Technology / 01.18.23

NFT Tickets Are Silent on the Go

Access Staff

Cryptosaurus (01/16/23)

The ticketing sector is moving toward nonfungible token (NFT)-based tickets, with enterprising acts such as British electronic band Clean Bandit adopting NFT tickets as part of the Seatlab Sounds University freshman tour organized by NFT ticket provider SeatlabNFT. Fans can use the platform to buy NFT tickets that can be saved, stored and sold for SeatlabNFT's cryptocurrency, $SEAT. NFT tickets offer built-in transparency through blockchain technology that ensures an unchangeable public record of who purchased tickets. SeatLabNFT's Charlie Gardiner says NFT tickets can be governed “by smart contracts to enable things like splitting royalties into secondary resales, opening up a new revenue stream for sellers and price caps to prevent the kind of runaway price gouging currently plaguing the industry. We also provide organizers with unmatched data about their customers and their ticketing ecosystem thanks to the transparent nature of blockchain technology.” NFT ticketing is also is likely to mitigate snafus like Taylor Swift's Eras Tour. “The ticketing industry is ripe for disruption; little has changed in the way tickets are distributed in the last decade, and there is clear dissatisfaction among the general public, as recently demonstrated when tickets for big-name artists went on sale,” Gardiner explains. NFT tickets will ensure a fair price as well as keep bots' hands off tickets.

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Tags: Technology , NFTs