NFTs are now known and accepted across several industries such as music, sport, fashion, etc. The event ticketing industry is the latest to accept and integrate with NFTs.
The event ticketing industry is broad so it cuts across all the other industries I mentioned previously. The music industry uses tickets for musical events so also does the sports industry also uses tickets for sporting events.
Therefore, the integration of NFTs in the event ticketing industry also affects other industries that use tickets.
We see one of the biggest musical and arts festivals in the world which is the Coachella Valley Music and Arts Festival releasing different NFT collections for the festival one of which offers the holders of this unique NFT lifetime access to the festival.
An NFT collection also released by Coachella is a collection that consists of the digital versions of festival posters throughout Coachella's history and can also be redeemed for a photo book.
Another NFT collection released by Coachella consists of a random selection of festival photos and soundscapes which can also be redeemed for a physical art print of the photo.
The NFL also plans to give out NFT tickets to those who attend the Super Bowl in Los Angeles which is going to take place on the 13th of February. This comes after they launched the commemorative virtual ticket NFTs in 2021. The NFL also distributed over 250,000 NFTs as of mid-January. Source
The integration of NFTs in the event ticketing industry is moving to tackle the problems associated with the traditional ticketing system.
The technology behind NFTs which is blockchain technology provides decentralization which is one of many reasons NFTs are getting accepted and integrated into many industries.
With decentralization in the event ticketing industry, the middleman is taking out, therefore, creating a direct connection between the artists and the fans or the organizers of an event and those who will be attending.
This will reduce the rate of ticket scams happening in the event ticketing industry
NFT ticketing is going to prevent and reduce the sale of fake tickets because NFTs are unique. So when NFT tickets are minted by an artist or organizer, each ticket from the collection of tickets minted is unique and is the only ticket that exists. So the circulation of fake tickets will be reduced.
In the traditional ticketing system, tickets get bought in bulk and then later get sold for prices higher than the original price placed by the organizer or artist.
Final Thoughts
The integration of NFTs in the event ticketing industry is a great move by the billion-dollar industry which will bring about development, security, and transparency in the industry.
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