We've seen how NFTs changed landscapes and industries with their propensity to put added value to assets.
The decentralized ecosystem from which they exist also contributes to better security and trust between involved parties.
To say that NFTs are an instrument of change is quite an understatement. For all intents and purposes, they've become ground-breaking tools that revolutionize how we conduct business.
The use of NFTs in digital art, music, sports collectibles, and other industries is well-documented, but it's barely scratching the surface.
Event Tickets as NFTs
Late last year, Ticketmaster - the global leader in ticketing and entertainment experiences - announced its foray into the world of NFTs.
The company partnered with the Flow blockchain to allow Ticketmaster event organizers to link the tickets they sell to people with a unique token. So, what happens is that a ticket to an event will have greater value than it would have otherwise.
The goal is for these NFTs to afford attendees a wide-ranging use for their tickets, depending on what the event organizer has in store.
In this case, a "better experience" means that ticket holders can access Web3 analogs to IRL events from where they'll get the NFTs.
Ticketmaster's partnership with Flow makes perfect sense as the latter will be responsible for providing what they call a "VIP experience."
Even if the ticket holder doesn't fancy that VIP experience, the ticket will remain an NFT, which serves the purpose of being a blockchain collectible tied to a certain event.
The event organizer's role is to execute the type of experience they have in mind and provide exclusive access to the event or concert.
Ticketmaster also offers analytics services as a part of its package, so organizers get insights into ticket sales, engagement levels, and other useful metrics.
More Than Just Digital Tickets
Ticketmaster and Flow want everyone to know the difference between this initiative and the digital ticketing services that most people are used to.
The partnership will take the NFT concept further by allowing organizers to sell the tickets as digital collectibles on the pitch so that any taker will get more than just a ticket to the event. For instance, they can get exclusive merchandise or discounts on other services.
Deeper engagement correlates to a better experience, so if the NFT bundle comes with something the ticket holder will find more valuable than a digital ticket, they'll have no reason not to buy it. So, the ticket will remain valuable as a collectible even if the event is over.
This is an interesting concept for monetizing events: it allows organizers to make more money on each sale and provide a more personalized approach to eventgoers. It defeats the common notion that tickets are just a means to an end.
Another motivation behind this move is to reduce the amount of fraud and scalping that comes with ticketing.
This way, Ticketmaster can ensure a more secure experience for everyone involved in the transaction, from the event organizer to the buyer. But most importantly, Ticketmaster gives organizers the best chance of generating interest in their events.
The organizer ultimately increases its revenue if more people buy tickets because of the added value.
Preserving In Real Life Moments
The Flow blockchain is no stranger to making bold NFT moves. The company behind the platform, Dapper Labs, has already made a name for itself by launching NBA Top Shot, which turned out to be one of the most successful blockchain-based projects, with millions of dollars in sales.
By making event tickets NFTs, they're providing another way to preserve memories from real-life moments.
The keyword here is "relatable," which means the ticket holder has a more tangible connection to the event. It's a physical and digital representation, so it goes beyond just owning something on the blockchain.
The result is that Ticketmaster and Flow can bridge two distinct worlds of events, entertainment, and NFTs, to shake things up.
The partnership with a platform known for its predisposition to creating consumer-friendly initiatives positions the two companies to push boundaries further and make NFTs more mainstream.
The Blockchain Advantage
The blockchain's nature makes it the perfect fit for decentralized events, which are more suitable for ticketing and NFTs.
For one, organizers achieve more control over their tickets, which translates to being able to customize them to whatever extent they want.
Since NFTs work within the blockchain's decentralized infrastructure, no one can counterfeit or damage the tickets.
They remain more secure and are more resistant to external manipulation.
Also, the information in NFTs remains immutable, meaning that it cannot be modified without leaving a trace behind. This helps organizers keep tabs on who is buying their tickets and why.
Sports Stands to Benefit the Most
Sports events will likely be the most immediate beneficiaries of these initiatives.
Since sports is a popular pastime and fandom, the industry could greatly benefit from this move towards more secure ticketing systems that make fans feel like they own a piece of their favourite event.
Blockchain-based tickets are likely to reduce scalping and fraud - two major issues of concern to sports organizations.
It could also improve the overall interaction between fans and teams, as they can be more creative with ticket offerings and promotions.
Sports fans are the most likely to be excited about the development of NFT tickets, as they are the most passionate about their teams.
For example, a ticket turned into an NFT bearing the logo or colours of a favourite football team is likely to be seen as an expression of pride and allegiance.
The Flow blockchain is, by far, the most familiar with this concept.
Aside from the NBA Top Shot, the platform is also tied with the industry's most prominent sports-themed projects - NFL All Day and UFC Strike, both of which are powered by Flow's technology.
This isn't Ticketmaster's first rodeo, either. In late 2021, the company offered NFL Season 2021-2022 ticketholders the chance to turn their ticket stubs into NFTs, allowing them to memorialize the purchase of their tickets with a unique, one-of-a-kind digital collectible.
Every NFT project's goal is monetization, yet a more meaningful purpose lies below the surface.
We've come to associate NFTs with lucrative digital art dealings and in-game assets, but their use for ticketing and events is entirely different.
The same technology can be used to preserve memories and make relatable experiences more tangible.
Written by Joel Mark Harris