Why is NFT ticketing the future of the ticketing industry?
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Digital ticketing continues to be an effective solution for event attendees and managers, especially in a world impacted by the coronavirus. Contactless ticketing solutions helps
reduce the risk of people getting sick as attendees and staff are not passing documents between each other.
Even though the coronavirus brought the online ticketing industry (and many events) to a standstill, demand continues to boom for virtual events. The estimated market size of online event ticket sales is now set to jump by 8% in 2022, according to September 2021 research.
Additional research projects the global market size of online movie ticketing services alone will jump by $6.13 billion from 2021-2025.
These statistics are leading many well-known online ticketing platforms to breathe a sigh of relief after suffering immensely over the last two years. SeatGeek reported June 2021 ticket sales that were more than double that of June 2019, while Vivid Seats indicated a 53% uptick within the same timeframe. Between June 2019 and June 2021, Ticketmaster sales across the United States increased by 21%, with notable jumps in populated metro areas like Washington D.C., Dallas-Fort Worth, and Miami.
Online Ticketing Fosters Unique Events And Adaptability, Especially In Tough Times
Online ticketing websites often attract many looking for tickets to sports games and concerts. However, they also continue to fuel unique event categories that continue to stick around despite the pandemic.
For example, Eventbrite noted back in 2015 how pop up restaurant events were the fastest-growing trend on the ticketing website. At the time, these types of activities were seen as a useful tool for chefs to boost brand exposure and help attract a customer base.
Years later, pop up restaurants continue to enjoy staying power as consumers remain interested in take-out, delivery, and outdoor dining due to coronavirus concerns. Notably, pop-up restaurants also feature less overhead and staffing costs, meaning chefs have a better chance of continuing work in shaky economic times.
As more across the globe become comfortable with digital technology and embrace online platforms due concerns about the coronavirus, it is no surprise innovation within the ticketing industry has found a home within the cryptocurrency world.
Crypto and blockchain continue to march towards greater mainstream adoption as major brands and media figures embrace the technology. In 2021 alone, Crypto.com inked a deal to rename Los Angeles’ Staples Center to Crypto.com Arena. Fast food giants like McDonalds and Burger King have also openly embraced NFTs.
NFTs Help Bring Transparency And Security To The Ticketing Industry
NFTs in particular have been heralded as a major innovative tool within the online ticketing world. NFT tickets ensure authenticity is confirmed, easy ticket distribution, and can add a collectability aspect to tickets due to their unique nature.
The National Football League announced in 2021 they would offer free NFT “virtual commemorative tickets” for select football games. Live Nation, the globe’s largest music events organizer, announced Live Stubs in the same year. The free NFTs, a digital equivalent of ticket stubs, were first used as the band Swedish House Mafia toured.
Several platforms within the DeFi world have embraced NFT ticketing as a core feature of decentralized event management and ticketing platforms. One is PhoenixDAO’s Events Marketplace dApp, which allows event attendees to buy tickets and managers to easily create activities in just a few steps.
All tickets created on the Events Marketplace are ERC-721 tokens (NFTs) and are assigned a permanent ID thanks to Phoenix’s unique Identity protocol. Tickets also follow users no matter where they go.
The security and simplicity of NFT ticketing solves many issues plaguing traditional platforms. As NFT ticketing continues to revolutionize the events industry, projects like PhoenixDAO and its Events Marketplace will continue to be a useful tool for countless people.
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