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!
Looking Ahead
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!
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.
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.
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.
With all its ups and downs, promises, hopes and disappointments, there is no doubt Web3 is here to stay and transform the world. The live entertainment industry is no exception – it is getting its fair share of disruption from Web3. As Oveit is one of the pioneers and leaders in the NFT ticketing space, we have decided to dive deeper and explain how you can use NFT tickets to build a better experience, connect better with your audience and solve problems you previously couldn’t solve.
But first – what are NFTs?
The most common misconception around NFTs is that they are expensive pieces of digital art. Well, they are that too. The most expensive NFT, a series of NFTs actually, called “The Merge” was sold for $91.8 million and was acquired by 28,983 collectors, snapping up 312,686 “units of mass”. This sale put the artist, Pak, at the forefront of the highest selling living artists.
So – are NFTs artwork? Are they cryptocurrencies? Yes and not really. You see, NFTs are digital ownership contracts. The ownership relationship is usually between a crypto wallet and a piece of digital content. So far the most popular form this digital content was expressed in was a piece of digital artwork. However, this is just the beginning. Let’s see how you can use NFTs to up you experiential game:
NFT ticketing can offer visitors valuable digital collectibles
Outside of the hype, there are great reasons to test NFT ticketing as an alternative to “classic” digital tickets. First and foremost, a lot of your visitors will attach a sentimental value to the visit to your event. Adding an authentic digital collectible to tickets may make your visitors feel they get more than they paid for and can add to their digital identity.
In the past, great experiences provided their visitors with all sorts of physical mementos, like a t-shirt, the physical ticket design, a wristband and more. However, t-shirts get torn, tickets get lost and at some point you do have to take wristbands off, no matter how much you enjoyed the experience. With NFT tickets your visitors can always have an authentic, beautiful memory of the visit to your event, one they will not lose and it will only get more valuable with time. Speaking of valuable collectibles:
NFTs can become digital collectible with increasing value which you can tap into
Not only can you provide NFTs together with your tickets but you can also tap into the secondary market for these collectibles.
Whenever an NFT is deployed to the blockchain, such an NFT is governed by a special kind of program designed to run perpetually on the blockchain: a smart contract. This contract can govern all sorts of behaviors your buyers might have.
If, for example, you want to get a cut of all future resales (a royalty) the smart contract can be programmed to send back a certain percentage to your own crypto wallet whenever someone resells the NFT ticket you have issued. The best thing – you don’t have to do anything for this to happen. The system will automatically send a certain percentage on each resale.
The fact that NFTs are actually self contained programs running independent of your activity or your ticketing provider helps solve one of the biggest problems (and opportunities) in the live entertainment industry: the secondary market.
Use NFT ticketing to handle secondary market sales and combat scalping
Scalping is as old as ticket sales. I’m pretty sure that whenever one of Shakespeare’s plays got popular in The Globe, just south of the Thames, there would be scalping involved. Some people would buy a lot of tickets when they went on sale with the hope of reselling them at a profit on the night of the premiere.
For centuries the best way to limit and keep scalping in check was prohibiting resale, which is effective to a certain degree. However – the need for a secondary market cannot be ignored. As the likes of StubHub have shown, people will want to resell their tickets. A better way to govern resells has to be implemented.
With the multitude of ticket sellers and types of tickets, this was not doable until blockchain ticketing technology was introduced in the ticketing industry by the likes of Oveit. Now the secondary market can be governed through NFT ticketing. Event promoters, artists and fans alike can work together to find the best way to handle sales while limiting potential losses to artists and promoters, as well as horribly inflated ticket fees to end consumers.
Use NFT ticketing to cross the boundaries of virtual and in-person events
Whereas in-person events can only happen at given times and in specific event venues, virtual events can be asynchronous and can be accessed from all over the world. The same ticket can be used to enter a real-world event but at the same time can be used digitally to access VR or AR worlds where specific experiences can be accessed.
You might think – can’t I use an e ticket to do that? Not necessarily – the world is quickly moving toward more immersive experiences where the ticket is more like a virtual passport rather than an access control token. With the NFT ticket you got at the Disney World you may be able to interact with virtual branded worlds, play games, earn rewards and more. For this to happen, the ticket will work as an open-access identifier you can use across all sorts of experiences. Blockchain is perfect for that.
Pack value into tickets, allow them to be transmitted
For a very long, long time the ticket was a simple access tool. It would allow you to enter a certain location. As the world of experiences has evolved, so has the usage of such tools. We at Oveit have always been at the forefront of innovation in the field.
For us, the NFT ticket is a way to store and access value in the form of non fungible as well as fungible tokens. Fungible value is the value you can spend in a certain venue. For example – $100 worth of purchases you can spend at your favorite festival. Non-fungible is something that cannot be split or exchanged. For example a t-shirt, a few special rides you want to access, meet and greet with your favorite star, a burger or three beverages.
With NFT tickets visitors can tailor their own personalized experience. If for some reason they may not make it to the event or venue, they can resell this experience and you, the event organizer, can get an additional fee, providing the same experience.
These are just 5 ways you can use NFT tickets to transform your event experience, your theme park visit or your tourist resort visit. We’re sure there’s plenty more we didn’t mention. What is your favorite?
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