edge of the latest digital trends, which can be worth its weight in gold (or Bitcoin if you prefer) when it comes to marketing your event online. NFTs also signal potential attendees they are in for a unique brand experience by attending your event. 

NFT Ticking for Events

Because blockchain technology is an immutable and incredibly secure ledger of transactions and digital asset ownership, NFT tickets make a ton of sense for events of all types. They completely eliminate the possibility of ticket scalping or ticket fraud because they cannot be faked or sold for more than the original sale price. The blockchain smart contract can be fashioned in a way that would allow transfer of NFT tickets to another owner in the event the original buyer cannot attend the event, including a payment for the tickets, but only at the original sale price. 

When an event has taken place, the smart contract for the NFT could also specify the NFT tickets become collectibles and can be sold at any price buyers are willing to pay, again with the possibility of a preset royalty payment to the original event sponsor. If the event is a live performance, the NFT’s coding could automatically split the money from a ticket sale between the venue and the performing artist.  

NFTs as Exclusive Event Moments

One way to use NFTs would be digital assets in the form of photos or video clips to be sold after the event is over. People who attended the event may be interested in purchasing NFTs as memorabilia of their experience at the event, choosing a moment they want to own. Keeping the NFTs exclusive to event attendees can increase brand loyalty. Depending on the content of the event, making event NFTs available to a much wider audience than attendees could significantly raise brand awareness or increase attendance at the next event if it’s a regular occurrence such as an annual conference. 

Event Swag and Merch NFTs: Both Virtual and Physical

Whether it’s swag for a virtual conference or merchandise for a live performance, NFTs present new opportunities for attendees and fans to own a little piece of the action for themselves. One way to do this would be to have swag or merchandise giveaways built into a random selection of tickets. If the event is a virtual conference that includes an exhibit hall, NFT swag could be unlocked by visiting exhibits. NFT swag and merchandise could also be from event sponsors to give them even greater exposure. 

BuzzCast: Virtual and Hybrid Event Platform with NFT Integrations

BuzzCast is one virtual and hybrid event platform working on integrating NFTs into its premium broadcast-quality event experiences. Using the BSV enterprise blockchain known for its safety and security, BuzzCast is planning to leverage NFTs in event ticketing, capturing key digital interactions during events, gamifying event engagement by allowing attendees to unlock NFTs for attending particular sessions, and so on.