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 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 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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
To mark the moment of our listing, they have invited us to their podcast. We had the chance to share some insights on how Oveit became one of the leading solutions for eTicketing, NFT tickets, and cashless payments for events and venues.
We really enjoyed being on the podcast and hope you will find the discussion useful.
Imagine that your favorite artist starts playing while you are queueing at the bar. It takes ages as it seems that nobody has their cash ready. And when it comes to your turn, you find out that the seller is unable to give you a chance for your order. Sounds pretty annoying, right? If you haven’t experienced this lately it’s because of the technology that helps event professionals create better live experiences. In this case, we’re talking about using Cashless Payments at events. And their benefits.
Implementing innovative payment solutions at festivals has solved many issues. For event planners and festival goers alike. The scope of this article is to focus on the benefits of implementing cashless payments for your events. While this is far from being the only use case for this technology, festivals have embraced it with the highest velocity.
Later in this article, we will focus on some of the essential benefits this technology provides. Deploying a cashless payments solution at your festival will speed up transactions, prevent thefts or fraud, give you access to real-time reports, and generate new revenue streams.
Getting started with cashless payments
But first, let’s better understand what we mean actually when talking about a cashless payment system. Especially when focusing on the ones used for festivals and smaller events.
We’re all familiar with the RFID wristbands used at events. They’re used for access control and payments, allowing people to control their experiences with a simple tap of the hand. Do attendees need to pay for a beverage? A simple tap of the hand is enough Or, in a more sophisticated yet easy-to-use environment – scanning a dynamic QR will provide the same result. Do they want to access a specific area and does the support team on-site need to check their access credentials? A tap of the hand is enough. Have they pre-purchased their favorite band’s T-shirt as a ticket add-on? Yes, a tap of the hand is all they need to claim their perk. The all-mighty festival wristband guides attendees through their experience, right? Well, not really.
While I’ve showcased a journey similar to the ones available for most festivals, the wristband itself is not that mighty. But the technology that stands behind it – enabling cashless payments (and more) – is.
Going beyond just payments
The phrase “Cashless payments at events”, in its complete understanding, refers to so much more than a way of accepting payments that are not made with cash. When we talk about a festival and its payments operated through a cashless payment solution, we are actually talking about a local economy. A special ecosystem, where the event itself is the central bank of what happens within its borders. And sometimes even outside its gates.
Within the festival, there are multiple companies with economic activity. Simply put, vendors or sellers. And there is a legit need for them to accept the same payment method. To do it fast and transparently. At the same time, regardless of how many different vendors operate onsite, the organizers need to have a live overview of the economics of the event.
At festivals, depending on their size, the total number of transactions can range from a few thousand to over a million, often in less than 72 hours. You need to have a system that is fast, secure, and stable. When it comes to festivals, not being able to serve customers is probably worse than losing power at the main stage.
The “customer journey” of an event-goer
The journey for a festival goer starts long before the first note is played by their favorite band. From an operations point of view, it starts when the ticket is bought. Because, for most festivals, the ticket itself is, in fact, the digital wallet that allows attendees to pay, access special areas, claim their perks, and much more. The RFID festival wristband, used by organizers from all over the world, is the gateway that gives them access to this virtual wallet.
When buying the ticket, attendees can also opt to pre-purchase merchandise, special access, addons or top up their digital wallet.
When arriving on-site, they can pay for food, beverage, or merchandise using the cashless payment system, can add money to their digital account, and once the event is over they can withdraw their remaining funds.
Benefits of using cashless payments at events
Now that we have gone through the entire process, let’s go further and pinpoint the exact benefits of using cashless payments at events or venues. We’ll be listing the benefits one by one, while still keeping one eye on the big picture.
Cashless payments at events are fast. Very fast.
A crucial aspect of a closed-loop cashless payment system is its speed. Because the confirmation message is not required to follow the same steps as for a traditional online payment, these transactions are processed way more quicker. How much quicker? According to reports from American Express, cashless payments transactions are 63% faster than ones including cash and up to 53% faster than classic card payments.
But these differences can be even higher, as cashless payment solutions for events offer edge payment capabilities. This means that through our proprietary technology, transactions are processed locally, at the edge of the cloud, secured by a distributed ledger system, and synced online afterward.
They are easy to implement and use
Implementing a closed-loop cashless payment solution is easy. For both vendors and festival goers.
Vendors can accept payments using mobile points of sale while attendees have a payment method they are already familiar with. Vendors can easily create product catalogs, add and change prices, or remove products from sale.
With Oveit, vendors receive an invite to your experience. They can then proceed on setting up their menus and use a mobile POS to get paid when the festival starts. From their dashboard, they can check their sales, better understanding how customers
Cashless payments are secure
With no cash changing hands within your festivals, fraud is completely eliminated from on-site transactions. At the same time, it becomes close to impossible for attendees to lose their assets. Especially when allowing them to pay with the RFID festival wristband. The data attendee’s data is securely stored in a private digital wallet, allowing them to easily access their balance and transaction history.
Creating a safe environment for your attendees is crucial. You want them to be able to enjoy the experience without having to worry about the safety of their financial assets.
