Let’s unlock the benefits of smart tickets

We’ve just released our new smart tickets. Your attendees are going to love them. We’ve updated the design of our tickets but, most importantly, we’ve made a big change in terms of usability.

Why smart tickets? Because buyers can now easily add their event tickets to their mobile wallets, for both Apple and Android. We think it’s the most convenient and secure way for customers to access and manage their electronic tickets. As you already know, our electronic tickets can mean more than just access rights. And ticket addons are also available through the mobile wallet used by your attendees.

Here is how our smart tickets work

Nothing has changed in the registration process. But once customers land on the confirmation page, they’ll see the new option. Two simple clicks and the e-ticket will land in their mobile wallet.

print screens showcasing how to add Oveit's smart tickets to Apple Wallet.
print screen on an iOS device – adding an event ticket into Apple Wallet

Once the e-Ticket is added to the wallet it can be easily accessed through the app. Much simpler and faster than the traditional way. Or any other way for that matter.

Our tickets can hold unlimited perks and extra benefits. And they’re still available through a simple scan of the QR code. Attendees can easily see these addons straight from their wallets. The “info” icon displayed under the ticket will open a new screen, listing all the perks included in that particular ticket.

print screens showing hoe the add-ons stored on Oveit's smart tickets can be displayed in Apple Wallet
print screen on an iOS device – checking ticket add-ons in Apple Wallet

While for iOS users the wallet comes preinstalled, Android users have multiple options to choose from. We recommend WalletPasses, but there are multiple wallet apps supporting the .pkpass format.

Changes in the follow-up email

As not all customers will add their tickets to the wallet through the confirmation page, we’ve also updated the confirmation email. It now has the tickets in 3 updated formats:

.pdf for those that want an easy way to print their tickets

.png for those that want to download it to their mobile 

.pkpass for those that want to save it to their mobile wallets

Adding the (extra) personal touch

You’ve probably noticed a custom area on the ticket. You can add it to yours as well. The custom image can be uploaded on your tickets and will be available in .png and .pkpass formats. The customization is available through Step 3 – checkout settings.

image showcasing Oveit Dashboard and an iOS device with a smart ticket

We’re confident the event-goers will find this option extremely useful. They now have a simpler way to store and access their event tickets. But that’s not all; we’re confident that these smart tickets will also improve check-in times, as most of your attendees know at any given moment where they’ve put their ticket(s).

How to set up a token-gated event

The event ticketing market has seen fantastic progress over the last few years. And the development of Web3 allowed us to use emerging technologies to deliver better, safer experiences to our communities. So the improvements come not just in the number of sold tickets, but also in the technologies used for them. During this article, we will see how NFT tickets are changing the entertainment industry by focusing on how to set up a token-gated event. And, of course, why you should do it.

Simply put, token-gated events rely on a verification method based on Web3 tokens – instead of a classical e-ticket, the access is based on a non-fungible token. This makes it extremely efficient as it allows you to use it not just for one event, but also for other activities as well. 

People love live experiences, and it’s expected that the event ticketing industry will have an annual growth of 3.5% in the next 5 years. According to Statista, the projected market volume for 2027 is US$82.45bn, a 54% growth from 2019. Our bet is that by 2027 the vast majority of events will rely on NFT tickets. Let’s see why.

What are token-gated events?

Token-gated is an expression that became popular with the rise of Web3. To access these experiences, you need a non-fungible token – like a cryptocurrency or an NFT.  And the most popular form of token-gating an event (or any other type of content) is through NFTs and NFT ticketing.

For an event, this means that access management is done by checking attendees’ digital wallets for a specific token. While this is basically the equivalent of NFT tickets, let’s not forget that they are in fact smart tickets. And you can use it for so much more than just checking access credentials at the gates of your event.

So in this case, a token is gating the event – you don’t own a specific token, and you cannot access the specific event. Simple as that. 

Initially, as the NFTs were generally used as collectibles, the access to the events they allowed you entrance to was issued separately. So all holders of a specific NFT collection (or a cryptocurrency) would receive their access codes before the start of the event.

