Technology / 01.26.22
NFT Tickets Take the Stage in 2022, Connecting Artists and Fans
Cointelegraph (01/19/22) Wolfson, Rachel
The online event-ticketing industry will likely witness an increase in nonfungible token (NFT) ticket platforms and marketplaces. Colby Mort with NFT ticketing infrastructure provider Get Protocol said each ticket issued using the firm's platform is minted as an NFT on the Polygon blockchain, adding that "since 2016, Get Protocol has processed over 1 million on-chain registered tickets for events across the world, with 500,000 being NFT tickets processed during 2021." NFT tickets are becoming increasingly popular because they seek to address inefficiencies in conventional ticketing systems. Josh Katz with the YellowHeart music and live-event NFT ticketing marketplace said NFT tickets let fans assert more control, and offer ongoing royalties for artists. The initial goal of NFT ticketing platforms is to reroute money from third-party sellers back to artists: Katz said while artists currently take in 95% and 5% of revenues from primary and secondary markets, respectively, "when YellowHeart secondary opens in Q2, artists will be able to set their own secondary rate and keep up to 100% of revenue flow." Meanwhile, Mort said Get Protocol's white-label ticketing product combines a mobile application, event dashboard, ticket webshops and other supplementary features to help thwart scalpers while giving event organizers complete control over secondary-market ticket sales. Another selling point of NFT tickets is everlasting engagement between fans and artists. "We believe in the magic and novelty that comes with each live experience, and any innovation that brings more personalized fan engagement to live events is good for the industry as a whole," declared StubHub's Akshay Khanna.
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Tags: News , NFT