Event Manager Blog posted an article titled Blockchain and NFT Ticketing: The 2021 Guide (August 4, 2021).
« NFT stands for Non-Fungible Token, and these are unique digital tokens that store information on a blockchain. Unlike cryptocurrencies which are mutually interchangeable (fungible), NFTs cannot be interchanged. NFTs can be used to represent physical items, people’s identities, or properties. As all NFTs are entirely different from all others, thus they are ideal for uses such as ticketing. »
« What are the advantages of using blockchain and NFTs for ticketing?
The main advantage of using blockchain and NFTs for ticketing is that it enables event organizers to keep track of the tickets after they are sold. All tickets are securely linked to the purchaser, and these transactions and any others on the exact tickets are entered in the blockchain. Any further sale or transaction involving the tickets will also be listed in the blockchain. Keeping a shared database of all the transactions involving each ticket limits or even eliminates the possibility of scalping, uncontrolled price gouging, and fraudulent transactions.
There are other advantages to controlling the transactions through blockchain, including ensuring that ticket prices are kept fair, even when resold, and the opportunity to award royalty payments for each transaction to artists or event organizers. »
« Blockchain and NFT technology offers immediate benefits to larger-scale events public with control issues, yet security is an area of increasing concern to event professionals. Tightly controlling access to business events has never been as crucial as now, with in-person taking place in many parts of the world under strict safety regulations.
It’s relatively easy to forge registrations or get access to discarded name badges. There is also commonly limited care in terms of identifying each participant entering business events. Ticketing and registration platforms offer varying identity checking and security features, but matching the ticket to the participant’s identity on-site is not always guaranteed.
While the issue confirming the identity of those attending business events may not be perceived as high risk, the impact of the wrong people accessing an event can be catastrophic. From sexual harassment to active shooter occurrences, blockchain-powered ticketing could give potential intelligence to avoid unwanted individuals gaining access. It’s important to note that blockchain and NFT technology are not the only way to do this; however, these technologies have security and control at their core. »
« In this section, we asked subject matter expert Eric Rozenberg on what he sees as the opportunities and challenges of blockchain for ticketing.
OPPORTUNITIES. Blockchain solves many of the main issues faced by venues and organizers: security, fighting the bots, eliminating scalpers, increasing targeted marketing. As it is a “smart contract”, blockchain allows the organizer to set the price and the conditions based on which the ticket can be transferred or resold … which could be beneficial for the true fans.
CHALLENGES. The only past limitation could have been the scalability/cost, especially for small numbers of tickets. Post-pandemic, everyone now wants mobile delivery of their tickets, and enhancing it by injecting tickets into the blockchain is an affordable solution. »
The article includes an overview of 12 blockchain ticketing companies.