The concept of non-fungible tokens (NFT) appeared in 2015 and gained traction in 2017 when several major digital collections such as CryptoPunks and EtherRock were created.
NFTs started out as a competition among top football clubs, but broke into place after digital artist Beeple graphics were sold as NFT for more than $ 69 million. The Beeple event captures global imagery and proves to be an impact on the NFT ecosystem.
Today, most of the top brands, premium sportswear and apparel players, performers, soccer stars and influencers are joining the NFT frenzy. Although many believe that the hype and frenzy surrounding the business will turn out to be its downfall, the NFT ecosystem is seeing rapid expansion beyond commercial digital collections.
Games are another big industry that NFTs have been hit hard by, with game-to-win (P2E) rewards and NFT integration going all the rage in 2021. Games such as Axie Infinity has become a staple in many worlds. Vietnamese and industry experts predict that within 10 years, most games will turn to the P2E model.
While digital devices and the gaming industry have become two of the most promising applications for NFTs, many industries using non-fungible tokens have grown. In one key example, the ticket industry is looking for innovative, integrated NFTs.
How NFTs Look Like Ticket Market
While the ticket business has become digital enough in the last few years, aided by transmission, it is a key platform, helping black and informal businesses grow.
In today’s world, tickets to a big show or event can be purchased in advance by hoarders who are selling at exaggerated prices in the industry in practice calling do “scalping”.
Many times, scalpers even sell fakes, with consumers having no way of confirming the actual ticket before purchasing.
NFTs provide proof of the fact when they store information on a blockchain. The same machine can be used by placing the ticket on the blockchain, which will ensure not only the authenticity of the ticket, but even if it has been sold by a legitimate manufacturer.
These NFT tickets can also be tapped on the second ticket.
For a long time, the middle class was not used for events, venues and theaters. Unregulated and speculative, it affects both fans frustrated with high prices and actors who are bullied by unhappy fans.
With NFT cards, this problem can go away. Filmmakers and artists can create smart contracts that control the visuals of their tickets.
NFT benefits can range from expenses incurred by vendors, capping a higher or lower price tag to package any additional power supply in the NFT. With NFT tickets, communities are close to theaters or sports teams. That means they play a bigger role in deciding the interests of their audience or group.
NFT tickets go far beyond access. It is a collectible item, but it can be packaged for all kinds of perks. It can be a wallet that holds a fixed amount of money. You can authorize entry to a specific area of an event or place a t-shirt, hamburger, registration form, or $ 100 in-place purchase.
NFTs have closed the gap between different industries. The same NFT can be used to provide access to the theater, but also the key to your hotel stay, visit the park nearby, and even the key to you rent a car on your next stop.
Mike Dragan, managing director of NFT Oveit Ticket Market, told Cointelegraph how NFT tickets were already in huge demand, with a market value that could exceed hundreds of millions of dollars. :
“According to our data, 18% of cases have started using or are considering using NFTs as a way to improve their fan experience. That number has increased by just 2. % by July 2021. We expect the numbers to increase further in the coming years as technology is released and cryptocurrency wallets become more popular. Reach 25% of all start-ups by 2027 – of approximately $ 18.5 billion – in events alone. We expect a similar level of adoption, although in the longer term, in tourism and hospitality. “
What is the future of NFT tickets?
Many developers and developers of NFT ticket business have agreed that the rampant environment around NFTs of the top names has helped the ticket business to attract more organizations. NFT cards are still a relatively new technology, so there is a lot of room for development. For the solution, the ceiling is as high as the industry itself, with the industry estimated at $ 94.27 billion by 2026.
Despite the rapid growth, the NFT ticket industry is also facing some challenges along the way. Colby Mort of Get Protocol, NFT’s solution solution, told Cointelegraph that customer satisfaction with NFTs is high, but the use of technology remains difficult:
“The traditional challenge for NFTs is to block easy access to the venue for the audience. and guidance. We believe NFT cards represent Web2.5 steps between audience and Web3. “
Charlie Gardiner, content manager of Seatlab NFT, believes that NFT tickets can attract a large audience. He told the Cointelegraph:
“Ultimately, as long as the process of buying and selling tickets in the NFT market is not frictional, NFT ticket platforms have the potential to break the big players in this industry. The integration of fiat entry and exit ramps and focus on user experience, we are creating a future that, in turn, works similar to current devices, but but fundamentally improve fan experience, increase the revenue of artists, and shop for the best products. Start a business. “
Manufacturers are always starting to understand the value of NFT technology and that it is not a thing of the past. Using NFTs in the event venue should be given a list of how they can use technology for more than just digital devices. They already have confidence and understanding of NFT technology and so the future of NFT cards looks like the next best thing.