While the payments are 100% secure, human errors may still appear. But with a local payment system, you can easily repair any such error. Unlike traditional online payments, where any error could be fixed by a third-party institution, like a bank, here you have the authority to fix anything. You can easily refund a client or cancel a payment in a transparent manner, keeping all stakeholders happy.
Generate new revenue streams for your events with cashless payments
You can easily onboard third-party venues in your festival economy and generate new revenue streams for your business. As food, beverage and merchandise are extremely important to any festival, using a cashless payment system helps you add new sellers while still having everything under control.
As the owner of this closed economy, you have instant access to sales data from all vendors. Adding new businesses into the space generates new income opportunities for all stakeholders. The vendor gains access to new customers and the organizer can take a cut from those sales. And attendees benefit from a more diverse experience.
Instant access to real-time data
Unlike other businesses, festivals are extremely time-sensitive. Hundreds of people work one year to create an experience that lasts just a few days. But during those few days, each second has so much weight attached.
This is why real-time data is crucial for event organizers. This way, they adapt depending on what actually happens at the event. As mentioned above, a smart cashless payment tool keeps track not only of the payments but can also display relevant data on the customer journey.
Based on access credentials and pre-purchased perks, you can see what people are interested in buying, what areas they like to spend most of their time, and what perks they have already claimed.
Improved customer experience
Each and every benefit mentioned above increases the overall customer experience. But this is a great example of when “the whole is greater than the sum of its parts”.
Looking at the customer journey, it’s easy to understand that we can now personalize the customer experience. As a matter of fact, we can allow them to create the experiences they have always dreamed of.
Customers can create their own tickets, with special access credentials or pre-purchased merchandise, depending on their needs. They can decide how much money they will spend during the festival, where they will hand out, and which brands they decide to share their data with.
And as we all know by now, a cashless payments solution does way more than just allow people to pay. Based on the data recorded, you can better understand what people actually enjoyed and what not. And you can use that information to create new, engaging experiences.
Final words
Beyond internal processes, vendors, merchandise, and bands, festivals are about creating memories. Are about offering unforgettable experiences to your attendees. But in order to support these experiences, your operations need to run as smoothly as possible. And this is what cashless payments do to your event-goers.
They allow you to streamline the process, onboard countless new vendors, ensure fast and secure payments, and assist the entire customer journey of your attendees. And while everything runs in the background, festival goers can concentrate on one thing: having the time of their lives.
Did you know that almost 1 out of 12 jobs out there is in the tourism sector? And although the industry took a hit due to the pandemic, things are rapidly changing for the better. With so much weight in the global GDP, eyes are always focusing on what technologies can be used to accelerate growth. So let’s take a look at how to use NFTs for tourism to create better experiences. For all parties involved: travelers, businesses, and local communities.
Yes, those “pretty pictures” can be extremely useful in many fields – and tourism is definitely one of them.
NFTs are one of the hottest subjects for 2021 and 2022. While many of the discussions are focusing on the value of NFT artworks and how much they have been sold, this technology is much deeper than that. For tourism, NFTs’ value stands in their functionality more than it stands in their collectability. But the latter will not be eliminated from this discussion as it has an important role here as well.
But before going further and focusing on the benefits NFTs bring to the travel sector, let’s reiterate what NFTs are and what makes them so powerful.
What are NFTs?
NFTs (non-fungible tokens) are unique digital records that can’t be altered or changed. They are the representation of a physical or digital good and the code itself holds proof of the item’s ownership and history.
NFTs are stored on the blockchain, and cannot be altered or hacked (or, at least, it’s incredibly hard to). But at the same time, the network’s members have access to this digital record, and information is passed with each transaction, transforming it into a powerful tool.
Travel is all about the experience. But at the same time, the travel industry relies on technology more than it’s seen to the eye. Until now, the technologies would solve particular issues and would rarely actually be interconnected. The result: fractionated data and fragmented experiences. But this is about to change.
Using NFTs for marketing
Powered by the buzz created around them, NFTs are a great marketing tool used by companies around the world. The uniqueness of these digital artworks, powered by their secure public record, makes them very appealing to collectors.
An example here offers Marriott International and its “The Power Of Travel” campaign. The company partnered up with digital artists to create three unique artworks. The winners were picked randomly and won the NFTs together with 200,000 Marriott Bonvoy points that could be used within the hotel chain.
These campaigns are extremely efficient for newsjacking, bringing the event in front of large audiences. But as we can see from this example, the NFTs can give exclusive access to multiple benefits, or rewards, and this takes us to the next benefit of using NFTs for tourism.
Loyalty programs as NFTs for tourism and hospitality
With high acquisition costs and thin profit margins, recurring customers are extremely important in tourism. And the existing loyalty programs can be powered up with the help of innovative technologies like NFTs.
Similar to an existing loyalty card, an NFT can be used to accumulate brand points within the ecosystem. Only this time the NFT is available for resale in a transparent and safe manner, and the issuer can take a cut from these transactions in the form of royalties.