Now, you can create flawless processes through NFT ticketing. You can create an NFT that, besides other perks, grants access to a specific event. So it’s a token-gated event where a specific NFT becomes a smart ticket. Unlike a traditional ticket, an NFT ticket’s utility is not limited to a specific event. The token used for admission control is also a limited-edition collectible, can be resold for profit, has different perks and add-ons (like VIP access) embedded, and offers many other benefits. 

Why Use Token-Based Access for Your Event?

Setting up token-based access to your events will provide multiple benefits. For you and your community alike. 

You may have heard of tokens before, like NFTs or cryptocurrency. For token-gated events, they’re not just simple access codes. They’re special digital smart contracts that can do a lot of different things. For example, they can store information about different access rights, have economic value, and offer other benefits too.

The great thing about these tokens is that they can help create new, exciting experiences. For example, imagine you have a community of people who are all interested in the same thing. With tokens, you can set up a variety of experiences that everyone in your community can access using the same “event pass.” And because tokens can be pre-programmed, they can also act as event passes, loyalty program cards, and even a way to make payments. So whether you’re using an existing token or creating a new one just for your event, tokens can make the experience even better for your attendees, not just during the event but even after. 

Benefits of setting up Token-Gated Events

There are several benefits for setting up token-gated events, benefits that we have covered in the article covering the benefits of NFT tickets at large. But there are a few points that we should cover in this article in order to better understand why this type of token-gated event can make the overall experience better for your community.

Exclusivity

Besides security, token-gated events also add the feeling of exclusivity. Just those that have claimed a specific token have access to that event – so they will feel like part of something really special. 

Stronger community

This will tighten your community. Traditionally, those joining a specific event are part of a specific community. But unfortunately, until now it was complicated to empower that community as the event ticket would lose all of its powers once the event is over. But now, with the help of token-gated events, the token-based authentication allows you to use the tokens to strengthen your community. The same tokens can be used for gating exclusive digital content, venues, access to limited-edition merchandise, future events, and so on.

Step-by-Step Guide to Setting Up Token-Gated Events

Web3, NFTs, cryptocurrencies; it may sound complicated but it’s remarkably easy to set up token-gated events. With Oveit, each ticket issued by our ticketing platform can be a non-fungible token. Stored on the blockchain, this ticket is in fact a smart contract between you and your community. One that will grant your attendees access to the event, but will also allow you to customize the experience furthermore to the exact extent that you want.  

Create your account

The first thing you need to do is to create your account. You’ll just need to set up billing information and choose one or more payment processors. We work with direct debit for both traditional and NFT (e)tickets, meaning that each time somebody places an order money will go straight into your account.

Also, even for token-gated events, you can allow your community to pay with both fiat and cryptocurrencies. We support multiple payment processors for both types of payments, allowing you to serve your customers regardless of the way they choose to pay.

Setting up your event for tokenized tickets

With Oveit, you can easily set up your next event in just a few minutes. You set up the event details like the name of the event, time and place, and what data you want to collect from your attendees.

Oveit Dashboard - how to set up token-gated events using our ticketing solution

Setting up NFT tickets categories

For the NFT tickets, you can select the artwork that you want to be associated with the tokenized access credentials. You can choose from different formats like .pgn,.jpeg, or .gif, and the artwork will be minted for each of the tokenized tickets your customers will buy. 

You can opt between uploading a single artwork for the entire ticket category or using entire collections. It’s up to you to create the experience your community wants.

Oveit also allows you to set up different perks and add-ons for each ticket category. They can be anything that you want, like special access, merchandise, beverage or food, or even access to future gigs. By using this option, you encourage your attendees to create their own, personalized journeys.

With our software, everything is under your control. Furthermore, you can customize the follow-up email, delivering the message in your exact tone of voice. Once you finish setting up your event you can start selling smart tickets on your website. Using a simple copy-and-paste implementation.

Yes, with Oveit you can sell tokenized tickets on your website. Just like you did with regular (e)tickets. And the great part is that we take care of all the complicated technical requirements, you just need to focus on delivering a great experience.

Getting on hold of an NFT ticket has never been easier. While we recommend MetaMask as the go-to wallet, we support a variety of digital wallets. Your attendees can choose the one that best suits them.

Caption: print screen for Oveit – confirmation page for an NFT ticket order

Once the NFT ticket is actually minted, buyers will receive a confirmation email. They can now sign it to their wallets, becoming the owner of the NFT. It’s also available on marketplaces like OpenSea or Rarible. Your community is now ready to access your token-gated event.

