The Non-fungible token (NFT) ecosystem continues to expand with innovation. Since NFT is already making waves in digital arts, it is now transcending into other possible markets intending to disrupt the existing traditional model. One of such markets is the event market and ticketing industry. However, there are limitations associated with how the current event industry operates and these could be corrected with the NFT ticketing system.
The Traditional ticketing System
When selling tickets for concerts and events, the traditionally known method is for interested individuals to purchase their desired tickets from a specified outlet. The event industry has been using this system for years, although it is not without its shortcomings.
Often, the ticketing process is not always transparent. There are cases of fraud and dishonesty from third-party individuals who serve as middlemen in the ticketing process. There is the issue of black markets where people buy event tickets in bulk and resell them later at higher cost for fans.
Event organizers also stand the risk of security breaches as there are no ways to ascertain the original owner of tickets sold. Anyone can come into events with tickets bought on the black market. With the application of NFT to the ticketing industry, these concerns will soon become a thing of the past.
NFT ticketing is bringing about a new approach to the known traditional ticketing system. Through the aid of blockchain technology, NFT ticketing seeks to connect the physical and digital ticketing in a decentralized model.
NFT refers to unique digital tokens stored on the blockchain system. Organizers of events can create NFT tickets using a blockchain platform and have the tickets purchased by their customers. Each ticket comes with a unique token that identifies a customer as the rightful owner. This erases the issue of security complications, allowing for the proper identification of participants.
NFT ticketing prevents the issue of fake tickets and ticket scams associated with the existing ticketing system. It offers customers the opportunity to mint their tickets which could be sold to other customers with a transparent record.
Organizers of events can also leverage NFT to create a memorable ticket that carries the moment of a particular event, thereby creating an NFT ticket collection for interested collectors. NFT ticketing will also eliminate third-party influence completely when distributing event tickets.
NFT ticketing revolution
Several digital giants are leveraging the NFT ticketing opportunity. Centaurify deals with the sale of NFT tickets. YellowHeart, a digital ticketing platform, also announced the launching of an NFT ticketing mobile app. TicketMint is another company that promotes virtual event marketing through the sales of NFT tickets.
NFT ticketing is another giant stride in the event industry. Since the system is built on blockchain technology, NexBloc stands as one of the leading entities building a safe place for event organizers, and securing their event business through blockchain domain name system. The aim is to help build a secure site through blockchain DNS which guarantees unique identification of ticket buyers, eliminates fraud, and allows access to limitless blockchain opportunities.