Virtual events introduced organizers to advanced data and analytics, driving more informed decision-making and marketing efforts to improve attendee experiences and increase event ROI.
However, the data, analytics, and insights that virtual event platforms offer aren’t the only technological advancements the events industry has seen recently. NFT and blockchain technology are set to change the Live events industry in entirely different ways.
Before we dive into the specifics, though, let’s get caught up to speed on the terminology.
What are NFT and blockchain ticketing?
In NFT and blockchain ticketing, the ‘tickets’ are NFTs, and their respective transaction information is stored on the secure blockchain.
NFTs, or non-fungible tokens, are unique units of data stored digitally. They can’t be interchanged. A broad range of digital creations can be NFTs, including digital arts, graphics, and even music.
You might be familiar with Nyan Cat – an NFT gif that sold for around $580,000. That’s a hefty sum, especially considering a photo of Lindsay Lohan’s face only went for $17,000.
Thanks to the rapid adoption of cryptocurrency, most of us have heard of blockchain technology. The blockchain is a secure digital ledger for storing transactions in ‘blocks.’ These blocks make up a larger system across a network of computer systems, constituting the block ‘chain.’
Why does the events industry care about Nyan Cat and Lindsay Lohan’s face?
While we won’t get into the technical details of the blockchain and its infrastructure, here’s the gist of why NFT ticketing is gaining traction in the events industry:
- The blockchain is entirely secure, safeguarded against hacking or malicious attacks.
- Transactions can be traced through the blockchain; this means organizers can track NFT ticket resales.
- NFTs are highly customizable and unique.
You’ve likely heard of the growing hybrid event format, with virtual and live elements combined. Now, the events industry has a new hybrid approach in its toolset – secure digital ticketing for live events.
Here’s what we can expect from NFT ticketing in live events.
NFTs make memorable souvenirs
NFTs can be anything – which gives event organizers plenty of room to get creative. For example, you can design custom tickets that tell your event’s story, making them memorable collectibles for your audience.
Unlike physical tickets, NFT tickets aren’t prone to wear, and last indefinitely (well, almost). So, attendees don’t have to worry about losing their tickets, tearing them, or getting them wet.
Save on printing costs and time
Physical tickets require time and money to print, and most mainstream digital ticketing platforms aren’t cost-friendly either; many take a high percentage of the revenue.
NFT tickets, on the other hand, take less than a minute to generate, and the production costs are much lower too. You can mint an NFT ticket for less than $2 with the right infrastructure.
Blockchain ticketing gives creators more control over ticket revenue
Through blockchain technology, organizers can track NFT ticket transactions. Each purchase is securely stored in the blockchain, including any ticket resales.
Price gauging and fraudulent ticket sales are massive problems for the event organizers and creators – the secondary ticketing market is valued at around $5200 million globally.
Reselling tickets isn’t necessarily malicious or bad – sometimes, fans can’t make it to a concert, so they sell the ticket to someone who can. The problem arises when middle-men start capitalizing off live event tickets; they buy tickets in bulk, specifically to drive up the demand and resell them to true fans at higher prices.
Malicious activity of this nature creates a wedge between fans and creators; the additional revenue is pocketed by third parties that add no value, and fans have to pay more to attend the event.
With blockchain ticketing, organizers can track each transaction, award royalties on ticket resales, and even create NFT tickets that cannot be resold (by coding them to be non-transferrable). Additionally, each NFT is unique and stored securely – there’s no way to generate fraudulent tickets.
NFT technology effectively puts control in the creator’s hands. So, is it time to take live event ticketing digital?
NFTs can drive audience engagement
Wait a second – how can digital tickets drive audience engagement in live events?
That’s a question innovative brands and marketers have some solid answers to.
What if attendees could ‘win’ NFT badges for attending certain workshops, which they can exchange for swag or rewards? Or if you awarded personalized digital clothing to attendees instead of physical ones?
NFTs present a world of opportunity for driving engagement and leveraging gamification to encourage attendee participation.
What should we expect from NFTs?
Blockchain ticketing and NFTs are exciting new tools for event organizers to improve the attendee experience and ticketing processes. NFT technology offers brands and creators a more secure, innovative, and cost-effective way to sell tickets. Additionally, blockchain technology helps track ticket transactions, discouraging malicious activity and black hat secondary ticketing market practices.
While NFTs and blockchain ticketing are still in fruition, we can expect brands and marketers to leverage the technology in innovative new ways.