Why Event Ticketing Will Inevitably Turn to NFTs
Whether you are a sports fan, a fan of live music, or just want to go to see a life event in general, a ticket is your gateway into this occasion. When someone brings up innovations within the ticketing industry, something like Ticketmaster or StubHub may come to mind, as they have highly streamlined the ticket acquisition process, but how about innovation within the actual tickets themselves? This is where NFTs come in, a technology that can fundamentally change how event ticketing is handled and how owners store and use these tickets in the future.
NFTs, or non-fungible tokens, are unique and verifiable scarce digital assets, with each NFT easily distinguishable from one another even if they are meant to serve the same purpose. With all of these capabilities, NFTs become the perfect fit for ticket representation of the future. Also, don’t forget about ticket collectors, who will benefit from the tokenization of tickets as NFTs.
A Perfect Product Fit That Fungible Tokens Cannot Provide
Before introducing non-fungible tokens, the fungible aspect of cryptocurrencies made it irrelevant to the tickets industry, unless the event was general admission without specified seating. Fungibility is the characteristic of interchangeability, and when you are going to a stadium, arena, or any other sort of event, it’s essential to know exactly where your ticket lets you access, as this can drastically differ in price. This is where NFTs come in, as anyone can easily create tickets for an event, all representing entry or access, with each maintaining uniquely differentiating characteristics from one another, such as the different aisle or seat you are assigned to sit in.
By ticketing through NFTs, all users will easily be able to hold, own, verify, and even trade their tickets in a digital manner, making them highly accessible and usable. With each ticket containing unique properties, it will be wimpl3 to determine precisely what the ticket provides, all while stamping out the possibility of counterfeiting. No longer will people have to be scared of buying fake tickets from scalpers, as it will be straightforward to determine exactly who created the ticket, who currently owns it, how it was distributed, what it entails, and more.
If you thought ‘traditional’ digital ticketing was an innovation, think again, as NFTs knock it out of the park. It will be easy to connect your name or wallet address directly to your ticket or tickets, making it virtually impossible to have them stolen or misappropriated by a malicious party. They will be highly transferable, sellable, tradable, and usable, providing a seamless ticketing experience for all involved. It has just been announced that Dynamo Kyiv, a Ukrainian soccer team, will be the first major professional sports team to implement NFT ticketing for their upcoming 2021 season, so this idea is far past the conceptual phase; it is now seeing active integration into event access.
For ticket collectors and fans of nostalgia, these digital collectible ticket tokens will present an indestructible and verifiable collectible that anyone can easily own. If you see a historic concert or sporting event, you now own the digital ticket for that event forever, and can decide to keep it or sell it even after the event takes place. We have already seen the growing popularity of NFT-based art and other collectibles, and NFT tickets represent an excellent fit for the future of this collectible subsector.
All-in-all, NFT technology and ticketing are a perfect combination, providing everything needed to both issuers and event-goers in a highly accessible and easy-to-use manner. As NFT technology becomes more pervasive, and sports teams, musicians, and event planners more understand the benefits that NFTs present for tickets over their physical counterparts, they will continue to see adoption in greater numbers.