Some of us here are old enough to  remember how we used to lose our tickets: on the plane to Paris or to our favorite pop band concert. NFT tickets not only make that impossible but provide ownership and collectable logic to tickets.

Digitization certainly simplified ticketing, but a QR code without context seems vapid. With the advent of NFTs, tickets are now more functional and memorable. Tickets, which were traditionally paper-based, faked, and stolen in the highly digitized world we live in today. NFT technology does not only make ticket a unique asset but also a valuable one.

With  NFTs, neither the organizers nor the guests have to compromise as the technology benefits both. To begin with, let’s discuss the basics of NFT ticketing.

What is NFT ticketing?

Digital assets are becoming more valuable as we move toward  Web 3.0 (or Metaverse). Companies can sell or use digital assets to enhance their customer’s online experience. It is possible to store and exchange physical items either together or independently using their unique digital representations.

That is when digital platforms need a secure interface like NFT ticketing. NFT tickets serve as access credentials for your events and provide exclusive perks. These assets can be sold, generating new revenue streams for the community and yourself. (In a tie-up with an event or ticketing merchandise or through the resale of purchased tickets).

The NFT tokenized tickets will allow attendees to access both the in-person and virtual experience. 

How does it work technically?

1. Event organizers can select the blockchain platform they prefer to use for NFT tickets as part of the ticketing system.

2. They can program the NFTs to set a sale price or run an auction to sell the tickets.

3. Buyer has much broader variety of payment methods

4. A smart contract is triggered in response to a payment, resulting in an NFT being sent to the buyer.

5. Once you purchase these tickets, you can store them in customer wallets and access them from mobile devices.

6. The ticketing platform uploads a ticket to decentralized storage

7. An automatic payment is made to the seller from the smart contract when the buyer purchases the ticket.

8. You can upload your ticket to a marketplace and expect a transparent deal if your plans are changed or it was intended to flip a ticket from the beginning

The main benefits of NFT ticketing

Prevent fake tickets and scams

Both ticket holders and organizers have access to a single version of information via  blockchain. As a result, all parties can verify an NFT’s authenticity after transferring from initial sale to resale. If you want to prohibit resale, it’s possible to make NFTs non-transferable so they can’t be sold to another person.

Cost reduction and quick production

Compared to traditional ticketing, NFTs have negligible costs. A non-forgeable ticket allows customers and organizers to verify the authenticity and track ownership histories for less production cost. An NFT can be created and made ready for sale in under a minute.

Constant revenue

Programmable NFTs often have built-in rules for purchases, resales, and royalty splits. It allows users to calculate profit-sharing percentages and receive the funds they are due within the NFT code, preventing manipulation of these percentages from changing over time.

New revenue opportunities

With NFT-based tickets, new revenue opportunities are endless. For example, we could resell NFT tickets as collectibles, offer food and drink deals with NFT tickets, and reward fans who collect many tickets.