Home Technology What are NFT tickets? The next evolution of ticketing • Benzinga Crypto

What are NFT tickets? The next evolution of ticketing • Benzinga Crypto

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What are NFT tickets?  The next evolution of ticketing • Benzinga Crypto

Have you decided to buy a non-fungible token ticket (NFT)? First you need Ethereum, which is available at Robin Hood and eToro.

As the mania for non-fungible tokens (NFTs) begins to fade, questions regarding utility have arisen. One of the most discussed potential use cases for NFTs comes in the form of a ticket. While NFT ticket startups are plentiful, wide adoption remains to be seen.

NFTs allow digital assets to be tied to unique tokens on the blockchain. The most successful use of NFTs so far has been linking jpegs of cartoon animals to tokens. This first mundane use case resulted in a market worth $15.8 billion in 2021, via GlobeNewswire.

There is a demand for NFTs, with the potential to tie more complex digital assets to NFTs, including banknotes.

What are NFT tickets?

Before getting into NFT tickets, it is important to define what an NFT is. NFTs come from the ERC-721 token standard on Ethereum and hold unique property. Uniqueness creates different values ​​for individual tokens.

The technology has sparked a craze for NFT art, where digitally created art is verifiable and tradable on a blockchain. NFTs may also hold royalties for the original creator. For example, an artist can set a 5% royalty for each resale of the artwork.

With unique values, it is easy to distinguish between NFTs and between real and fake digital assets. For example, BAYC has a collection of 10,000 images of monkeys, with each monkey being a unique work of art. Their uniqueness makes them different from ERC-20 tokens (Dogecoin, Uniswap, USDC, etc.) which can be easily traded one for one.

Although the artistic stage of NFTs has an impact, more complex uses could be implemented. The ability to verify ownership on the blockchain and resell with embedded royalties could be used to innovate the ticket sales economy. Additionally, the ability to delete a collection of NFTs with unique characteristics among the collection could be mimicked with an event that deletes a collection of tickets containing unique seat numbers and other details.

What’s wrong with traditional tickets?

The most notable issues observed with traditional tickets are:

  • Used ticketing robots force higher prices
  • Counterfeit banknotes resold
  • Zero percent resale for artists

This list could go on and on, and while NFTs won’t solve all the problems, the continued improvement of smart contracts could. New token standards continue to be released, along with blockchain improvements, which Vitalik Buterin says will only be 55% complete after the merger into Ethereum.

Why are NFT tickets better for fans?

Some key benefits that NFT tickets offer fans are:

  • Elimination of resold counterfeit banknotes
  • Unique cardholder benefits
  • Publicly Verified Collectibles

By using blockchain to authenticate tickets, fake tickets can be eliminated. The advantages are obvious. NFT technology provides access to fan communities and discounts on merchandise. Additionally, many fans keep tickets as collectibles — much like Facebook puts your photo album online, NFTs can move your tickets from your sock drawer to the public blockchain.

With a number of obvious benefits, the biggest problem is that not all fans are into crypto. This factor eliminates a large portion of potential buyers. However, the first market to implement ticket NFTs is crypto conferences. Since the majority of these participants are crypto natives, it is easier to use this new technology.

Why are NFT tickets better for artists?

NFTs are also beneficial for artists performing at events.

Some benefits could include:

  • Perpetual royalties
  • Bringing artists and fans together
  • Additional utility

Artists currently have no easy way to profit from ticket resales, but NFT does allow artist royalties. NFTs can provide permanent digital proof of attendance at an event. For some events, this ticket could be worth a lot of money in the future. Artists can also reach out to fans long after the night of the event, so the prospects for community building and increased artist profits are limitless.

Best NFT Ticket Market

The most popular marketplace is OpenSea. Other options exist such as YellowHeart, Rarible, Nifty Gateway and LooksRare. Each market caters to different user needs and benefits. Some marketplaces have been created specifically for the use of NFT tickets.

Where to Create and Sell NFT Tickets

NFT tickets can be created on NFT platforms like OpenSea, but some platforms specialize in this area. One example is Oveit. The platform allows users to create, mint and sell tickets. Benefits include invite-only registrations, instant payments, and global sales.

So, will NFTs revolutionize the ticketing industry?

NFTs are an innovative technology that has the potential to change the ticketing industry. However, some see NFTs as a solution in search of a problem. Whether this is because NFTs are too early in a new technology or if they have reached their maximum potential with art has yet to be determined. With the number of talents joining the crypto and NFT space, it is not yet time to cut NFT tickets.

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