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From Tickets to Event NFTs – a force to drive web3 adoption
Ticketing is often considered a prime use case for NFTs. And it is. But – it can be a lot more than just "Tickets powered by NFTs". Let's reframe it:
Distributing tickets as NFTs can solve many of the inherent problems and issues facing live event ticketing today:
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Improving secondary market sales, reducing scalping and bot-ing, and allowing for better price discovery mechanisms.
With NFT tickets, event organizers/artists can also retain more value. For instance through automatic royalty collection from secondary sales.
However, I think we can one-up it. Think bigger and do more:
The bigger opportunity
Instead of "Tickets powered by NFTs", think Event NFTs.
A token that can do more than provide access at the gate. More like a multi-purpose key for all-things related to the event you’re going to.
A token that provides value and utility before, during, and after an event. Access, collectible value, and identity. Amplifying the experience. All wrapped in one.
Here are a few examples of how an Event NFT could keep a fan engaged through the whole journey of a live event:
Access at the gate (obviously). But also things like exclusive access to pre-order merch. Get you engaged and build anticipation long before the event.
Changing its appearance throughout the event lifecycle. For a sports event, it could mean updating to show the scores after the game.
Used to unlock and collect value-added experiences during the event. Stopping by a specific booth. Engaging with an activity. Creating an incentive to have a fuller experience.
Combine Event NFT with other tokens you collect. Maybe through playing a game from a sponsor. To unlock a reward like an upgrade discount. Combos!!
Give the Event NFT long-tail value by letting artists connect with fans and add additional value after the event. This could be things like early access to next years’ event, or pulling the fan closer via exclusive virtual events.
The opportunity is there to create game-like challenges. To compose a journey of checkpoints for fans. To provide engagement, guidance and value. Adding to the overall fan experience.
The opportunity is also there to create connection between artists and fans. For a web3 powered artist, the opportunity is there to connect live event NFTs with music NFT drops and online communities.
“We don’t need NFTs for this(!)”
My (least?) favorite counter-argument to interoperable & composable customer experiences (like the ones described above) is this:
“We can do all of this without NFTs/web3/tokens/etc”.
– Every web3 skeptic ever
Somebody always pops by a comment section to drop this knowledge bomb. 💣
Yes, it can be done without NFTs or web3.
But it's much more attainable with an NFT for instance.
Why? Because an NFT can serve as an open standard. A standard that’s accessible across systems and platforms. Making it easier to create composable experiences.
The alternative would be that the ticketing platform, the social platform, the streaming platform, the ecommerce platform and all the other platforms integrate and communicate.
To some extent they do – but your composable potential is limited by whether they do or don’t. Which isn’t optimal.
I don’t fancy the argument above. Like, in general. Just because something can be done one way, isn’t a great argument to not explore something new that might be a better option.
If we were to lean on that argument, we could still be faxing shit to each other right? Why would we need email?
Till next time.
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