Technology / 06.08.22
How NFTs Will Dominate the Event Space With Project Galaxy
The events sector is the latest industry to capitalize on the integration of non-fungible tokens (NFTs), with memorabilia, gifting and resale controls some of applications being explored. NFTs incarnated as event tickets are digitalized memorabilia, unique to the holder and preserved in the blockchain forever; their value can increase over time, making them a potentially valuable investment. Gifts can also be attached to NFT tickets, allowing event organizers to confirm and verify recipients while also serving as a value-appreciating commodity. Specific rules, or smart contracts, can be deployed into the code of the NFT tickets, which could possibly prevent holders from reselling their tickets at inflated prices. Projects like the Project Galaxy protocol aim to make NFTs even more integral to the events experience. Project Galaxy has launched the Galaxy On-Chain Achievement Token, allowing event organizers to distribute lightweight NFT badges in connection to tickets, and to easily reward community members and attendees. Organizers can submit the parameters and design of the badge, which will then enable ticket holders to claim their NFT via email in a gas-less minting setting.
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Tags: Technology , NFTs