NFT Tickets Could Be The Solution To Ticket Touts – BeInCrypto
The NFT industry is moving on from expensive JPEGs and knocking on the doors of a ticketing industry in dire need of reform.
The NFT market has been in poor health since the Terra and Celcius collapse in the late Spring/early Summer of last year. Monthly volume fell from nearly $3.3 billion in May to just over $1 billion in June, according to DappRadar. Following the FTX crash, NFT prices dropped a further 15% in a single day. The contagion from the exchange’s collapse caused widespread panic about all blockchain-based products, including cryptocurrencies and NFTs.
However, the 2022 market crash has accelerated trends that were already taking place. Investors and traders are increasingly less convinced by quick profits and are looking for NFTs with more utility. One use case that is quietly entering the mainstream is the ticketing industry.
Last year, British electronic trio Clean Bandit announced they were using NFTs as tickets for their own UK tour. The initiative is part of the Seatlab Sounds University freshers tour, a series of events run by NFT ticketing provider, SeatlabNFT. The platform enables fans to buy NFTs tickets which can be saved, stored, and sold for SeatlabNFT’s own crypto coin, $SEAT.
Last year, Kevin Hart’s “Confessions of the Hart” NFT collection also included a package that gave certain holders access to some of his shows. DeFy Tickets, another blockchain ticketing platform, partnered with Lupe Fiasco and Gucci Mane for a summer shows last year.
From Paper To Phone To NFT
The NFT takeover of the ticketing industry would be the second revolution of its kind this century. In 2000, there was no other option but to have your tickets sent to your address or collected at the venue. As broadband and email services became a staple, vendors began offering email tickets for you to print off at home. As the smartphone took over, the need for a printer disappeared, and a QR quickly became the standard way of entering your live event of choice.
This colossal market presents ample opportunity for NFT tickets to make inroads. The global events industry was worth $1.4 trillion in 2019 and is expected to reach $1.6 trillion by 2028.
Whereas QR codes could put your ticket straight into your pocket, NFTs can add another layer of benefit for both vendors and fans. With its in-built transparency, blockchain is a ready-made solution for event organizers wanting an immutable public record of who has purchased a ticket.
NFTs can also turn tickets into more three-dimensional products. Owners can