Hunter Abramson: Why ticket sales are the next phase of non-fungible tokens on the blockchain: Broadband breakfast

Many new technologies tend to evolve rapidly, and this has been especially the case with non-fungible tokens. It is a technology that has shown great potential, and early users took up this, and started an early – and short-lived – NFT craze that has since passed its original height. However, new developments in NFTs have led to a possible price correction with exciting implications for the blockchain and any industry it affects.

The problem with early NFTs, and what led to the trend being met with such initial hesitation, is that the general public is reluctant to accept anything without a concrete benefit to them. But the latest trend towards tools NFTs – in other words, NFTs that offer a certain value or benefit to the user beyond the string of blockchain code they are composed of – have opened the door to a number of possibilities for implementation in various industries.

Why NFTs are the future of ticket sales

The ticket industry is a perfect match for the NFT revolution. First, the technology used in the ticketing industry has been around for decades. QR codes, which make up most ticket operations, were introduced in the 1990s, and the barcode system two decades earlier. The industry has primarily operated on a “if it’s not broken, do not fix it” mindset, but it is time for leaders to begin to embrace this shift towards newer, better technologies.

NFT ticketing will help combat many issues that plague the ticketing industry right now. Fraud will be discouraged – if not completely eliminated – thanks to the blockchain technology on which NFT tickets are built. Blockchain code is virtually impossible to replicate, which means that fake tickets cannot be produced. Combined with the rotating QR coding technology implemented in NFT ticket systems, this means that virtually no money will be lost by event organizers, and thus no dissatisfied customers being scammed.

From the consumer’s perspective, there are not many differences between using an NFT ticket and a standard ticket. Like all other tickets, you simply scan the code and enter the event. But the larger security features will assure customers that they will not be deducted, and the benefits before, during and after the event that comes with an NFT ticket will be highly desirable.

After a ticket is scanned, the ticket becomes a collectible NFT in the ticket holder’s Ethereum-based digital wallet. First, it is a unique souvenir that fans can keep to remember the experience of going to the event, but NFT can provide value in itself. Trade and sale of the collectible NFT after the event can continue its influence long after it is over.

Build a community with NFT tickets

In addition to these tools, NFT tickets benefit greatly from the sense of community associated with attending events. For example, because concerts are usually visited by fans of the performers, the participants are relatively like-minded in their interests, which creates a built-in audience for NFTs. Many NFT projects fail due to lack of community support, but with NFT tickets, it is not necessary to build this community from scratch.

NFT tickets also enable a safer and fairer secondary market, and establish that feeling of community and protection for the consumer against ticket scalping or fraud. Thanks to the built-in blockchain verification, consumers can buy tickets on the secondary market without worrying about whether they are legitimate or not. Furthermore, blockchain technology prevents massive purchase transactions. thanks to the easier-to-verify record keeping, this means that scalping in the secondary market is significantly reduced, if not completely eliminated.

These benefits offered by NFT tickets show the potential of the technology to make the consumer experience significantly better. Many NFT projects have failed due to their lack of benefit – and thus relevance – to the user and inability to form a community around them. NFT tickets are not exposed to any of these issues, making them the future of NFT technology.

Throughout his career as a marketer, Hunter Abramson has contributed to all aspects of experience, from cross-campaign marketing to operations to ticket sales. He always pushes the boundaries to create positive experiences for both the company and the consumer. He is currently co-founder and CEO of Relic Tickets, which aims to disrupt the ticket industry with NFT tickets. This piece is exclusive to Broadband Breakfast.

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