We’re thrilled to share the exciting news of our latest partnership with TON Foundation. A groundbreaking partnership that will revolutionize experiences through event tickets!
For those of you who don’t know, we’ve dedicated our efforts to helping our partners deliver outstanding event experiences using innovative technology! From event ticketing to badge printing and cashless payments to NFT ticketing, Oveit offers the right tools for any event.
Now, through this partnership with TON, we’re taking things one step further. All with the help of smart NFT tickets.
The Power of NFT Tickets
NFT tickets, or Non-Fungible Token tickets, are the event industry’s game changers. Why? Because, unlike traditional tickets, NFT tickets are unique, indivisible digital assets stored on the blockchain, thus making them extremely powerful and offers many benefits.
NFT tickets are secure, can be verified while protecting personal data, and have the potential for collectible value. NFT tickets provide event organizers and attendees with a seamless and transparent immersive experience like never before.
Unveiling the Partnership
Our partnership with TON (The Open Network) brings an exciting proposition. We will deploy our NFT ticketing protocol on TON, leveraging their robust infrastructure to distribute tickets and mint NFT collectibles. This collaboration will unlock new possibilities in the world of event ticketing.
Introducing NFT Dynamic QR Codes in the Telegram App:
One of the groundbreaking features enabled by this partnership is the accessibility of NFT tickets through the Telegram app. Once an NFT is minted, it will be accessed as a dynamic QR code within the Telegram app’s wallet. With the help of a chatbot, the app will identify whether an individual owns an NFT ticket. The NFT ticket will be stored right within the Telegram wallet, allowing the owner to access it with just a few clicks of a button!
Connecting Event Attendees through Telegram
However, this Oveit x TON partnership goes way beyond ticketing! Through the integration with Telegram, NFT ticket holders can network with fellow attendees seamlessly. Based on the NFT ticket, they can join event-specific chat rooms, engage in conversations, and meet like-minded individuals, creating meaningful connections among event attendees!
We aim to make it easier for event organizers to create strong communities, and this new powerful feature takes us all one step closer to achieving this goal!
Enhancing the Event Experience
By leveraging the power of NFTs and the accessibility of the Telegram app, attendees will have a seamless journey. Everything is smooth and hassle-free, from buying the ticket to entering the event venue.
The link between NFT tickets and Telegram chat rooms will help attendees connect, share experiences, and engage in meaningful conversations. Networking and building communities with ease!
This partnership will enable us to offer our users an unparalleled ticketing experience. NFT tickets are not only safe but also extremely powerful. They open doors to new, immersive experiences and are here to stay!
As we move forward, Oveit remains committed to delivering innovative solutions. Stretching the boundaries of event management and providing exceptional solutions to our users. Together with TON Foundation, we are shaping the future of event ticketing and empowering event organizers and attendees alike.
We’re reimagining the event experience through NFT tickets and the Telegram app, creating memorable and impactful events that bring people together in remarkable ways!
Due to their specific nature, NFTs have rapidly gained attention and traction. The blockchain-based digital assets solve many of our current problems in several industries. And event management makes no difference here. However, although they have been used for numerous events, there is a legit question: are NFTs usable in large events? During this article we are going to answer this question, arguing why we could and should use NFTs in events. Be they large or small.
While blockchain technologies in general and NFTs, in particular, serve a wide range of industries, entertainment is one particular area where these technologies will completely change how stakeholders interact. It’s going to change it fast, making the industry safer, equitable, more engaging & entertaining, and ensuring a more equitable financial distribution amongst creators. And most importantly, NFTs will help you serve your attendees better.
Let’s see how!
How NFTs are helping event organizers
As an event organizer, delivering an enjoyable experience to your community is the top priority. However, regardless of the amount of work you put in, some things are just out of your control. But fear not: some of these issues can be easily solved through NFTs.
One of the biggest concerns, especially when it comes to large events, is related to event tickets. Unlike other goods, tickets to an event, no matter how big the event is, are limited. No matter how much we would like to, there is a limit that cannot be exceeded. And this makes event tickets extremely highly desired. The bigger the demand, the bigger the problems.
