IBM Exec touts Blockchain Technology as Economy Accelerator: Broadband Breakfast
Many new technologies tend to develop quickly, and this has been particularly the case with non-fungible tokens. It’s a technology that has shown great potential, and early adopters picked up on this, starting an early – and short-lived – NFT craze that has since passed its original height. However, new developments in NFTs have led to a possible course correction with exciting implications for blockchain and every industry it touches.
The problem with early NFTs, and what caused the trend to be met with such initial hesitation, is that the general public is hesitant to accept anything without a tangible benefit to them. But the latest trend towards utility NFTs – in other words, NFTs that offer some value or benefit to the user beyond the string of blockchain code they are composed of – have opened the door to a number of opportunities for implementation in various industries.
Why NFTs are the future of ticketing
The ticketing 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 ticketing operations, were introduced in the 1990s, and the barcode system two decades before. The industry has primarily operated on an “if it ain’t broke, don’t fix it” mindset, but it’s time for leaders to start embracing this shift toward newer, better technologies.
NFT ticketing will help combat many problems plaguing 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, meaning fake tickets cannot be produced. Combined with the rotating QR code technology implemented in NFT ticketing systems, this means that virtually no money will be lost by event organizers, and thus no disgruntled customers being defrauded.
From the consumer’s perspective, there are not many differences between using an NFT ticket and a standard ticket. Like any other ticket, you simply scan the code and enter the event. But the greater security features will reassure customers that they are not being ripped off, and the pre-, during- and post-event benefits that come 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. Trading and selling 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 attended by fans of the artists performing, attendees are relatively like-minded in their interests, creating a built-in audience for NFTs. Many NFT projects fail due to lack of community support, but with NFT tickets there is no need to build this community from scratch.
NFT tickets also enable a safer and fairer secondary market, establishing that sense of community and protection for the consumer against ticket scalping or fraud. Thanks to the built-in verification of the blockchain, 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 more easily verifiable record keeping, it means that scalping in the secondary market is significantly reduced, if not completely eliminated.
These benefits offered by NFT tickets demonstrate the potential of the technology to significantly improve the consumer experience. Many NFT projects have failed due to their lack of utility – and thus relevance – to the user and the inability to form a community around them. NFT tickets are not subject 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 the experience, from cross-promotional marketing to operations to ticketing. He always pushes the boundaries to create positive experiences for both the company and the consumer. He is currently the co-founder and CEO of Relic Tickets, which aims to disrupt the ticketing industry with NFT tickets. This piece is exclusive to Broadband Breakfast.
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