Managing event access at a token-gated event

We’ve kept event access management as simple as possible. Using our proprietary scanning app, you can check the access credentials for each ticket. The blockchain-based tokens contain a dynamic QR code used for scanning. Inside the app, you will see the benefits included in that particular smart ticket. 

ticket issues by Oveit for a token-gated event

The dynamic QR code will regenerate every 30 minutes, making it impossible for anyone to copy it. This makes the experience safe for your attendees, as nobody can in fact steal or copy their event passes.

Final words

Token-gated events open new doors for live experiences. Online and in-person. Unlike traditional tickets, non-fungible tokens allow your community to be part of something special. Even long after the initial experience has ended.

Are NFTs useful in entertainment?

While technology becomes more powerful and accessible, industries from all over the world change. The way we do business is not the same. As with any change, technology implementation is also looked at with bad eyes. At least sometimes. But when it proves its utility, it becomes accepted by everyone. Today, we will see if NFTs are useful in entertainment. Of course, as you can guess, there are many benefits associated with the use of NFTs in entertainment. It’s the industry that will be first completely transformed for the better. We will focus on the benefits of using NFTs in the entertainment industry. But first, let’s see what they actually are.

Table of content
What are NFTs?
NFTs in the entertainment industry
Benefits of using NFTs in entertainment
Providing ownership and authenticity for digital assets
Programming the NFTs for the future
Using NFTs for event ticketing
How NFTs are used in the entertainment industry
NFTs in music
NFTs in gaming
NFTs in film and television
Using NFT ticketing for events
The cons of using NFTs
Environmental concerns with NFTs
Accessibility issues related to NFTs
Final words

What are NFTs?

As you already know, NFT stands for non-fungible tokens. Meaning that they are unique items, with unique characteristics, that cannot be divided or replaced. An NFT is a cryptographic asset that represents certain digital or physical goods and its nature makes it impossible to alter it.

As NFTs operate on blockchain networks and they are immutable. Their authenticity and ownership can be verified and guaranteed by the entire network. This, together with the fact that NFTs are minted through a smart contract (a short code that runs when certain predefined conditions are met), makes them powerful. 

To put this in other words, NFTs are digital assets that cannot be counterfeited. And that records the item’s complete history. They are associated with digital or physical goods and are pre-programmed to act in certain ways.

NFTs in the entertainment industry

The entertainment industry is one of the most active and creative industries in the world. So it was only natural for it to be one of the early adaptors of this technology. And while NFTs are already used for businesses operating in this field, we’re still in the early days. There are many applications for NFTs that will completely change the industry for the better. 

Benefits of using NFTs in entertainment

The entertainment industry is one of the wides fields there are, covering a wide range of activities. Due to its nature, authenticity and ownership are crucial elements of the industry. And as we have seen above, these particular aspects are well covered by the NFTs. Now, let’s take a look at some practical ways of using NFTs in entertainment.

Providing ownership and authenticity for digital assets

As their entire history can be verified (and altering it is nearly impossible), NFTs are synonyms for authenticity. This is one of the reasons why people pay so much money for specific digital artworks. Besides, of course, the hype that surrounds this technology. An NFT guarantees you that you are the sole owner of a specific digital artwork. But that is just scratching the surface of something way more powerful. 

Here is an example: Imagine you are trying to buy a very expensive piece of art. A painting for example. To make sure that you are buying the original one, someone needs to check its authenticity. Authenticity often comes in the form of a Certificate of Authenticity, stating that you are buying the original one. Well, regardless of how well the checking is done, I’m sure that there other collectors that have paid good money for extraordinary copies. That has, of course, Certificates of Authenticity. Which, by the way, is a separate asset and they can always be separated for good.

When it comes to NFTs, this “Certificate of authenticity” is actually part of the asset itself. It’s hardcoded within the token, signed by its creator, and checked and approved by the entire network. The blockchain network mentioned above. And each new layer of information is added as a new immutable block of code. When you decide to buy an NFT you are 100% sure of what you are buying.