Unlike traditional loyalty programs, an NFT can be the gateway towards multiple ecosystems, allowing businesses to collaborate. Who benefits from this? Every stakeholder. Customers can use the same “loyalty card” in multiple locations. Businesses have access to large audiences. Local authorities can jump in to create customer journeys, acting like the binder that holds everything together.
Gamification through NFTs
Gamification is one of the most important aspects of a vacation. Except if you’re planning to lounge by the pool for a full week – something we all dream of once in a while. But let’s see how to use NFTs for gamification in tourism.
Imagine going into a new city and visiting some local museums. The local authorities can issue an NFT ticket that gives you access to all of the local attractions.
Each time you use it, the system records the information. Once you visit 3 locations, you automatically receive an add-on granting you access to a local play. Visit 5 locations and win a “proof-of-travel” NFT that gives you a 50% discount on the local festival. NFTs are based on smart contracts, remember? We can now easily create the experiences we’ve always dreamed of for our guests.
NFTs are the perfect tool that mix gamification and loyalty programs. Each action taken by the tourist can be followed by a “reaction” within the system. You can create different “activity maps” that unlock access to unique perks. And each of these actions can result in a unique NFT for your guests to collect. As we have mentioned at the start of this article, NFTs prove their value through their utility and collectability.
Collect travel memories through NFTs
How many magnets do you have on your fridge? I for one have quite a few – and these are just the ones that survived multiple moves and various accidents. What if instead of filling up your fridge with a limited number of magnets you could fill up your digital wallet with an unlimited number of NFTs? (at least) one for each place you have ever visited.
The collectible trait of NFTs makes them perfect for those looking to collect memories from each of their trips. You can create your own collections and store them safely. Each time you want to revisit those memories, they’re just a few clicks away.
What makes them even more valuable is the impact they can have on the local economy. These artworks can be inspired by local heritage and created by local artists. And the smart contract that governs them can be set up so that a small cut returns into the local economy each time a piece is bought. Perpetual royalties to support the local economy.
And this takes us to the next benefit. One that is too complex to be fully covered within an article. But the one that will forever change the tourism industry for the better.
Supporting the local economy through NFTs
Royalties can be set up with NFTs, meaning they can be programmed so that multiple parties benefit from a payment. You buy a collectible NFT, and x% goes back to the local creator. Or to a local organization supporting different causes. If you pay $2 for such an item you may be inclined to think that a 5% cut going back to the community doesn’t mean much. But the power stands in numbers.
And things can be way more complex than this. As we said at the beginning of this article, NFTs are digital records that can represent physical or digital goods – basically anything we can think of. Even share within an art gallery owned by the local community. Or a restaurant. Local businesses can rely on NFTs to attract private investments from their peers.
The smart contract will enforce rightful payments toward each party that supported the business. This is a new, easier way for local communities to stand together and deliver services and products to visitors.
Booking and registration through NFTs
You probably already know how NFTs are used for ticketing, not let’s take a look at how the hospitality industry can use them for bookings as well. Ca Di Dio, a hotel in Venice, leveraged the technology before opening its doors to tourists. The NFT issued by the hotel included a stay and its most prestigious room, a private dinner, and a boat transfer to the hotel. This project implemented by Tripscommunity is a great example of the utility that can be held by NFTs. For tourism, this means that customers can book their stay through NFTs, but also purchase additional services and experiences as well.
The booking can include access to a spa, a private dinner like in the above example, and even access to a local event. All the information is securely stored on the blockchain, making the transaction transparent. And what happens if the client is forced to cancel the trip? This NFT can be easily resold by the initial owner, automatically updating all the information for all parties involved. No need to cancel the package and issue a new one – the entire experience can be transferred to a new owner while the authenticity of the ownership and of the transaction are guaranteed by the network.
NFTs – the new way of paying
You read that right. NFTs can be a payment tool and tourism can benefit from this. We’ve just seen the multiple values it can store, and purchasing power is no different. Consider it as a preloaded debit card, governed and secured by transparent rules. But unlike your typical debit card, this one is also your hotel booking and your loyalty card.
There are two main issues that stop people from spending when traveling abroad:
Exchange and ATM withdrawal fees
Vendors are not onboarded into the banking system and tourists cannot pay with their credit or debit card. As many westerners are sometimes reserved in using local ATMs due to potential fraud and/or high fees, travel budgets remain unspent.
And as hard to believe as this may be, using NFTs as a payment tool solves both of them. You’re no longer dependent on one single system that processes the information and sets up the rules. You can use your digital wallet anywhere in the world and any business, no matter how small, can accept payments from you. Fast, secure payments, are essential in tourism.
Final words on how to use NFTs in the tourism sector
Have you read this article as a list of independent benefits NFTs (can) bring to the tourism sector? Now imagine that each benefit is part of the same experience. One NFT to rule them all.
You hear about hotel marketing stays through NFTs. You take a look and see that you actually always wanted to visit that city, so you book your stay. And here is where the magic starts. From here on, imagine that you are using that hotel reservation in the form of an NFT – and that the above subtitles are checkpoints throughout your journey. This is the future of travel.
At Oveit, we’re helping event organizers create immersive experiences through our NFT ticketing tool. But we feel that NFTs have the power to transform tourism, for travelers and local communities alike.
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