Technology / 04.27.22

Beyond Collectibles: How NFTs Are Revamping the Ticketing Industry

Access Staff

Cointelegraph (04/23/22) Jha, Prashant

Nonfungible tokens (NFTs) are making a mark on the ticketing industry, which is planning to retool itself via NFT integration. The centralized nature of the ticketing market supports the growth of secondary and underground markets, and ticket reselling and counterfeiting are rampant. NFTs offer proof of authenticity by saving data on a blockchain; the same mechanism can be applied by putting tickets on a blockchain, ensuring the authenticity of the ticket as well as that of its seller. NFT tickets could also potentially grant event organizers, venues and artists access to the secondary ticketing market through smart contracts that regulate the resale of their tickets. The benefits of NFTs can range from resale royalties to limiting the upper or lower pricing cap to bundling various utility add-ons into the NFT. NFT tickets also allow the community to assume a larger role in their favorite artists or team's decisions. In addition to serving as collectibles, NFT tickets can be a wallet that holds monetary value securely. "From our data, 18% of ticketed events are using or consider using NFTs as a way to improve their fans' experience," explains Mike Dragan with NFT ticketing marketplace Oveit. "This number is up from just 2% in July 2021. We expect the number to increase even more over the coming year as the technology is being rolled out and crypto wallets are getting more popular. We expect the NFT ticketing market to reach 25% of total ticketing market by 2027 — at approximately $18.5 billion — in the live events industry only."

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Tags: News , NFT