Companies in the ticketing market that lead with the understanding NFT tickets are about catering to the heart first and wallets second will see more success than those who don’t.
The ticketing market rests between consumers and the experience.
NFTs integrate the ticketing market into experiences such as being gatekeepers before an attendee enters an event and after they leave it.
Through NFTs, ticketholders begin to experience an event as soon as they purchase access to it.
Imagine purchasing your ticket to a Coldplay concert; the ticket arrives in your Ethereum wallet, with access credentials to a community platform only for ticket holders.
The platform enables other ticket holders to chat, purchase exclusive merchandise, and engage with the organizers. They can do all this before they even arrive at the concert venue.
After the concert, all ticket holders are can share their memories of attending the event with their concert-goer community.
This provides a powerful database for organizers and entertainers to learn from to understand what fans and attendees valued the most about the experience.
The different ways NFTs will connect ticket holders, organizers, and entertainment almost seem endless.
By enhancing the ticket market through further digitization, ticket holders’ experiences will only become better.
The power of mutually beneficial relationships
NFTs provide the opportunity to establish a new type of relationship with ticket holders.
In addition, they mitigate risk to the secondary market and create more collaborative opportunities between all the parties at the table.
As we explored previously, NFT tickets empower organizers and entertainers to connect with fans more effectively.
They also enable venues, teams, and leagues to collaborate more seamlessly by offering dynamic tickets to fans.
The dynamic digital passes would be able to automatically update fans. They would receive special bonuses such as additional NFTs and exclusive merchandise.
They could even receive even food and beverage vouchers to use at events.
Leagues and venues can also leverage more incentives for frequent fan engagement, with tickets traveling with a single person over several events.
Some incentives could offer the chance for fans to win large rewards like upgraded seats or meet and greets. Therefore, these transactions are securely recorded and tracked through blockchain technology.
Moreover, organizers can program their NFT tickets to collect a percentage of all future secondary sales back to them.
Other collaborating parties can receive a portion of the sale depending on the pre-designed terms and agreement.
For instance, if an NBA team were a collaborator involved in selling the ticket, they would also receive a portion of the sale in the secondary market.
This opens up a new revenue stream to all the parties involved in the event. Fans begin to hold onto their tickets more by knowing there’s a chance for their ticket value to increase over time.
Right now, the NBA and the teams it governs have never received a revenue stream of this nature.
NFTs open up countless opportunities to improve fan experiences while also creating opportunities for all the parties involved in shaping the fan experience.
For example, such as having more equitable revenue options and connecting with fans and consumers more personably.
Protecting the experience
Currently, ticket sales primarily funnel in this order aside from sports events: the venue, the sellers like Ticketmaster, the entertainment and agents, and the promoters.
However, the secondary market disrupts a portion of that flow of revenue through ticket scalping and fraudulent ticket sales. Therefore, NFTs would prevent ticket scalping and fraud altogether.
Fans can be assured of the validity of their tickets by purchasing NFT tickets, along with ensuring the value of their ticket. Protecting the integrity of the experience is key to increasing sales in the future.
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Editor’s Note: This post was written by Hunter Abramson, CEO of Relic Tickets.