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Imagine losing your ticket to a concert or similar event where you looked forward to. NFTs can prevent this big disappointment and ensure you with access to your event and provide physical and digital ticketing capabilities for event markets.
Further, do you recall how people used to collect old-school tickets? Whether it was a Beyonce concert, a soccer final in England , or a music festival in Chicago, each ticket was one-of-a-kind, bringing back memories. Currently, the ticketing system is unable to assist customers in reflecting on memorable moments from previous events. Following up on this, we will first take a closer look at the problems in the ticketing industry.
Black marketing of tickets
The ticketing industry has been plagued by fraud, forcing customers to pay higher costs while posing security risks to event organizers. Ticketing bots wreak havoc by abusing technology, allowing users on the internet to buy tickets in bulk and resell them at inflated prices on secondary markets.
One of the main worries for customers is whether they have purchased a genuine or counterfeit ticket. Customers have been known to purchase bogus tickets from websites posing as official ticketing agents. This results in money being lost and a great deal of disappointment.
Lack of exchange protocol
It is impossible to track customers or trade data outside of a supplier's bounds. The lack of an exchange protocol allows for secondary market fraud. When a ticket is resold on the secondary market, it no longer belongs to the buyer whose information is on file with the event organizer. As a result, event organizers have no idea who will attend their event. Further, tickets are not issued in a method that allows for secondary market exchanges. As a result, there is no way to modify the ticket holder's name or regulate how many times the ticket will change hands.
Data insight on sales and exchanges
When selling tickets, especially when they are resold, event organizers face a tremendous lack of data and attribution. NFT ticketing uses blockchain technology to trace all ticket transactions, making it easier to track when and where tickets are sold, as well as who bought them.
Production and digital ticket creation are required for both physical and digital tickets, which might be a technological issue. Traditional or even digital ticketing solutions are significantly slower and more inefficient than NFT ticketing. However NFT ticketing already has issues with gas fees.Ticket buyers want a blockchain that is stable, fast, and cost-effective. Hedera is a blockchain that suits these specifications and reduces gas fees significantly!
Prevent fake tickets and scams
Both ticket holders and organizers can rely on blockchain as a reliable source of information. The movement of NFTs from initial sale to resale is immutably recorded on the blockchain, allowing all parties to verify the legitimacy of the ticket. When resale of tickets is prohibited, NFTs can be produced as nontransferable tickets that cannot be sold to another person.
New revenue opportunities
NFT-based tickets act as programmable money, allowing for endless revenue possibilities such as the resale of NFT tickets, the use of NFT tickets to give food and drink promotions, and rewarding fans who have accumulated a large number of event tickets.
The secondary market for tickets is a disaster. Scalpers buy up to 40% of tickets online to resell, and resellers can raise prices considerably. NFT ticketing provides for resale value limitations and greater control over secondary ticket sales.
Conclusion on NFTs for the event & ticketing industry
NFTs are definitely here to stay and the event & ticketing industry could be completely positively impacted by them. NFTs for ticketing provide transparency to the ticketing platform and ensure that the secondary buyer receives a valid ticket to the event they are excited about. Furthermore, our Sayl loyalty solution allows you to sell NFT based tickets and would be a perfect candidate to support your ticket sales via web3.