One Ticket to Rule Them All – NFT ticket

According to the latest reports, the NFTs (non-fungible tokens) market amounted to $41 billion in 2021. It is almost the same as the GDP of Albania, Malta and Monaco combined.

Apart from being a true piece of digital art, non-fungible tokens are altering particular moments into digital assets. What’s more, they might come along with extra perks that enhance fan engagement. On top of that, NFTs allow controlling and verifying the ticket flow, especially on the secondary market.

These are the reasons why NFTs are a perfect tool to carry out a digital transformation in the ticketing industry.

NFT ticket – what is it?

NFT tickets are a perfect solution both for the fans and for the organisers.

Here is why:

– They are based on blockchain technology that gives access to information about the entire transaction history of every ticket. Both ticket holders and organisers can verify the NFT’s authenticity.

– With the easy verification check, the secondary market is safe and can be easily controlled by the ticket issuer.

– Owing to NFT tickets, a personalised experience is delivered. Personalisation is crucial in engaging new fans, especially those from Generation Z. It improves enjoyment and enhances customer’s loyalty. NFT tickets are unique and they might be used not only as normal tickets but also as an access tool to the gated content.

– With the NFT ticket, the experience will no longer take place only during the event, but also before and long after it. This can be behind-the-scenes content or being rewarded by idols.

– NFT tickets can be minted in seconds and the experts state that the cost of production is going to be much cheaper. They also heavily reduce paper waste.

– As a result of implementing smart contracts, organisers can for example code an NFT ticket to automatically send a percentage of the purchase price to them after every resale. There is also a possibility to technically ban reselling by coding the tickets to be non-transferable. Obviously, people who resell tickets would still be able to find a way to make a profit outside the blockchain, but thanks to this technology, it gets tougher.

– With NFT ticketing, event organisers reach for new streams of revenue. It is up to them whether the ticket will have a set price or be listed in an auction. What’s more, NFT tickets are perfect for digital events that might have almost limitless capacity, which gives infinite opportunities for profit.

How does NFT ticketing work?

After being minted and stored on blockchain, NFT tickets can be purchased digitally. The process of buying it is simple. The ticketing company sells the tickets directly to the fans. Automatically, thanks to smart contracts, after receiving payment, the ticketing database sends one, unique ticket to the fan. Finally, NFT tickets can be stored in a digital wallet that can be accessed on any device.
Taking everything into account, no wonder that the ticketing industry is very interested in using NFTs.

NFT tickets in football

NFT tickets have been gaining popularity in sports for some time now, but most recently it was S.S. Lazio announcing its cooperation with Binance. In the upcoming season, the Italian football club will offer its supporters NFT tickets for their football matches. These tickets not only will give access to the home games, but also they come along with store and match discounts and other exclusive events. Additionally, Binance states that NFT tickets will help reduce forgery. With the use of NFTs as tickets, it is possible to definitely prevent double ticketing which means selling the same seat twice too.

There are unlimited ideas for NFT use in sports to empower fans’ engagement. To name only a few, clubs could sell jerseys with a discount, when a certain player scores a hat-trick. Or when a player gets a red card and is sent off – the supporter gets a free beer to drown their sorrows. The creativity of the marketing team is the only limit in this matter! 🙂

Conclusion

With the growing interest and use of Web 3.0 the ticketing industry might undergo a significant digital transformation due to its tokenisation. This brings advantages both for the fans and for the organisers. 

 NFT ticketing – benefits for the fans

– NFT Tickets come along with bunch of bonuses and incentives provided by the organisers;

– They give access to gated content, e.g. virtual experience with the artist or a player;

– The resale, if allowed by the organiser, is safe thanks to smart contracts;

– The “used” ticket, after the event, still might have some value to the collectors;

– Tickets are stored safely;

– Loyal fans can be rewarded by the artists or organisers with some perks that boost fan engagement;

– NFT tickets are a way to engage in a fans’ community.

NFT Ticketing – benefits for the organisers

– NFT tickets might activate a new clientele that is keen on collecting memories;

– Creating (minting) NFT tickets takes seconds;

– A possibility to earn profit out of every resale thanks to smart contracts;

– The authenticity of the ticket and the verification of the owner is easier than ever before.

Are you looking for more information about digital transformation in the sports industry? Visit our website to learn more about dedicated products and innovations designed for sports. To find out more about how TISA can help your organisation thrive in the digital world, contact us directly – we will be happy to talk about your case. And if you’d like to join our team and help us create the best digital solutions for the world of sports, check out our current career opportunities.