By Larry Wright
Since NFTs are impossible to counterfeit, they can be used in ticketing to prevent fraud and provide buyers with a safe and foolproof ticket-buying experience.
NFTs also work alongside smart contracts to unlock special rewards like special access and limited merchandise. They can help in fractional ownership and trustless payments.
In addition to various areas like real estate, gaming, and art which can be impacted by NFTs, they’re also revolutionizing the ticketing industry.
There are many benefits of implementing NFTs into the ticketing process, including the eradication of counterfeiting and fraud. Moreover, NFTs can unlock many new possibilities for fans by helping them interact with physical and virtual events.
NFTs can provide fans with complete control over their tickets. They have the potential to transform the ticketing industry for the better.
When NFTs are used as tickets, every NFT becomes a unique asset that can’t be counterfeited. This way, fans can conveniently buy the tickets knowing that they aren’t buying anything fake.
A Transparent Solution
In addition to being secure, NFT tickets are also transparent. That’s because a decentralized ledger is used to record every transaction and issue the fans their tickets. This system can be used to seamlessly track ticket ownership.
With an easily verifiable ownership history, the authenticity of tickets can be guaranteed, thus minimizing ticket fraud and counterfeiting.
Just like the primary ticket market, NFTs can lend credibility to the secondary ticket market as well. Because the transparent and decentralized ledger keeps an easily verifiable ownership record, fans can buy tickets from the secondary market without worrying about getting scammed.
By strengthening the secondary market, NFTs can benefit both event organizers and ticket resellers.
Working with Smart Contracts
Smart contracts and NFTs can be used together to perform certain tasks. This gives NFT ticket owners an extra layer of security and secured ownership. For example, NFT tickets can be used to distribute exclusive rewards and provide VIP access to selected fans.
Doing this adds credibility to the ticket-selling process and makes fans’ experience a lot better.
Supporting Artists with Royalties
Artists can benefit from NFT tickets by using smart contracts. Once a smart contract is implemented into a ticket, it will continue paying the artist royalties whenever their event tickets are sold or resold in the secondary market.
Even when someone trades NFT tickets, the artist will receive his royalties. This is a great way of respecting artists and helping them get fairly paid.
Companies that are Testing NFT Tickets
The potential of NFTs in the ticketing industry has already convinced companies like Ticketmaster and NBA to explore them. These companies are the pioneers of NFT ticketing and are making way for other companies and fans.
NBA Top Shot allows fans to buy NFT tickets and collectibles from NBA, while Ticketmaster is also experimenting with NFT tickets.