Having this said, it’s obvious why people are investing so much money in NFTs. They are sure that they are not buying worthless copies – regardless of the actual utility of what they are purchasing. 
This is an overview of how authenticity and ownership are tackled by this technology. But now let’s see which characteristics of NFTs can be useful in entertainment. They will, of course, apply to other industries as well. Take a look at how to use them for tourism.

Programming the NFTs for the future

Another incredible asset stands in the smart contract that governs an NFT. This code programs the NFT to act in certain ways when it meets certain conditions. So an NFT can actually do a lot of things for both its issuer and its owner. 

You can program an NFT to include future discounts or benefits. A new band that released its first album can use this option to incentivize them to buy it. The NFT can include, besides the actual album, a 15% discount for all future albums they will release. Anybody that supports the artists by buying their first album will enjoy lifetime discounts on their releases. 

Allowing fans to actually own your work. Digital items can be tokenized. You’ve heard about the first-ever Tweet sold as an NFT. But you probably haven’t heard about entire movies that went through the same process. Here is an example, one from our own backyard. In 2021, we’ve sold a movie as NFTs. Although this was for a social cause, the same principle could apply to a filmmaker that looks for a way to finance the work. The movie can be tokenized and sold to the supporting community. Fans will not only own part of the work and can receive a cut if the movie becomes a big hit. They are now part owners of the motion picture. A win-win situation indeed.

Setting up royalties. One of the most important benefits of working with NFTs is the potential to set up royalties. This means, that each time the token is (re)sold, a certain percentage goes back to the issuer. This is very important as creative work tends to increase in value over time. It helps creators benefit from the true value of their work. 

Using NFTs for event ticketing

As NFT ticketing is what we do here as Oveit, we’ve elaborated on this subject on different occasions. NFT ticketing is one of the best use cases to prove how useful NFTs are to the entertainment industry. But If it would be to name just one benefit, this would be protecting your community. And here is how:

Event ticketing fraud is mainly aimed at ticket buyers. Scalpers are looking for easy money by buying and reselling tickets for outstanding prices. Fraudsters are selling fake tickets. Or they’re selling the same legit ticket to numerous buyers.

With the help of NFT tickets, you can set up upper prices for your tickets on the secondary market as well. Being governed by a smart contract, this smart ticket can limit itself when it comes to price or how many times it can be resold. At the same time, ownership and authenticity are embedded into a smart ticket. This way, no one could ever sell fake NFT tickets or deceive tens of hundreds of people by selling the same ticket.

How NFTs are used in the entertainment industry

Now, after we saw how NFTs can be used to enrich the experiences of the stakeholders in the entertainment industry, let’s take a look at some practical examples. 

NFTs in music

There are plenty of examples of how NFTs enrich the music sector. Music NFTs are pretty common as this is a great way for artists and fans to come together. Usually, music NFTs will offer buyers access to exclusive content together with extra benefits for future releases and events. 

You’ve probably heard of Steve Aoki, Snoop Dog, and Don Diablo selling NFT Music for millions. What’s amazing is how this technology can support smaller artists to protect their work.

So instead of focusing on the celebrities that sold Music NFTs, let’s take a look at Verdigris Ensemble, a choir from Dallas. They’ve recorded a 21-minute-long unique interpretation, tokenized it, and listed it for auction as an NFT. It was sold for 56.4 ETH (in May 2021 that worth around $375.00) and they shared the revenue amongst those that took part in the recording. 

And this is just one of the cases. More independent music artists are tokenizing their artwork and selling it as NFTs. This allows them to have a direct connection with their fans. And support their business through digitalized ownership.

NFTs in gaming

source: opensea.io

When it comes to gaming, NFTs take a different form, with both already established companies and web3 startups. In the long run, NFTs will allow players not only to swap assets like skins and weapons. But will also allow them to transfer assets from one game to another. By transforming it into an NFT, the item becomes an immutable token and the player has full control over it. Furthermore, players will be able to use them long after they stop playing a specific game. Or if the developer stops supporting it. 

Let’s also take a look at some real examples of using NFTs in the gaming industry. 

Have you heard of CryptoKitties? This game allows you to collect and trade digital cats and each cat is an NFT. Will web3 evolve around cute cats as well?

