NFT ticketing – The next innovation is taking place in the events market

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Non-fungible tokens (NFTs) have grown into extreme popularity over the last two years. While NFTs are driving transformation across industry verticals, the event market is the next sector where technology is driving innovation. Notably, NFTs tickets offer a more streamlined and efficient system of issuance. At the same time, it is also offering many benefits to both organizers and buyers.

Because NFT tickets are a more dependable and reliable method of issuing tickets, organizers do not have to worry about black marketing, cheating, or trust issues with tickets that are based on tokenized assets. For buyers, NFT tickets offer validation of authenticity and make ownership transparent. Moreover, buyers can store their NFT tickets in a secure wallet and access them anytime from anywhere.

With the great growth potential in the NFT ticketing segment, many players are betting on the sector. For instance,

• In September 2022, EventsFrame, a ticketing and attendees management platform, announced the launch of its NFT ticketing platform. The new solution launched by the firm is focused on opening new opportunities for both eventgoers and organizers. On the one hand, the firm is aiming to improve the experience of eventgoers significantly, while on the other hand, the firm looks to improve monetization options for event organizers through its NFT ticketing platform.
• In August 2022, Ticketmaster, an American ticket sales and distribution firm announced that it had entered into a strategic collaboration with Dapper Labs, a blockchain firm, to issue NFT tickets. The strategic partnership is focused on improving the experience of eventgoers. Notably, Ticketmaster is expected to mint ticket NFTs for selected events to bring new experiences to users.
• Before this collaboration, Ticketmaster also partnered with Flow, a Web3 platform, to mint 70,000 virtual commemorative ticket NFTs for Super Bowl LVI. Since then, the firm has minted over five million NFTs on the Flow blockchain for its clients, including Gavin DeGraw, Apollo Theater, Sebastian Maniscalco, and The Black Crowes. In addition to these, Ticketmaster and NFL will be offering NFT tickets for more than 100 games next season.

Notably, the trend of NFT ticketing is growing around the globe, with several innovative startups emerging in the space. For instance,

• In India, Metapass, an innovative startup that provides NFT ticket experiences for events, is an early-stage project which is focusing on the B2B business model. Notably, the startup is solving two pain points for event organizers - counterfeit tickets and receiving zero revenue when tickets are resold – through its NFT ticketing solution.
• With blockchain technology securing proof of transfer of ownership of an asset, Metapass is ensuring there is no way to counterfeit tickets. Furthermore, NFT infrastructure comes with the option to integrate a royalty feature into NFTs. This allows event organizers to earn royalty income every time the ticket is resold.

While the startup is currently working on these two major pain points for event organizers, it is planning to further explore value-added, programmed features from the short to medium-term perspective. With the obvious benefits of the technology, NFT ticketing is expected to become mainstream over the next three to four years. Currently, football clubs and trading platforms have been selling NFT tickets around the world. For instance,

• In August 2022, Lazzio Roma, the Italian football club, announced that it had turned to NFT ticketing to overcome various ticketing problems such as counterfeiting, mass purchase of tickets, and difficulty in controlling the fluidity of tens of thousands of tickets. Notably, the ticketing system opted by Lazzio Roma is implemented by Binance. For the 2022-2023 season, supporters having a Binance account can purchase tickets for Series A matches as NFTs. The purchases can be made in the official stores of Lazio on the Binance Fan Token platform and through social media.
• In August 2022, IPXHOP, an IP trading platform, announced that it is selling NFT tickets for the 2022 Songdo Beer Festival, a nine-day performance festival in South Korea. People who buy the NFT tickets will receive benefits such as close-to-stage seats, quick entrance, and unlimited beer. The NFT tickets can also be used as a secondary transaction, such as product discounts at IPXHOP mall once the festival is over. From the short to medium-term perspective, IPXHOP is expected to launch more such NFT ticketing solutions for various festivals and occasions.

TechInsight360 expects NFT ticketing solutions to grow into more prominence over the next three to four years globally. With NFT tickets creating a win-win situation for both organizers and buyers, it is expected to have a significant impact on various sectors such as events, travel, and the tourism industry, among others, from the short to medium-term perspective.

To know more and gain a deeper understanding of the global NFT market, click here.