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As 2022 continued, the Internet became known as “Web3” but stood on the cliff. If Web1 was the first Internet of the 90’s and Web2 was defined by streaming entertainment and social media, Web3 promises verifiable digital ownership of services and assets. All of this is underpinned by an interconnected network that can transfer value privately and securely between all services.
There are many possibilities for how this technology can be implemented, especially in the ticketing industry, which is ready for confusion. The issues surrounding scalping and fraud have been the norm for traditional tickets for years, but verifiable digital ownership with non-fungible tokens (NFTs) and other digital assets is a viable solution to these issues. I will provide a plan.
NFT tickets have the ability to transform traditional ticket space, an industry that hasn’t emerged for years in history. In addition, dynamic benefits can be incorporated into NFT tickets for a safer, more streamlined and more engaging experience.
For decades, the same issue has been associated with traditional tickets, but the industry doesn’t understand how to evolve beyond standard barcodes. Previously, if a show’s tickets sold out quickly, fans would either miss it or pay for it at a much higher price. To make matters worse, many tickets are resold as counterfeit products. That is, fans are paying more, but still can’t see the show. Despite the fact that these problems have been around for years, the desire for live events continues to grow.
The live event ticket market is huge and has grown to $ 72 billion. The ticket resale market, or secondary market, is also huge, reaching $ 5.2 billion and continuing to rise. Historically, this revenue has been supported by fans, who are often offered counterfeit tickets and pay high fees to meet their favorite artists and sports teams. actually, More than 10% of people who buy concert tickets It’s a scam. The idea that one in ten fans accidentally gets a counterfeit ticket is incompatible with the venue, but so far they haven’t done much about it.
The recent transition to online tickets seemed to be an evolution of the industry. Eliminating the long lines of fans outside the venue waiting to buy tickets and putting them on hold for hours on the phone is a thing of the past. ..
However, this evolution has brought a touch of convenience. The basic issues associated with the ticketing industry are the same as they were over a decade ago. In fact, by moving the place of purchase to the Internet, ticket counterfeiters were only given another way to push counterfeit goods. Basically, online tickets haven’t helped the industry evolve at all, but thanks to NFT tickets, it’s changing rapidly.
Built on blockchain technology, NFT tickets are a unique, tamper-proof digital asset that goes far beyond traditional tickets. For counterfeit tickets, NFTs are on the blockchain, so venues can quickly determine who the original IP owner of the ticket is and whether it is genuine. The encrypted proof used allows vendors and fans to verify the authenticity of the ticket. So forgery is no longer a problem.
NFT tickets also have the ability to revolutionize the resale side of the market by returning control to the venue and artists. When a venue or artist plans an NFT ticket, they can decide whether to allow people to transfer ownership of the ticket. Asset transfers need to be verified on the blockchain, so they can be encoded and not resold. However, NFT tickets can also be specially designed for resale in regulated markets. A portion of the revenue will continue to be sent to the vendor, entertainer, or franchise.
As such, NFT tickets are more than just digital copies of paper tickets. NFT tickets have continuous usefulness, which greatly enhances fan engagement beyond the night in which the event takes place. Even after the event is over, time-limited perks and perks can be offered to fans, increasing the engagement and retention rate of artists and venue fans. Everything on the blockchain is transparent, so fans can find others attending the same show, sporting event, or even conference. The community-building benefits associated with NFT tickets truly drive the evolution of technology.
When a fan purchases an NFT ticket, it will be transferred to the owner-managed wallet for access from a desktop or mobile device. In many cases, NFT tickets change when scanned at the venue. For example, if sold in black and white, scanning can turn it into color or animate it. This means that the ticket has been activated. That is, no more than one person can use the same ticket. It also provides consistent engagement with fans. Traditional tickets usually disappear when the venue scans, but NFT tickets come alive.
While people are at the venue, NFT tickets also have the ability to come with multiple perks, from airdropped food and drink vouchers to special offers from the artists and sports teams they see. After the event, the venue can drop fans in the air with additional assets, messages, and even images and videos from the experience. For example, at the Jabbawockeez show at MGM Resorts, NFT tickets offered airdropped food and drink tokens, along with special souvenirs the next day. With everything transparent on the blockchain, fans can also find and connect to each other after the event, taking community building to a whole new level.
These are just a few of the many use cases already implemented today. These use cases will continue to grow as more artists and venues are educated about the benefits that NFT tickets bring to the larger industry. Today, all artists and music labels are interested in NFTs, but the ticket situation is managed by one major stakeholder who is not a technology company. As technology quickly catches up and more stakeholders, from artists to venues and fans, choose NFT tickets over traditional tickets, what’s known as standard digital barcode tickets is a thing of the past. Will be.
Josh Katz is CEO and Founder of Yellow Heart, the premier NFT marketplace for tickets, music and community tokens. With over 25 years of experience in the music industry, Katz started his career with Arista Records and Jive Records, working with breakthrough artists such as the Backstreet Boys and Britney Spears. Katz founded El Media Group in 2004 to provide premier music curation for hospitality and retail brands in upscale venues such as Nobu and Tao. In 2017, Katz launched Yellow Heart, combining his love of music with his new passion for cryptography. The company was the first company to release NFT albums and tickets on the Kings of Leon and blockchain, and has since partnered with major artists such as Maroon 5, Julian Lennon, Jerry Garcia and ZHU.
