NFT Ticketing – How Can NFTs Solve Common Problems With Event Ticketing?

The creation of NFTs and all the hype around them have impacted various industries, and the ticketing industry was certainly among them – the phrase NFT ticketing was invented. 

Here we discuss how NFTs can solve common problems within current ticketing systems and more.  

What is an NFT?

Firstly, you need to understand what a non-fungible token (NFT) is. We have prepared a dedicated article; click the link to find out more. 

The Ongoing Problem

The ticketing industry is riddled with problems and is in dire need of an upgrade. You will understand this intrinsically if you have ever worked with a ticketing company or managed an event. Ticketing companies maintain a remarkable monopoly over the industry. We will first discuss the current problems with traditional ticketing systems. 

The Cost

The organizer of an event has high upfront costs as well as high risks, and the promoter must wait until the ticket company pays out the ticket sales after the event has finished. This can often be weeks or even months in some cases. Ticketing companies are notoriously tight-fisted and charge for every step of the process. They will usually take their inside fees (charged to the event organizers) and outside fees (charged to the ticketholder) if an event is canceled or details are changed.  

The Black Market

The black market is rife in ticketing; it artificially drives up the cost of tickets and means fans pay more. It also poses security problems for organizers.  

Trust 

Statistically, at least 1 out of 10 tickets bought in the USA is fake. One of the main concerns for the buyer is whether they have paid for a real or fake ticket. Usually, it leads to losing money and disappointment. 

Benefits

The problems of the traditional ticketing systems are abundant, but NFTs have the potential of making the tickets more functional and more memorable at the same time. Now let us explore some of the benefits of using NFT ticketing. 

New Opportunities 

The use of NFT tickets creates the potential for new revenue opportunities. For example, they can reward fans just by collecting a certain number of event tickets and much more. Each ticket would also be completely verifiable, meaning that lost money to scam tickets would become a thing of the past. 

Minimize Cost

Compared to traditional ticketing systems, the cost needed for minting and selling NFTs is insignificant. Using NFT ticketing would allow full control by organizers, contracts would be made directly with customers, and inside and outside fees would be significantly reduced. It would also mean that ticket prices would be returned to the organizers instantly after the event.  

Time-Saving

An NFT can be minted and ready for sale in less than a minute and does not require administrative time. This would allow for last-minute ticket sales completely easily online.