NFT tickets on the blockchain – 360 MAGASIN

Many have claimed that the NFT craze has come and gone, but that couldn’t be further from the truth. Rather, NFTs are currently experiencing an evolution – the next step in their evolution from a digital asset class that derives its value from novelty, to one that boasts a genuine use for consumers and businesses. This next phase of NFTs has the potential to disrupt a number of industries, starting with the event ticketing industry.

When NFTs were first introduced to wider consumer markets, they were little more than a few strings of code attached to a JPEG image. “While hardcore blockchain investors found value in these digital assets, convincing the general public that these assets were worth something to them was a significant challenge,” explains Hunter Abramson, CEO of innovative NFT ticketing company Relic Tickets. “That is, if you could even get the average person to understand what an NFT was in the first place. But with newer NFTs, it’s much easier to show consumers why they’re valuable and important.”

Recent trends have seen a shift towards “utility NFTs”, or NFTs that have real value attached to them beyond their value as digital assets. From Bored Apes that act as the holder’s membership card, to NFTs that can be redeemed for an exclusive reward, these utility NFTs have taken the blockchain world by storm. As Abramson tells us, NFT tickets are just the latest innovation to use the technology in exciting ways.

The benefit of NFT tickets

From the user’s perspective, NFT tickets work almost the same as a standard digital ticket. To attend an event, ticket holders simply scan the ticket on their phone and then enter the event in question. What makes an NFT ticket different for the user is what happens when the event is over. After the ticket is scanned, it becomes an NFT in the holder’s Ethereum-based crypto wallet, which can then be kept as a digital souvenir, traded or sold to other users.

The main similarity between live events and NFT projects is that they both rely on a strong community to succeed. Concerts are attended by a group of fans of the performing musician, giving NFT projects a built-in audience. These fans are the type of people who will sometimes spend hundreds of dollars on tickets or tour merchandise, so the digital collectible that is their NFT ticket has intrinsic value to them.

But the purpose of NFT tickets is not only their utility to consumers – they also provide safety provisions for both consumers and event organizers that are simply beyond the scope of standard ticketing procedures. The inherent security features offered by blockchain technology will remedy many of the complaints that those on both sides of ticketing transactions have about the security of their tickets.

Many of the ticketing industry’s problems can be attributed to the fact that the technology currently used is rapidly becoming obsolete. QR code technology was invented almost 30 years ago, and barcode technology decades before that. While some more traditional aspects of ticketing will still be useful in the next phase of development, such as rotating QR codes, since the industry has largely relied on the same technology for so long, it’s time for a change.

Making the ticketing situation even more pressing is that both consumers and businesses suffer from the existing technology’s shortcomings. For example, if consumers are defrauded, they lose money and are upset about having received a fake ticket that will make them unable to attend a particular event. For the event organizer, the deceived consumer is a ticket that could have been sold, but which ultimately equates to lost revenue.

Additionally, consumers are more empowered than ever to voice their frustrations with technologies in the most powerful way possible: with their wallets. “If a potential customer doesn’t feel comfortable buying a ticket because they don’t think the transaction is secure enough, they simply won’t buy the ticket,” explains Abramson. “Consumers have dozens of events to choose from. If you don’t invest in the most secure, up-to-date ticketing technology as an event organizer, you risk losing sales to your competitors.”

Why NFT tickets are safer

Consumers will recognize the benefits of NFT tickets for the security of their transactions, especially the potential to reduce fraud. Fake QR codes and barcodes can be produced, but blockchain code cannot be forged. Given the publicly verifiable nature of blockchain technology, NFT ticket holders can rest assured knowing they have a genuine ticket to an event.

NFT tickets also virtually eliminate the possibility of scalping. “Scalpers are trying to buy tickets on a massive scale to resell them at prices above face value, leaving people who really want to attend without the opportunity to see it,” Abramson adds. “Blockchain technology prevents these scalpers from buying up tickets on a massive scale by keeping a verifiable record of every transaction. If individual buyers are acting with malicious intent, event organizers can know.”

However, this does not mean that the secondary market has been eliminated. In fact, NFT technology enables a much safer secondary market where fans can buy and sell tickets from each other without fearing whether the transaction is genuine or not. Once sold, sending a ticket is easier than ever, just changing hands between Ethereum wallets.

Additionally, from the event organizers’ perspective, it is much safer to know exactly who has these tickets at all times. Every time a ticket transaction happens, it is added to the blockchain. Event organizers can then access these blockchain records to communicate important information with attendees, or even keep track of who will attend the event for security reasons.

NFT tickets are the proverbial lightning in a bottle for both the blockchain world and the ticketing industry. Using the technological advantages of blockchain and NFTs to meet the needs of an event ticket agency that has been on life support for so long, companies like Relic Tickets are breathing life into both. The result is a ticketing experience that is not only far safer for consumers and event organizers, but also provides them with unique value in the form of a digital NFT collectible.