The tokenization capacity of non-fungible tokens (NFTs)presents itself as the lasting solution to the ticketing industry. With the use of NFT and leverage of the Metaverse, artists and fans will enjoy all-time maximum entertainment.
NFT application and the advent of the Metaverse will cause an increase in the number of tokenized ticket platforms across blockchain networks. This disruption will help to solve problems associated with the traditional event-ticketing industry. Other benefits this will present the fans are absolute control over the ticket and awarding artists with royalties.
Meanwhile, there won’t be a secondary ticket sale if artists focus on using tokenized tickets. This will prevent counterfeiting, fraud and other illicit activities conducted by ticket brokers within the ticketing space. Likewise, artists will get good revenue and have control over determining their percentage from secondary sales. Also, organizers will have an advantage in income generation.
The convergence of the the two can be an emerging concept, what is apparent is the mainstream adoption. As a result, there is wide adoption of non-fungible tokens to ensure that fans and event attendees have specific experiences based on what they signed up for via their tokenized tickets. An instance is selling tokenized tickets that will allow fans to be transported to the event venue, meet artists one-on-one or do some group meet-and-greet.
Meanwhile, this increases engagement between the artists and their fans. As a result, fans believe they are exclusively part of a community with specific leverage via their non-fungible tokens than those who didn’t purchase the tokenized tickets. One of those instances is having a post-show get-together with an artist. This innovation is advantageous to artists and event organizers. It is potent towards increasing revenue generation.
As much as NFT ticketing is gaining momentum in the event-ticketing industry, there is a conflict over its adoption by the centralized ticketing system. Artists are willing to take advantage of this innovation, but they are met with resistance by the higher authority in the space, like Ticketmaster.
While this might cause some uproar in the space, Ticketmaster and other ticketing institutions now investigate how to incorporate tokenized tickets into their pre-existing business models. Creatively, companies seek creative ways to engage NFTs and use them to merge outstanding fans’ experiences in the virtual world.
Likewise, GetProtocol – an NFT white-label ticketing company – developed a product wherein organizations can explore tokenized ticket benefits. This is a result of enquiries from different ticketing companies across the globe. This product ensures that an NFT copy of every issued ticket is created. As a result, they can leverage it to make extra ticket values for fans around the virtual space.
As much as this is innovative and might push the ticketing sector forward in revenue, some ticketing companies might not naturally adopt the token system as it hurts their revenues.
All things being equal, NFT tickets will become more prevalent in 2022. This will result from the Metaverse development and might boost revenues in the music industry. As a result, the sector might leverage to recover the money lost since the pandemic began. The involvement might be disruptive, but it won’t replace traditional live concerts or music.
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