French minister says 70% of Champions League final tickets were fake
There are two issues that currently used technologies cannot solve. Ticket fraud and secondary market sales. Although related, let’s approach them one at a time.
Tackling ticket fraud with NFT tickets
Like in the above example, for highly coveted events, fraudsters will create and sell fake tickets. No matter the security measures you take, somebody will find a way to replicate and sell them. This can lead to unpleasant situations where a large number of attendees, that paid to join an experience, are forbidden from entering the event premises. With large events, this can easily turn into public safety concerns.
Another used method is selling the same legit ticket multiple times. There have been cases when hundreds of guiltless attendees arrived at the gates holding the same, valid, ticket. Unpleasant to say the least.
Through their immutable nature, NFTs tickets will protect your community against fraudsters. These digital assets cannot be copied or altered, and the blockchain network on which they are issued and deployed is guaranteeing each new item. So it’s going to be impossible to release batches of fake tickets and try to scam your community.
At the same time, as these NFTs are minted into a digital wallet, the same NFT ticket cannot have multiple owners at the same time. Unless you decide otherwise. Nobody will be able to sell the same legit ticket to multiple buyers at once.
Transforming the secondary market
Unlike the first example, secondary market transactions are in a gray area. While some of these transactions are 100% legit, some are immoral or illegal. While it’s only normal for someone that can’t make it to an event to sell the ticket to someone else, things dramatically change when we talk about scalpers automatically buying thousands of tickets just to resell them for a profit.
But NFT tickets are giving you full control not over the initial sale, but over transactions taking place on the secondary market as well. As NFTs are connected to crypto wallets, you can limit the number of tickets that can be minted to a specific wallet address. Thus preventing scalpers to buy large quantities of tickets from your initial releases.
And as NFTs are governed by smart contracts, this means that they can be programmed to act in specific ways when certain criteria are met. You can set upper and lower prices for secondary market sales or even block them from reselling. Although eliminating the reselling option is not recommended for large events, setting up reselling limits will protect your community against those looking to make an easy profit from your work. But as we will see in the next chapters, secondary market resale can open a new revenue stream for event organizers.
New revenue streams for event organizers
But setting up lower and upper limits for reselling is not the only way to customize the NFTs smart contract. The option to set up royalties is one of the reasons that drove the rapid adoption of NFTs. Here is how this works: each time the NFT is part of a transaction, a certain percentage goes back to its original issuer. In fact, the smart contract can be set up to include multiple parties, not just the original issuer. But you get the point: NFT tickets can help event organizers not control how tickets are distributed on the secondary market, but also get a cut from those transactions. So, for your events, you can set up a smart contract to get 50% of any profit the reseller makes for your tickets. Or to donate it to charity.
For large events, where many stakeholders are involved, this can also tackle another inaccessible market: the invites. Although not talked about, for any large festival there is a secondary market where invites are sold for profit. As thousands of invites go out to sponsors and partners, a consistent number of those find themselves sold by their initial holders. Although not against the rules, these transactions could be easily controlled by the event organizers through the use of NFTs. And just like for the above example, a smart contract could be set up so that a certain percentage of these transactions finds its way back to those putting up the hard world. Or to any other third party that you may think of.
Improving the event-goers’ experience via NFTs
NFTs play a major role in protecting your community against fraudsters and scalpers. But there are many other ways they help you improve their overall experience. The non-fungible tokens are a digital representation of any physical or digital goods (or services) that it’s associated with. If we look at them as simple tokenized tickets, the benefit associated would be the access credentials for the event. And maybe some artwork that it comes with. But the truth is that NFTs allow you to customize the experience beyond imagination. You can pre-pack goods and services that create immersive experiences. You can allow your community access to special gatherings, exclusive content, and merchandise, all based on one NFT. So the NFT is more than just a pretty picture. Behind the obvious digital artwork, there are countless possibilities waiting for us.
The smart contract that governs the NFT can be set up to include merchandise, access to special areas within the event, or even access to digital experiences. Each of your attendees can easily create and own unique experiences.
