Look out events industry... NFTs are coming!

The last few months have seen NFTs wielded by digital creators to take ownership over their craft and content. Now other industries are beginning to understand the value that these nifty decentralised tokens can provide.

One of the most promising immediate perfect fits for NFT tech is the events industry. Ticketing has always been an expensive process, prone to scams, authenticity issues, and reliance on monopolies. NFTs offer solutions for all of these issues and more.

So how exactly would NFTs work in the ticketing world and what are the key benefits?

How can NFTs be used for ticketing?

NFTs are in essence a unique digital token stored on the blockchain. Once they are minted (created) onto a blockchain (a ledger system that is decentralised and therefore secure and transparent), they can be sold and transferred to customers digitally. Customers then store their NFTs in a secure digital wallet that can be accessed by any device.

Once you shift your focus from seeing NFTs primarily as artwork, you can see that they can represent any form of unique information… such as an event ticket!

Event organisers can mint the required number of unique NFT tickets onto their chosen blockchain. They can programme the NFTs to set a sale price (you can also programme them to set a resale price, but we’ll touch on that in a bit!) or even run the sale as an auction where people can bid for tickets.

Customers can then purchase the NFT tickets and store them in their wallet, which can be accessed on their phone. They simply produce their NFT when they arrive at the event.

So what are the advantages of the NFT approach to ticketing?

The advantages of NFT ticketing

When implemented well NFTs have the potential to drastically improve the ticketing experience for both organisers and attendees. Some of the top benefits are:

Preventing scams and fake tickets: The blockchain provides a single source of truth for both organisers and ticket holders. The transfer of NFTs from initial sale to any subsequent resale is recorded immutably on the blockchain, so all parties involved can easily verify the authenticity of the ticket. Even cooler, in cases where resale of tickets is strictly forbidden, NFTs can be programmed as non-transferrable, so they physically cannot be moved to another buyer.

Perpetual revenue: As programmable digital assets NFTs can have built-in rules for resales, merchandise, content and royalty splits. This means that the organiser can determine profit sharing percentages for any future resales or downstream creative content on secondary markets, and reliably receive these funds knowing they are unalterable within the NFT’s coding.

New revenue opportunities: NFTs put tickets into the realm of programmable money, opening up unlimited potential for new revenue opportunities. For example resale of NFT tickets as collectables, using NFT tickets as a gateway for giving food and drink deals, even rewarding super fans who have collected a certain number of event tickets.

Reduce costs: The costs associated with minting and selling NFTs are negligible in comparison to traditional ticketing infrastructure. For less production cost you also get a ticket which is unforgeable, so organisers and customers can quickly and absolutely validate the authenticity of every ticket on the chain and see the history of ownership.

Fast production: An NFT can be minted, finalised and ready to sell in less than 1 minute.

How much do NFTs cost?

We can’t speak for other ecosystems, but here at CENNZnet our blockchain complete with a user-friendly NFT runtime module has low transparent costs.

What are you charged for?

You are charged for minting your NFTs. This is a one-off fee and there are no continued costs for storage. If you choose to, you can also pay for the transaction fee required to send the NFT to your customer, though this cost can also be paid by customers.

How do you pay?

The minting and transaction fee is paid in CPAY, our spending blockchain token. CPAY is designed so that it will remain stable and only fluctuates fractionally within the market. (Learn more about our token economy here.)

How much will it cost?

Our NFTs will cost less than 0.1 USD for each NFT mint (and will usually be significantly lower than this!)

Getting minting on CENNZnet!

The CENNZnet NFT module is now live! This means that you can start minting NFTs or even build your own marketplaces on CENNZnet. Learn more about how it works here.

Also published on: https://medium.com/centrality/nfts-are-ready-to-disrupt-the-ticketing-world-5cf13c637912