IBM Exec Touts Blockchain Tech as Economy Accelerator: Broadband Breakfast
Many new technologies tend to evolve quickly, and this has especially been the case with non-fungible tokens. It’s a technology that showed vast potential, and early adopters caught on, sparking an early and short-lived NFT craze that since exceeded its initial height. However, new developments in NFTs have led to a possible course correction with exciting implications for blockchain and every industry it touches.
The problem with early NFTs, and what caused such initial hesitation, is that the general public is reluctant to accept anything without a tangible benefit to them. However, the recent trend to NFT utilities – in other words, NFTs that provide value or benefit to the user beyond the blockchain code string of which they are composed – have opened the door to many opportunities for their implementation in various industries .
Why NFTs are the future of ticketing
The ticketing industry fits perfectly with the NFT revolution. For one, the technology used in the ticketing industry has been around for decades. QR codes, which make up most ticketing operations, were introduced in the 1990s, and the barcode system two decades earlier. The industry has mostly operated on an “if it ain’t broke, don’t fix it” mindset, but it’s time for leaders to start embracing this shift to newer and better technologies.
NFT ticket office will help combat many of the issues plaguing the ticketing industry right now. Fraud will be discouraged – if not entirely eliminated – thanks to the blockchain technology on which NFT tickets are built. The blockchain code is virtually impossible to replicate, which means counterfeit notes cannot be produced. When combined with the rolling QR code technology that has been implemented in NFT ticketing systems, this means that virtually no money will be lost by event organizers, and therefore, no unhappy customers will fall victim. of a scam.
From a consumer perspective, there are not many differences between using an NFT ticket and a standard ticket. Like any other ticket, you just need to scan its code and enter the event. But the enhanced security features will ensure customers don’t get scammed, and the pre-, during-, and post-event benefits that come with an NFT ticket will be highly desirable.
Once a ticket has been scanned, the ticket becomes a collectible NFT in the ticket holder’s Ethereum-based digital wallet. On the one hand, it’s a unique keepsake that fans can keep to remember their experience of going to the event, but the NFT could provide value on its own. The trading and selling of collectible NFTs after the event could continue to be influential long after it ends.
Building a Community with NFT Ticketing
In addition to these utilities, NFT ticketing benefits from the sense of community associated with event attendance. For example, since concerts are usually attended by fans of the artists performing, attendees share relatively the same interests, creating a built-in audience for NFTs. Many NFT projects fail due to a lack of community support, but with NFT Tickets, there’s no need to build that community from scratch.
NFT ticketing also enables a safer and fairer secondary market, further establishing that sense of community and consumer protection against ticket misappropriation or fraud. With built-in blockchain verification, consumers can buy tickets in the secondary market without worrying about whether they are legitimate or not. Additionally, blockchain technology prevents massive purchase transactions. thanks to its more easily verifiable record keeping, which means secondary market scalping is greatly reduced, if not outright eliminated.
These benefits offered by NFT tickets show the technology’s potential to dramatically improve the consumer experience. Many NFT projects have failed due to their lack of usefulness – and therefore relevance – to the user and their inability to form a community around them. NFT ticketing is not susceptible to either of these issues, making it the future of NFT technology.
Throughout his career as a marketer, Hunter Abramson has contributed to all aspects of the experience, from cross-promotional marketing to operations to ticket sales. He always pushes the boundaries to create positive experiences for both the company and the consumer. He is currently co-founder and CEO of Relic Tickets, which aims to disrupt the ticketing industry with NFT tickets. This piece is exclusive to Broadband Breakfast.
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