NFT Ticketing & Utilities: The Ultimate Guide

At the heart of this evolution are Non-Fungible Tokens (NFTs). These digital tokens represent ownership of unique assets and are created on the blockchain, bearing similarities to cryptocurrencies. However, unlike cryptocurrencies, which are fungible and can be interchanged, NFTs are unique, ensuring digital scarcity and ownership. This concept is similar to a football trading card, where the owner of the NFT doesn’t possess the physical card but has a token representing their ownership of the item, enabling them to sell and profit from this card.

In the realm of ticketing, each NFT represents a unique ticket, holding an identifier that cannot be duplicated, thus ensuring the ticket’s validity. Furthermore, as each transaction is recorded on the blockchain, there’s full traceability of the ticket’s life cycle, from its creation to its last transaction.

Platforms like ComeTogether leverage this technology to provide a disruptive and innovative solution to ticketing, offering peace of mind for your customer experience. NFTs not only provide a safeguard against ticket fraud but also tackle ticket scalping, as the blockchain technology allows for the inclusion of smart contracts. These contracts can be coded to ensure a percentage of secondary sales go back to the event organizers, thereby maintaining fair ticket pricing and generating additional revenue streams.

ComeTogether’s tickets are now transformed into NFTs, digital tokens unique in their identity, making them impossible to replicate and thereby eliminating the threat of counterfeit tickets. But that’s not where the innovation stops. These NFTs can also be resold as digital collectibles even after the event, opening up a new market for enthusiasts and collectors.

In a departure from the conventional static QR code tickets that have long been a security weakness, ComeTogether introduces a new form of digital ticket. These tickets are delivered via a dynamic QR code that changes every 30 seconds. This ensures that tickets are always original and valid for event entry, significantly reducing the risk of ticket fraud and enhancing security.

Event organizers maintain control and tracking of these tickets throughout their lifecycle, even if they change hands. This feature is especially useful in cases of resale or when tickets are transferred to a friend, as it maintains the integrity of the ticketing process while providing event organizers with crucial data and insights.

Beyond merely serving as event passes, these NFT tickets also have the potential to enhance the fan experience. They can be bundled with exclusive content or experiences, serve as digital collectibles, and offer a new revenue stream for event organizers through commission on secondary sales.  An NFT ticket can unlock exclusive content or experiences, enhancing the overall event experience and serving as a digital collectible that can be resold even after the event. This unique blend of utility and value represents a significant shift in how we perceive event tickets.

However, as with any emerging technology, there are challenges to consider. Ensuring inclusivity for all potential users, regardless of their familiarity with blockchain or cryptocurrencies, is crucial. There’s also a need for clear regulatory guidelines to promote trust and security in this evolving landscape.

In addition, we can create NFTs from event memories, such as videos or Augmented Reality (AR) experiences, adding another layer of value to the ticket. This not only transforms the event ticket into a long-term asset but also enhances the overall experience for attendees.

We offer a dedicated marketplace for selling these NFTs (both tickets and collectibles), and these are interoperable with existing marketplaces, expanding the potential reach and liquidity of these assets. The event organizer can track these NFTs throughout their lifecycle and even receive a commission each time they’re resold, creating a new revenue stream that’s not present in the traditional ticketing system.

In the burgeoning world of Non-Fungible Tokens (NFTs), the application of this technology to event ticketing is revolutionizing the experience for event-goers, organizers, and artists alike. This transition from traditional ticketing to NFT ticketing involves unique digital tokens known as NFTs, which are secured on the blockchain, promising authenticity, transparency, and an enhanced user experience.

Purchasing an NFT ticket is a straightforward process similar to traditional ticket buying. The unique aspect is that these transactions take place in fiat currencies like Euro or USD through card payments, eliminating the need for users to hold cryptocurrency. The acquired NFT is then sent directly to the user’s digital wallet, representing a unique ticket that is both verifiable and immune to duplication or forgery.

Notably, the process of issuing, redeeming, and exchanging NFTs within the app’s marketplace is free from any gas fees, making it more accessible and cost-effective for users. Moreover, users have the option to connect their Metamask wallets and withdraw or ‘mint’ their NFTs on Polygon, although this action is subject to gas fees. This feature ensures interoperability with other NFT marketplaces and social media platforms.

This discussion isn’t all about the digital world, NFT utilities can allow access to digital assets, but also physical assets. Some of you may have heard of the term phygital – this brings together the physical and digital world as you would expect. 

NFTs with utilities allow for the experience to expand once a fan enters an event. Attending an event is an experience and the utility provided by NFTs can substantially enhance the experience of those who come to an event. There could also be the opportunity to provide different types of experiences with different categories of NFTs.

Utilities don’t need to stop after the event, they are a great way to stay connected with fans (attendees). Why not use this opportunity to create a community with fans? Once they have the NFT on their device, ongoing communication for delivery of additional utilities can continue. This is like opening a new channel for marketing campaigns for your future events. 

Also, utilities don’t need to only be about in-person events. By allowing the holder of the NFT to do/access something they couldn’t otherwise, this can be broadened beyond events.

It is hopefully clear at this point why the organization (event organizer, performer, sports club, etc) issuing NFTs with utilities can use this functionality to promote their brand, increase their revenue, maintain exclusivity where desired and stay in close touch with their audience. In addition to developing new revenue streams for the NFT utilities mentioned above, there is also the opportunity to sell and promote sponsorships within the NFTs from your partner network.

But why is this a great idea for the fans? NFTs with utilities allow the holders of those NFTs to expand their access, experiences and memories of participating in an event through a single interface – the NFT they hold on their device. Everyone wants to feel special, access something not everyone can and take home a sharable memory. These desires are all addressed via this technology.