Technology / 10.05.22

NFT Ticketing Is Inevitable, and It's More Than Just a Form of Access Control

Access Staff

City A.M. (10/01/22) Kenny, Ryan

SeatlabNFT CEO Ryan Kenny writes that non-fungible tokens' (NFT) use case is gaining now that some of the technology's novelty has worn off. He expects the practice to inevitably become an event ticketing industry fixture by conferring secondary market control, although this is just one benefit. "Because the blockchain allows us to track the journey of an NFT ticket, it's possible to identify the people holding tickets to certain events," Kenny notes. "Identifying ticket holders unlocks the possibility of airdrop rewards to enhance the fan experience." Airdrop rewards are especially popular because they "elevate NFT ticketing beyond simple access control and mean that event ticketing can help fans feel closer to the artists they love," according to Kenny. He adds that the authenticity of NFT tickets provides a guarantee against fraud, while their traceability promises "to transform the way artists, fans and event organizers think about event ticketing." Kenny also highlights the price ceilings set by smart contracts, which limit profits on the secondary market but still allow fans to resell tickets. Royalty splits are another advantage, with Kenny writing that "applying the technology to NFT tickets would mean artists and event organizers will earn a percentage of all ticket resale revenue in a similar way to how they earn royalties whenever their songs are streamed online."

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Tags: Technology