Decentraland is a 3D virtual world where users can play, engage and in various activities, and buy virtual land plots. Not a game in the way we are currently used to, but through gamification, they encourage people to be active in a shared digital world. 

Focusing on the classics, Konami sold an NFT collection of 14 NFTs to celebrate 35 since Castlevania saw daylight. Along with the income resulting from the direct sale, the company also keeps 10% of future resales in the form of royalties. Showing that they trust the collection’s value will grow over time. 

NFTs in film and television

As I have already mentioned, our example is a perfect showcase of how to use NFTs in the movie industry. This is a flawless process that allows communities and artists to work together. Fans can support projects they believe in, while creators have an easy way to transfer ownership toward their supporters. 

For The Whishing Tree – Childhood Memories, we’ve extracted 12.432 video frames. We’ve tokenized them, and sold them as NFTs. This way, everybody that wanted to support this movie (revenue went to a non-profit organization that treats patients with palliative conditions) was able to actually own part of it. The price of an NFT is equal to the cost of home visits made by the non-profit. And the number of frames represents the number of visits they made in 2021. 

And while The Wishing Tree – Childhood Memories is one of the first movies sold as NFTs, it will definitely not be the last. “Zero Contact”, one of Antony Hopkins’ newest projects, is also set up as a non-fungible token, making the movie a limited collection. One of the main benefits of NFT Movies, deployed on the blockchain ledger, is that it is protected against piracy. But it can also allow NFT owners access to special extra benefits. Physical or digital.

Just like for music, NFTs can support independent filmmakers who can tokenize and sell their work. Buyers become owners of that specific project. And at the same time, they can benefit from special discounts for future projects, access to premieres, or limited and personalized content. 

Using NFT ticketing for events

As Oveit is a company focusing on Web3 ticketing and cashless payments, it was impossible for me to omit ticketing from this list. Events, in the form of token-gated events, will probably benefit the most from this technology. It’s not about stopping someone to access your event with a counterfeited ticket. It solved problems much bigger than that. 
An NFT ticket is the gateway for a completely new experience. In fact, although we name them NFT tickets, these digital assets are completely different from what we know as event tickets.

The cons of using NFTs

There are a lot of great ways we can use NFTs in. And the entertainment industry definitely benefits them. But just like pretty much anything else, there are some concerns about NFTs. And some of them are valid. 

Usually, any subject that generates so much hype is used for PR stunts. NFTs made no difference. So, often NFTs without any practical utility were released. And this, in time, affected the whole community. Luckily, more and more projects showcasing the true utility of this technology were born. But there are still 2 main concerns about NFTs and blockchain technology.

Environmental concerns with NFTs

What makes NFTs powerful is also making them unfriendly to the environment. Each transaction within a blockchain network is checked and approved in a certain way. As these networks grew in size, so does the need for computing power. But, depending on the cryptographic proof needed to operate the system, there are many differences between different blockchains. While the initial proof-of-work protocol used by bitcoin requires large energy resources, a proof-of-stake validation is more efficient. And while this does not completely solve the environmental footprint issues associated with blockchain ledgers (and NFTs), it’s a big step forward to solving the problem.

Accessibility issues related to NFTs

Photo by Roy Javier on Unsplash

As for any new technology, it will take time until NFTs are mass-adopted. The utility of this technology is helping businesses and customers interact in ways never seen before. But it’s still difficult to deliver these experiences to all potential customers. 

The transition from web2 to web3 is going to take place over the next few years.  And the success of this transition depends on how easy the onboarding process is. And while early adopters are adopting the new technology, it’s going to take a collective push toward mass adoption.

[…]the approach they’re gonna come to us because we’re this cool culture, this cool movement, is just not realistic. Simplifying the process, improving UI & UX, and allowing for that migration to actually happen. I think anyone that kind of stresses that process and makes sure that that’s an integral point of their product is said to have a lot of users.

                                                                       Soufia Trabelsi, Polygon Studios

Yet, experts from McCann Worldgroup expect that by 2026, there will be more than 2 billion web3 users worldwide, accounting for more than 40% of total internet users. Web3 is rapidly gaining ground. And powered by the benefits they provide, so do NFTs. 

Final Words

I hope this article answers the question it’s built around. Although there are (at least) 2 main concerns related to NFTs, the benefits are countless. These new technologies are creating a direct connection between creators and fans. Are allowing communities to easily support artists in a transparent manner. And it helps the latter to reword their supporters. 

