What is NFT Ticketing?
NFT tickets are digital credentials, and holders can obtain exclusive rights to the events they attend.
NFT ticketing helps solve various problems with traditional ticketing systems.
Plus, it helps artists and event organizers connect more closely with fans.
With NFT tickets in hand, you can fully immerse yourself in various live events in the future.
Introduction
Watching live performances by your favorite musicians with thousands of fans is definitely an extraordinary experience. But just imagine that we were waiting in line to enter the concert venue, reached out to touch our pockets, and were surprised that the tickets were gone! In a panic, we slapped our pockets frantically, turned our bags upside down, and searched for paper tickets.
Digitizing tickets can reduce the chance of not finding tickets. But QR codes are extremely easy to forge, and there are not many choices for souvenirs. For concert enthusiasts, NFT tickets just come in handy. NFT tickets are digital assets stored on the blockchain, so the probability of loss, theft or damage is low. In addition, NFT tickets can become permanent souvenirs and have precious collection value.
NFTs are constantly evolving, with increasing use cases in industries other than art and gaming. Therefore, it is only natural that NFT technology can help solve the inefficiency problems of the traditional ticketing industry. NFT tickets overcome the shortcomings of paper tickets, reward fans with exclusive benefits, and even provide additional security for events, and are expected to change the ticketing industry landscape and benefit all parties involved.
Read on to learn more about NFT tickets and how they can revolutionize the ticketing system as we know it.
Go to Binance Official Website
What is an NFT ticket?
Non-fungible tokens, referred to as ” NFTs “, are encrypted tokens representing special digital assets. We can tokenize digital assets or real-world assets such as art, collectibles or real estate through NFTs. NFTs are stored on the blockchain and thus serve as proofs to verify the authenticity and ownership of assets. In addition, at the same time, only one owner can officially own the NFT, and it cannot be tampered with or forged.
NFT tickets are digital assets and are the pass for holders to enter the event. Ticket holders can get surprise benefits, such as meet-and-greets, exclusive merchandise, etc., and enjoy an unprecedented immersive fan experience. In addition to building strong bonds with fans, NFT tickets allow artists, event organizers and stakeholders to continue to earn royalties.
How does NFT ticketing work?
Think carefully about the NFT mechanism, which is indeed closely related to event tickets. Physical tickets are usually single-use paper and are valid for one entry or one seat only. In this sense, tickets have non-homogeneous properties. Due to the limited space on-site, tickets are sold in limited batches, which is similar to NFT.
However, the disadvantage of traditional ticketing is that limited by regulatory control, there are fewer channels for ticket issuance. For example, resellers in the secondary ticketing market drive up fares, while scalpers buy most tickets online and resell them at high prices. With NFT tickets, anyone can track transactions in the blockchain ledger, easily see when and where tickets are bought and sold, and event organizers can better control ticket sales in the primary and secondary markets.
NFT ticketing systems can also use smart contracts, programs that run on the blockchain, to set limits on resale prices and fees. Smart contracts are deterministic programs that autonomously perform specific tasks when certain conditions are met. By setting rules, the organizer can decide how to allocate the royalties for secondary ticket sales. A royalty payment is triggered whenever a ticket is sold to a new owner.
Additionally, event organizers can forgo third-party distribution channels by minting the required number of NFT tickets on the preferred blockchain network as part of the ticketing system. As soon as the sale or auction price is set, the buyer pays and triggers the smart contract. Subsequently, the NFT ticket is sent to the buyer’s digital wallet and can be obtained at any time through the mobile phone. Since NFT tickets are stored in the blockchain network, holders can also choose the NFT market designated by the event organizer to resell tickets. As long as someone buys a ticket, the smart contract will be triggered, and the buyer and the seller will receive both money and money.
Artists can also use NFT tickets to reward loyal fans with exclusive airdrops or other benefits to enhance their interactive experience. Binance’s cooperation with the largest music festival in Southern Europe, “Sound of Spring”, is a testament to the usefulness of NFT tickets in real life.
Binance will provide live audiences with an exclusive NFT Proof of Attendance Agreement (POAP) for the 2022 Spring Voices Festival, allowing them to enjoy a colorful and personalized music festival experience. Ticket holders are invited to download the Binance App, obtain exclusive NFTs, and then go to the Binance booth to unlock an unprecedented fun experience.
How do NFTs meet the challenges of traditional ticketing?
NFT ticketing solves the inefficiency problem faced by the current ticketing system and is expected to break the traditional ticketing industry pattern.
- Prevent counterfeiting
- One of the main disadvantages of paper tickets and QR codes is that they are easy to counterfeit, which poses a security risk to the event site and makes fans who do not know how to buy fake tickets feel extremely frustrated. Instead, NFT ticket transactions are recorded on a blockchain ledger, where event organizers and participants can verify the authenticity of each ticket on-chain and track the history of its ownership. This virtually eliminates the possibility of forgery tickets by criminals.
- Reduce costs and speed up production
- The costs associated with issuing and minting NFT tickets are lower than those required to produce and issue traditional tickets. The lead time for the production of NFT tickets is much shorter than the time required for physical tickets. Organizers can complete ticket casting and issuance in a matter of hours.
- Sustained revenue opportunities
- The blockchain technology that NFTs rely on opens the door to potential opportunities and creates tangible value for all participants. Through smart contract technology, artists and event organizers can continuously obtain copyright fees from NFT tickets. If ticket holders sell tickets on the secondary market, a portion of the resale proceeds will also go to the artist. Ticket holders can also resell the NFT airdrops that were included with the ticket purchase.
- Reduce the chance of loss or damage
- Traditional paper tickets can be easily lost or damaged. NFT tickets are stored in digital wallets and can be accessed at any time through mobile phones, which will greatly reduce the risk of ticket loss or damage.
Conclusion
With the development of blockchain technology and Web3, with the help of NFT, the ticketing system will undergo a welcome transformation, and artists, event organizers, and fans are expected to benefit.
NFT tickets are created in the blockchain network and can easily be authenticated. This immutable nature can effectively prevent criminals from forging and selling fake tickets. In addition, by strengthening the control of ticket sales in the primary and secondary markets, both event organizers and artists can benefit from the NFT ticketing system, while also building lasting interactive relationships with fans.
The NFT field is still in its infancy, but with the rapid development speed, it has the potential to improve the traditional ticketing system and expand the huge development space for live performances.
Dive into the colorful world of NFTs. Browse a wide variety of NFTs through Binance NFTs. The Binance NFT Market is open to artists, creators, and blockchain enthusiasts, and invites everyone to mint and trade high-quality NFTs together.
Explore the NFT world through the Binance platform
Please check Binance official website or contact the customer support with regard to the latest information and more accurate details.
Binance official website is here.
Please click "Introduction of Binance", if you want to know the details and the company information of Binance.
Comment by Hans
April 24, 2024
as I am trading here various assets, for me it's the most important feature. i mean, flexibility in tradable markets. i alternate trading styles, meaning that sometimes I trad...