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Non-Fungible Token or NFT is a type of cryptocurrency applying blockchain technology to prove the ownership of assets. NFT is unique and it cannot be forged or altered but it can be transferred or sold to make profit.
Nowadays, trend of NFT is growing and being popular in various businesses. Event organizers also adapt NFT in their businesses as an NFT ticket.
What is NFT Ticket?
NFT tickets are digital access credentials for holders to attend the event and get some exclusive benefits. For example, the ticket holders can join meet and greet events of their favorite celebrities or get some special merchandises.
Moreover, NFT tickets can provide ongoing royalties for artists, event organizers and other stakeholders.
How does it work?
NFT ticket uses blockchain technology with encryption and complex algorithm, so it is very difficult to be falsified. An NFT ticket can have only one official owner at a time. As all transactions are recorded on a blockchain ledger, the authenticity of the ticket can be proved, and you can also check the status of selling and buying of each NFT ticket.
Selling and buying procedures of NFT ticket are as follows:
Event organizers can prepare to sell the tickets by creating number of NFT tickets as they desire on the blockchain platform. They can encode to set the sale price or auction price.
During the ticket purchase process, the seller has to upload the tickets on IPFS Gateway, then Hash function will keep the tickets in database of NFT Marketplace for further process.
After buying the ticket from the event organizer and completing the payment, a smart contract triggers and send an NFT ticket to the buyer. The buyer then stores it in a secure wallet.
Privileges of NFT Ticket
- Benefit: Holders can access to limited edition products, rare items, and private items. It is also possible to turn physical objects into NFT.
- Experience: Using the ticket for lifetime access to the real or virtual event. Or using in various types of booking without limitation.
- Community: Using for funding, or selling company stocks.
Advantages of using NFT ticket
- Preventing fake tickets. NFTs are traded on a blockchain platform, so processes and authenticity of tickets can be proven.
- Reducing costs. Comparing to traditional tickets, NFT tickets can be minted with less production cost.
- NFT tickets require less production lead time comparing to physical tickets, it can be ready to sell in less than 1 minute.
- Generating continuous income because NFT can be programmed to set clear rules of products, content, resale and copyright cost. Thus, event organizers can better use the data to analyze and manage their profits.
- Increasing more opportunity to generate new income. For example, reselling NFT tickets to people who want to collect them. It can be programmed to add unlimited value to the tickets or create ticket collection campaign and give special privileges or rewards to the winner.
Source:
https://amplifyyou.amplify.link/2022/08/nft-ticketing-platforms/