It’s out of my area of expertise to guess when mass adoption will be reached. But for sure that the critical mass has been reached. The benefits provided by NFTs are allowing us to create better experiences, encouraging end-users to onboard this thrilling ride. So yes, I would definitely say NFTs are useful in entertainment. More than we can even imagine. At least for the moment.

Token-Gated Events are the future

No more fractioned experiences. Get rid of ticket scalpers. Eliminate fraud. We’ve just released a new version of NFT tickets, the one that glues everything together. We consider it to be the peak of our work so far. But what really matters is how this helps you shape new experiences.

Here is what this means to you and your community

Everything becomes an immutable token delivered to your customers’ wallets. The artwork created for your event, their access credentials, their perks and add-ons, are all packed up as the NFT ticket. Added to their wallets, these digital assets will allow them to control the full experience from one place.

Dynamic QR codes

print screen from a mobile app showcasing an NFT ticket generated with Oveit
within the NFT ticket, the QR code can be regenerated at any moment. By default, it will regenerate every 30 minutes

We’ve enhanced the NFT ticket with a dynamic QR that refreshes once every 30 minutes. Or as often as its owner likes. This way you’ll know for sure that each QR code you scan is legit, protecting the experience stakeholders against potential fraudsters. So yeah, although this is a real NFT ticket, the QR code above is useless now.

Perks and add-ons are embedded into the ticket. The benefits

extra benefits included in the ticket - print screen from a digital wallet
the benefits are displayed within the NFT ticket

Perks and add-ons (like VIP access, multiple entries, and pre-purchased merchandise) are embedded within the NFT ticket. Attendees can easily claim their perks by showing the dynamic QR, each having its own check-in option. This keeps their assets secure while giving you access to real-time data on how they claim these benefits.

NFT tickets can be easily (re)sold or gifted

Customers can easily sell or send the tickets

Buyers can sell their NFT tickets on non-fungible token marketplaces or share them as gifts. Unlike traditional e-tickets, these smart tickets are trackable in terms of authenticity & ownership, allowing 100% safe swaps. At the same time, you can protect your community from scalpers by setting up lower and upper reselling prices. Not to mention that you can tap into the secondary market gains by setting up royalties – so that each time a ticket is resold, a certain percentage finds its way back to you.

How will you handle check-ins and benefits for a token-gated event?

Just like you did before. Use our mobile apps to scan the QR codes and data will be instantly synchronized in your Dashboard. Pretty cool, right?

Contact us to learn more.

what is an NFT ticket?

What is an NFT ticket?

Although NFTs represent one of the hottest topics, it’s often difficult to define the exact benefits they come with. The same applies to NFT tickets, of course. So during this article, we will try to explain what an NFT ticket is by naming the main benefits it brings to the events industry. 

While an NFT is a digital record that comes with a computer program attached, in general, they are associated with what meets the eye. The (often not so) pretty pictures. But an NFT ticket is not just a pretty picture. It’s a pretty picture (or gif, or movie) that is disrupting the entertainment industry. And it does it providing utility through the use of blockchain ledgers. This makes it the perfect example of technology used right.

It’s very easy to set up an event and sell electronic tickets. Also for the buyers, the process is similar to buying any electronic ticket. They just need to add it to their digital wallets. Easy to use technology at scale. 

But once the NFT ticket is created (or minted), the opportunities become unlimited. This new technology is not just solving many of the current issues faced by the industry, it’s actually creating new experiences and opportunities. This is why we truly believe that NFTs in the form of event tickets provide one of the biggest opportunities and are the leading example of the utility provided by blockchain technology.

Now really, what is an NFT ticket?

NFTs (non-fungible tokens) are unique digital records created on a blockchain network. Meaning that once created (minted), they can’t be altered or changed. Physical or digital assets (basically anything you can imagine, such as an event ticket, a picture, a song, a video, etc.) are stored with proof of ownership and their entire transaction history. Smart contracts (small computer programs) are associated with NFTs, allowing them to act based on a set of predefined rules.

