Non-fungible tokens (NFTs) are well noted for their usage as digital collectibles and gaming industries, and now it seems to have captured the imagination of the ticketing market. “NFT tickets offer a more streamlined and efficient system of issuance and offer multiple benefits for both guests and organisers. NFT tickets are a much more reliable and dependable method of issuing tickets as there is virtually no concern of black marketing, cheating, or trust issues with tickets based on tokenised assets,” Ashish Agarwal, co-founder, Lepasa Metaverse told FE Digital Currency.
It is believed that NFT tickets gained popularity after digital artist Beeple’s work was sold for more than $ 69 million. As per industry experts, NFTs ensure transparency to the ticketing industry with the help of blockchain. “These tickets offer validation of authenticity and by making ownership transparent,” Farheen Ahmad, CEO, founder, Interality, Web game engine, said. Furthermore, industry experts opined that NFT tickets are immune to the black marketing and multiple ownership.
Further, it is believed that NFT tickets can create a win-win situation for both buyers and organisers and thereby have game-changing impact on sectors including events, travel, tourism, and ticketing industries among others. “NFT ticketing has a great potential for live shows and music events, including streaming platforms which can deliver personalised content based on ownership of a particular show. These tickets allow sharing of data between organisations and brands. This data can be further leveraged to create user personas and optimise marketing and advertisement expenditure,” Saurav Raaj, founder, director, Wize, an NFT infrastructure for businesses company, said.