Imagine this scenario: you’re buying a ticket to your favorite band’s gig. You’re including a t-shirt in this purchase, something to eat on-site, and 2 or 3 beverages. And guess what: you’re not buying your average event ticket. You are actually buying an NFT ticket, and this token offers you access to a meet-and-greet online session. Together with a 10% future discount on any new gig where they will perform. And everything is packed up into an NFT that has some digital artwork created by local artists. Quite a collectible digital token, right? Imagine its work 20 years from now. Especially as nobody will ever question the authenticity of this NFT.
Will token-gated events eliminate admission pains?
Not entirely. But they will definitely allow us to have better control over how things are managed on-site. Unlike a classic event ticket, NFTs are accessed through crypto wallets. Meaning that your attendees have 0 chances of losing or misplacing them.
The entire history and authenticity are guaranteed by the blockchain network and fake tickets are completely eliminated. There will be no need for backup checks. You know, the ones that usually keep everyone from getting there faster. The use of NFT tickets will provide better attendance verification. Thus resulting in a more streamlined, efficient, and secure event experience for both organizers and attendees.
While some issues related to event admission cannot be solved by NFTs, they definitely offer you the strings needed to create better overall experiences. And you can further solve these issues by following these tips:
Crowd control: By managing crowds properly, you can reduce wait times and line-ups at admission, making the event experience more enjoyable for attendees.
Plan ahead: Anticipating potential issues created by big crowds will help prepare and deal with them proactively. Prepare for the worsts, and expect the best.
Collaborate with experienced vendors: Experienced vendors, such as security providers, will help you provide a smooth and secure admission.
Potential NFT-related issues
While it’s obvious NFTs are usable in large events, there are technical and logistical challenges you need to consider. And find the right way to overcome them.
One of the first things you need to take into consideration is scalability. Is the system capable of handling increased demand? Large events imply tens of thousands of attendees, meaning that there will be a large number of transactions in a very short period of time. This is why it’s important to choose a solution that is ready to handle these situations. Or you can find yourself in a situation leading to slow processing times and increased gas fees.
As the NFTs are accessed through digital wallets, guests will need to be able to connect online. Although this is an issue in the past, you still need to make sure that your customers can easily access the NFTs. Otherwise, you may find yourself in a very unpleasant situation.
I’ve saved it for last as I find it to be more of a theoretical issue. Although controversy around NFTs exists, their utility becomes clearer with each passing day. Today, roughly 60 million Americans own some form of digital asset. At a global level, almost 1 billion people have transacted some form of cryptocurrency. Blockchain technologies benefit from rapid adoption. It won’t be long until all event tickets will be NFT tickets.
I think it’s safe to say that NFTs are a game-changer in the event management industry. By eliminating ticket fraud and secondary market issues, they protect all the legit stakeholders. The hard and soul of this industry.
Not only do NFTs keep everyone safe, but they also open up new revenue streams. You can now set up smart contracts with royalty options, and earn a cut of any secondary market profits. But most importantly, NFTs can help you enhance the attendee experience, by merging in-person and digital experiences together.
So, whether it’s a large or small event, NFTs are definitely worth considering for all your event needs. From access control to payments.
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.
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
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:
Sell fake tickets.
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.
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.
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.
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.
Being part of the event management industry, we had the chance to work with visionary leaders from all over the world. Working with such partners has always forced us to adapt and innovate, making sure that Oveit is the ticketing tool they (and their communities) are looking for. And crypto payments make no difference.
But it’s time to say that crypto payments should become a thing. The market itself evolves at a speed never seen before: according to a report from Crypto.com, by the end of 2022, there will be 1 Billion crypto users! That’s a 10X increase in the span of just two years!
This opens new possibilities for businesses in general and event organizers in particular: accepting crypto payments to easily onboard this new generation of customers and event attendees.
But the rapid growth in popularity has its shortcomings. There are still many myths around the industry and accepting crypto payments, especially for event organizers, may seem like a hard thing to do. But it shouldn’t.
That’s why we made it easy for events and venues to accept crypto payments for tickets. Here’s how you can accept crypto payments for your events with Oveit.
