The ultimate guide for 2022.
Event organisers are always trying to improve their events and for most events, ticket sales are the backbone of income. But how can you get more traction with your next event?
One of the proven methods lies in the application of latest technology. Before online ticket management softwares, selling tickets depended on a face-to-face encounter with prospective attendees for sales, documentation, database generation and purchase.
Creating digital tickets through these software and distributing them using the internet allowed you to share your event with more people and generate more revenue from a single device, without meeting anyone personally.
Although this method of ticket sales has proven to be cost-effective and more efficient, it has its own problems and limitations. For example, digital tickets on centralised servers can be duplicated without authorization, there are location barriers in payment methods, and ticket verification and guest check-in could be challenging. These factors and many more limit access to event tickets and sales.
Can these barriers be eliminated?
The new trend in event ticketing is to sell something that can't be copied but still has a solid value — like a concert ticket that proves you attended the show, a movie pass from a festival showing or a sports ticket to a live game. NFTs (Non-Fungible tokens) is a very customizable and secure way to achieve this.
In this article, we will be talking about what NFTs are, why event organisers should consider NFTs for ticketing and how it works.
NFTs are non-fungible tokens. Wikipedia defines an NFT as “a record on a blockchain which is associated with a particular digital or physical asset.” NFTs are unique because they are linked to their owners through the blockchain, which means that each NFT has a unique identity that can't be duplicated or copied. This means that you can't sell an NFT that belongs to someone else—you'd have to buy it first.
Blockchain technology is a decentralised network on which NFTs exist. Blockchain technology makes it possible to prove the ownership and authenticity of digital assets, two factors that are key to digital event ticketing.
A decentralised network distributes information processing across multiple machines. Each computing device acts as a separate processor that interacts with all the other devices in the network. NFT ticketing refers to using decentralised networks to issue tickets.
What this implies is that any time a change, no matter how little, is made on a digital asset on a blockchain, everyone connected to that blockchain is notified. This makes it almost impossible to duplicate or copy an existing asset.
A major challenge centralised ticketing platforms face is the scalping of tickets. Scalping is using automated methods to buy tickets in large numbers to later resell them at higher prices.
However, on a decentralised network, event organisers can use smart contracts (which are basically programs on a blockchain that run when predetermined conditions are met) to set the terms and conditions for resale of tickets.
What this implies is that as an event's organisers, you can predetermine the resale price for your event's tickets and also include royalty terms in the smart contract if you choose. This way, your terms and conditions apply anytime an NFT ticket is sold or purchased.
The implementation of a non-fungible tokens allows ticketing companies, regardless of their size and technological knowledge, to protect their business against counterfeiting and fraudulent activity through unique ID properties on the blockchain or wallet addresses which cannot be duplicated, unlike QR codes which can sometimes be duplicated with screenshots and sent or sold to others.
Because NFT tickets can be verified using wallet addresses or unique IDs other than the personal information of the bearer, it helps to maintain the privacy of guests.
A seamless and transparent user-experience is a huge selling point for NFTs. The ticket buyer has a relatively stress-free way to access events, and the seller can see a direct correlation between their marketing spend and sales, whether primary or secondary.
Need to launch your events' tickets as NFTs and get back in control of your sales? Nftikets is the best place to start. Get all the help you need, for digital ticket creation, free and gasless ticket minting on a blockchain, sales on a marketplace and seamless integrations to your event's website, Nftikets has you covered.