HOW CAN NFT TICKETING DISRUPT THE TICKETING INDUSTRY?

 NFT A new idea that has created a buzz around electronic art is in the process of expanding into different markets. One of these markets is an event-based market, in which NFT will connect tickets that are digital and physical.

Do you have fond memories of those old-fashioned school ticket tickets people would collect? Every ticket had a unique design and brought back memories of an opera performance in Vienna, the World Cup in England, or an event in California.

Digitization has indeed helped streamline ticketing, but it's boring with just a QR code with no story that goes behind the code. These days, tickets don't contain the memory feature that people want to carry with their tickets when they travel or move.

Presently, the ticketing system cannot reflect on special moments from previous events. NFTs have entered the equation to help make ticketing more practical and memorable.

There is a chance that you will lose tickets that are paper-based or they might be damaged or wet. Additionally, it is difficult to travel with tickets made of paper since they could be lost. Additionally, organizers don't have sufficient security with tickets printed on paper as they are easily fraudulent. QR codes were an ideal solution for organizers, but they aren't that useful for people who buy tickets.

With NFTs, You don't have to compromise because the technology is beneficial to both event participants and organizers. Let's discuss a few of the issues that are present in traditional ticketing for events.

What are the challenges with the old ticketing system?

Tickets with black marketing

The frauds that plague the ticketing business forced real customers to pay more and pose security risks for organizers of events. Utilizing the latest technology bots for ticketing cause chaos and allows online sellers to buy tickets in bulk and then sell tickets to secondary markets at premium prices.

The protocol for exchange is not in place.

It is difficult to track clients or exchange information outside the borders of the provider. The absence of an exchange protocol permits fraud in the secondary market. If a ticket is purchased again on the secondary market it's no longer the property of the buyer whose details the event's organizers have.

Thus, organizers of events are not aware of the people who attend the event. Since the tickets issued are in a manner that is not suitable to exchange them on the secondary market it is impossible to change your name or the holder of the ticket and also control how often the tickets will be traded.

Customer Trust

One of the most important questions for visitors is whether they've bought a legitimate ticket or a fake. There are instances when customers purchase fake tickets from websites that pose as legitimate ticketing agencies. It can lead to huge losses of money and disappointment.

What is the process for the NFT function for Ticketing?

NFTs are digital tokens that are unique and that are stored on the blockchain. After they have been created on the blockchain they can be offered to customers in a digital format. The customers then save NFTs in an encrypted wallet that can be accessed from any device.

The ticketing system event organizers can mint the required amount of NFT tickets using their preferred blockchain platform. They can use NFTs to determine the price of sale or conduct the auction in which the bidders can begin a bid on tickets.

Customers purchase NFT tickets and save them in their wallets which can be accessed via mobile device. When they go to an event they generate NFTs.

A customer purchases an NFT-based ticket and pays the ticketing fee to the ticketing firm. When the payment is received the smart contract activates the process and the NFT ticket is sent to the customer through the database of ticketing.

The ticketing agency requests to upload tickets on the IPFS. The hash calculation is made using IPFS and tickets are stored in the database. NFT tickets are generated and then uploaded onto the NFT marketplace.

The ticket owners are also able to resell NFT tickets via the NFT marketplace. The tickets are stored in an intelligent contract. If a buyer purchases the ticket the smart contract is activated an automatic payment. transferred to the seller promptly.

What are the advantages of NFT Tickets?

NFTs are a great way to improve the experience of ticketing for both the organizers and attendees. Let's look at the ways to make it happen.

Beware of fake tickets and scams

Blockchain can be a single point of truth for ticket holders as well as organizers. Transfers of NFTs from the first sale to resales are recorded in the blockchain's immutable database to allow all parties to verify the authenticity of the ticket.

If the sale of resale tickets is not permitted NFTs may be formulated in a non-transferable form, and not able to be sold to a buyer physically.

Reduce the cost

Costs that are associated with minting and selling NFTs are minimal contrasted to the conventional ticketing system. It is possible to obtain a non-forgery ticket with a lower production cost so that organizers and customers can verify the authenticity of each ticket in the chain, and keep track of the ownership history.

Rapid production

An NFT can be created and sold within a matter of minutes.

Perpetual revenue

As programmable NFTs may include rules that apply to content, merchandise, or resales as well as royalty splits, this means that the organizer can analyze profits sharing percentages for future resales or the creation of content that is sold on secondary markets. They also receive money knowing that the percentages cannot be changed within the NFT's programming.

New revenue opportunities

Tickets that are NFT-based can be programmed to function as money that can be programmed to allow for revenue-generating opportunities. For instance, selling NFT tickets for collectibles or making use of NFT tickets to offer discounts on food and drinks, as well as rewarding those who have purchased many tickets to events.

What are the opportunities NFT Tickets offer guests?

• Get incentives and perks from the event's organizers.
• Sell tickets to upcoming events you aren't able to attend.
• Sell tickets from the past that you think other people would want to own.
• Keep tickets safe and secure to preserve memories.
• Be involved and be part of the event's organizer's communities.

To read more - https://www.leewayhertz.com/how-nft-ticketing-works/