Our event management software helps thousands of event organizers create full experiences. Sell electronic and NFT tickets, check in attendees, and set up a cashless payments system – no coding required.
Connect your payment processor.
We work with Crypto.com and Utrust to accept crypto payments and with PayPal and Stripe for fiat currencies. We work on direct payments, meaning each time an order is confirmed, money goes straight into your account.
Set up your event in minutes.
Our easy-to-use solution helps you get started in minutes. Set up ticket categories, registration forms, and add-ons, invite team members and create your own event economy with Oveit Pay. Our real-time reports will help you get an overview of your experience.
Publish your event, share it with your community, and get paid right away.
You can easily embed the registration form on your website or send registration links to your customers.
Yes, selling tickets for crypto has never been easier. But while the technical implementation is frictionless, you may ask yourself why you should accept crypto payments for your events. To answer this question, we’ve prepared a short list of the benefits of doing so. Based on our experience, customers prefer to have multiple payment options, and crypto payments have gained more traction in the last two years.
Why accept crypto payments for your events?
Easy to implement
The days when accepting crypto payments was a time-consuming chore are fortunately behind us now. Nowadays, businesses from all over the world can easily accept crypto payments – without the need for any technical background.
Our crypto payment processor partners will help you get paid in various coins, taking care of all the complicated processes that may take place in the background. All you need is to create a merchant account and connect it to Oveit. Afterward, each payment will go straight into your account, without having to wait until your event is over in order to get access to your earnings.
Crypto payments have lower transaction fees
It may sound hard to believe, but accepting crypto payments is actually cheaper than working with fiat currencies. Over the last few years, the crypto market benefited from incredible investments. In both financial capital and manpower, thus creating an infrastructure meant to serve its users.
While the traditional payment processors’ fees are, in general, between 2 and 3% + a fixed amount, the norm for crypto processors tends to be just 1% of the transaction. This will help you better budget your event and have total control over your money, without having to spend enormous amounts on unnecessary fees.
Instant payments from anywhere
Events are international gatherings. Over the last few years, we’ve had a chance to be part of hundreds of events in different parts of the world. And one thing is certain: events gather like-minded people. Regardless of how long they have to travel to be part of these extraordinary experiences. By accepting crypto payments you allow attendees from all over the world to easily secure their place. Without having to worry about local currencies and high exchange fees.
As more customers tend to avoid fees related to the classical banking system, crypto payments will allow anyone, from anywhere, to easily purchase tickets for your next gig.
Accepting crypto payments gives access to new customers
Customers that are looking to pay with cryptocurrencies represent a new segment, one who otherwise may not be tapped into by your business. According to Forrester Consulting, US-based businesses that started accepting crypto payments attracted new customers, 40% of which were new customers that spent, on average, twice as much as credit card users. It’s safe to say that allowing attendees to buy event tickets for crypto will allow you to interact with new audiences.
Global cryptocurrencies have a total value of $2 trillion (as of 2022), and accepting crypto payments will allow you to tap into the wealth created by them.
Early adopters will help you spread the word
Accepting crypto payments can also be a marketing hook. Each new technology has seen its share of early adaptors. But none had the ability to create such loyal fans as blockchain did. And although it’s safe to say that blockchain and cryptocurrencies are heading towards mass adoption, the enthusiasm has not faded. In fact, we see a continuous increase in both enthusiasm and user base. And events related (directly or indirectly) to Web3, blockchain, and NFTs benefit from this wave of passion.
Allowing customers to easily purchase event tickets for crypto will make them spread the word about their experience; not once we’ve seen it with our existing customers. For both crypto payments and NFT ticketing.
Decentralized payments become more popular each day. New customers are onboarded in the crypto world, encouraging more businesses to accept different payment methods from their customers. And based on the adoption rate seen today, it’s expected that by 2030 almost half of US citizens will own cryptocurrencies (43%). And these numbers will be considerably higher in countries with poor local economies.
The future is already here – especially in the event management industry. As more and more customers, especially those from the younger generations, are looking for alternative payment options, we hope that this article helped you get a better understanding of how to accept crypto payments for your events. And why you should start today.