So an NFT ticket is a digital token stored on the blockchain and has the access credentials (and many other extra benefits provided by the event organizer) embedded within itself. It’s a smart ticket with superpowers that disrupts the entire event industry. And it does it by providing easy access to a complete set of benefits for all parties involved. 

The benefits of adopting NFT ticketing

To get a better understanding of what an NFT ticket is and how it improves the existing processes, let’s focus on the benefits it creates for event organizers, artists, and attendees alike.

NFT ticket issued by Oveit - print screen from Twitter
source: Twitter

An NFT ticket gives you full control over its distribution

One of the biggest problems in event ticketing is scalping – large numbers of tickets are bought with the sole intent of reselling them for a large and quick profit. This action has a high negative impact on the overall attendee experience and creates profit on the (more than) gray secondary market. 

But NFT tickets give the initial seller over the ticket distribution on both the primary and secondary markets. For starters, transactions can be checked on the blockchain and you can see if the same wallet is engaged in multiple transactions. 

Furthermore, as programmable digital assets, resale prices can be embedded into the ticket. So even if somebody buys numerous items, they won’t be able to sell them for a large profit.  You decide the upper and lower limits for which the event tickets can be resold. This way, you are protecting your attendees from those looking to make quick money from their passion.

Royalties and access to the secondary market

With an NFT ticket, you can even get access to the secondary market income. The smart contract of the NFT can be pre-programmed so that a specific cut from every resale is sent back to its issuer. 

Known under the name of Royalties, this benefit allows event organizers and artists to get paid for their work long after the event has taken place. Especially as NFT tickets are digital collectibles that don’t lose their value once the gig is over.

NFT tickets have collectible value

Photo by Dylan Mullins on Unsplash

Event tickets are very interesting items for collectors and they would often pay small fortunes to get their hands on them. Until now, it was extremely difficult to check the authenticity of a ticket. Especially long after the event was over. But the nature of an NFT ticket makes this process extremely transparent. The authenticity of the NFT, as well as its ownership and entire transaction history, can be checked, protecting the buyer against fraudsters and increasing the value of the item.

An NFT ticket protects your community from scammers

One of the downsides of electronic tickets is that they can be forged. And while you may prevent somebody from entering the event premises with a false ticket, it’s impossible to stop scammers from selling false tickets. Or to (re) sell the same ticket to tens or hundreds of honest buyers. One of the biggest problems buyers are currently facing is checking the authenticity of tickets bought from secondary markets. As event tickets come in limited editions. And after a certain period of time, they become available only at resale. Once an event is sold out, people are willing to pay extra just to get the opportunity to attend the event. But they often become victims of scammers that:

  1. Sell fake tickets.
  2. Sell the same authentic ticket more than once.

But as the authenticity of an NFT ticket can be verified on the blockchain network, the same ticket cannot be sold by two people at the same time. It also eliminates the possibility of creating fake tickets, making transactions from secondary markets as safe as the ones operated by the event organizer, thus protecting your community.

The nature of the ticket also makes it almost impossible to lose it. It’s stored in a digital wallet and can be easily accessed by its rightful owner. 

Create immersive experiences with NFT Tickets. Offline and online

Using digital technology to enhance a live event is a perfect opportunity for the events industry. Your event attendees can get first access to future releases, online shows, merchandise, and even digital artwork by purchasing an NFT ticket. Possibilities are endless as these smart assets are governed by programmable smart contracts. 

But as we were mentioning before, these digital assets can be used to represent both physical and digital assets. Merchandise can be easily prepacked within an NFT event ticket and claimed whenever your attendee finds it suitable. 

Is there anything else an NFT ticket can be? Yes, an NFT ticket can be even a payment tool used at your event. It can be programmed to store a monetary value that can be used at your events or throughout entire networks of partners.

Final words

While the scope of this article is to explain what an NFT ticket is, we are sure that it won’t take long before all tickets are going to be NFT tickets. The benefits powered by this technology are transforming the industry, making it safer and more profitable for those creating these experiences.

Furthermore, despite the technical complexity that stands behind them, NFT tickets are extremely easy to use. For issuers and buyers alike. With Oveit, you don’t need any technical know-how. It’s easy to set up your event and start selling NFT tickets. While we are taking care of all the technical aspects of the process, you can focus on creating the experiences everybody will talk about.