This article was first published on Centrality - Medium
NFTs are ready to disrupt the ticketing world!
The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the value that these nifty decentralised tokens can provide.
One of the most promising immediate perfect fits for NFT tech is the events industry. Ticketing has always been an expensive process, prone to scams, authenticity issues and reliance on monopolies.
Once you shift your focus from seeing NFTs primarily as artwork, you can see that they can represent any form of unique information… such as an event ticket! So how exactly would NFTs work in the ticketing world and what are the key benefits?
How can NFTs be used for ticketing
NFTs are in essence a unique digital token stored on the blockchain. Once they are minted (created) onto a blockchain (a ledger system that is decentralised and therefore secure and transparent), they can be sold and transferred to customers digitally. Customers then store their NFTs in a secure digital wallet that can be accessed by any device.
Event organisers can mint the required number of unique NFT tickets onto their chosen blockchain. They can programme the NFTs to set a sale price (you can also programme them to set a resale price, but we’ll touch on that in a bit!) or even run the sale as an auction where people can bid for tickets. Customers can then purchase the NFT tickets and store them in their wallet, which can be accessed on their phone. They simply produce their NFT when they arrive at the event.
So what are the advantages of the NFT approach to ticketing?
The advantages of NFT ticketing?
When implemented well NFTs have the potential to drastically improve the ticketing experience for both organisers ...
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Centrality - Medium