5 ways you can use NFT ticketing in events

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?

Oveit announces partnership with deep-tech company Humans.ai

The partnership is the next step forward, as part of the company’s strategy to move towards Web 3.0 and the Metaverse by incorporating experiential digital art in the form of AI NFTs.

Oveit’s live stream shopping platform Streams.Live has also revolutionized the retail process for its clients in Europe and the United States in the past year, by changing the buying behavior. Online merchants have been able to connect much more authentically and in an interactive way with their target audience, using live online video sessions that simulate a personal experience.

Continuing to disrupt the live stream shopping experience, Oveit, which has become well known for its cashless payment solutions for events and venues, as well as solutions for access control and registration for virtual and live events, is developing new products to help its users stay connected by bridging online and in-person events with collectible tokens and creating experiential art with events tickets as AI NFTs, with the support of Humans.ai’s innovative technology.

“We believe the future of commerce is experiential and social. Artificial intelligence powered NFT ticketing for events will become the gateway to an unforgettable experience that now can be tokenized and held forever.”, said Mihai Dragan, COO at Oveit. “The AI NFT tickets will unlock more possibilities for Oveit, as we are rapidly moving towards Web 3.0 and the Metaverse with our solutions. Through our partnership with Humans.ai, event tickets will become so much more than just access codes. They will take the form of never before seen experiential digital art, in addition to ensuring access credentials and unique perks for events, empowering organizers to generate new revenue streams.” added Mihai Dragan.

Oveit’s AI NFT tickets will allow attendees access to both in-person and digital experiences, also holding special perks, created especially for events and a way of transforming unique moments into digital assets. The NFT tokenized tickets will enrich the experience with forever-lasting digital assets that will continue to bring in royalty long after the event is over.

“We are excited about working together with Oveit and helping them create, mint and sell AI NFTs as the next generation event tickets in the form of unique digital assets that can be used or sold through digital worlds, enriching their customers’ online experiences. The AI NFTs we are developing together will be much more than tokenized tickets, they will take the form of experiential art, allowing attendees access to both in-person and revolutionary digital experiences.”, said Sabin Dima, Humans.ai’s CEO.

Deep-tech company Humans.ai leverages blockchain technology and artificial intelligence to enhance the standard NFT and expand its functionality, transforming it from a static art form to an interactive and intelligent asset class capable of encapsulating neural networks or segments of a person’s digital DNA. The technology, named AI NFT, represents a new type of NFT that enables people to use their biometric data to create artificial intelligence solutions that are kept ethical by complex governance, consensus, and verification mechanism. Humans.ai’s unique consensus mechanism, Proof-of-Human, will be integrated to demonstrate there is a real human behind every transaction, making it more secure and trustworthy.

The first movie in the world released as NFT film frames

The Wishing Tree: Childhood Memories 

The Wishing Tree: Childhood Memories, a Romanian production directed by Andrei Huţuleac after a script by Mihai Mănescu, Matei Dima, and Andrei Huţuleac is the first feature movie in the world released as NFT film frames. The project is implemented by Oveit and Minternational Affairs. 

The Wishing Tree: Childhood Memories is the first Romanian fantasy family film released in the last 30 years in Romania. It is a film destined for the young ones, as well as for the whole family, with an immediate impact on the lives of those who suffer. The film, inspired by real events, tells the story of Mara and her friends, who set out on a fantastic adventure leading into the world of one of the most famous Romanian children’s books: Childhood Memories written by Ion Creangă. 

The movie will be released in Romanian theaters starting 25 March 2022. All the funds generated by the film will be donated to the HOSPICE Casa Speranţei (HOSPICE House of Hope) Foundation, the largest NGO in Romania, that’s offering free palliative care for adults and children suffering from an incurable illness. 

The Story of the World’s First Movie Released as NFT Film Frames

The collection is made out of 12.432 NFTs which are actual film frames from The Wishing Tree: Childhood Memories film. 12.432 is the number of home care visits made by the medical teams of HOSPICE Casa Speranţei in 2021. 

The cost of an NFT is the Ethereum (ETH) equivalent of 250 lei (≅ $56), a sum that represents the cost of a home care visit. 50% of the revenues will be donated to HOSPICE Casa Speranţei and their services. You can purchase the NFT and contribute to the help offered unconditionally to incurable ill children and adults by accessing https://oveit.com/copacul-dorintelor/

NFT stands for “Non-Fungible Token”. Goods can be fungible or non-fungible. Fungible goods are those which are determinable by number, measure, or weight so that they can be substituted for each other in the performance of an obligation. Money represents fungible goods. NFTs are non-fungible goods, i.e. individually determined goods that cannot be replaced by other goods. They are unique.

All NFT holders will be whitelisted for the next NFT collection, “Alpaca”, representing Mișu the (P)alpaca, the HOSPICE Casa Speranței mascot, a symbol of involvement, of small gestures that lead to a greater good and of good deeds done with a smile. We will also be announcing soon more benefits for NFT holders.

About Oveit:

Oveit is a tech company with its headquarters in Austin, TX, USA. The company offers NFT solutions and smart contracts for events and online shopping. Oveit is a Crypto.com partner for crypto payment processing from 2020. In 2021, the company became an international Polygon partner for NFT ticketing and live shopping for NFT, through its solution Oveit NFT.

So far, Oveit has released cashless payment solutions for events and venues, as well as solutions for access control and registration for virtual and live events. For its products, Oveit was nominated as „one of the most important innovators in the world regarding disruptive technology” by the World Organization of United Nations Tourism in 2019.

About Minternational Affairs:

Minternational Affairs (or MintAF) is one of the first agencies worldwide that conceives and implements NFT projects. The company also offers consultancy and implementation support for NFT projects initiated by tertiary parties that require  MintAF’s expertise. 

About HOSPICE Casa Speranței:

HOSPICE is the largest foundation in Romania offering free palliative care services. The organization runs two hospitals in Braşov and Bucharest, a socio-medical center in Adunaţii Copăceni, as well as mobile teams in Făgăraş and Zărneşti, for the care of patients diagnosed with incurable illnesses. HOSPICE has developed complete palliative care services, offered in day centers, in patient units, outpatient units, as well as in the patient homes and in the partner hospitals. In its 30 years of existence, HOSPICE has brought comfort and hope to approximately 45.000 children and adults suffering from an incurable illness.

We’ve teamed with Polygon Studios to make NFT Tickets available to our community

Mint and sell NFT tickets with your favorite event ticketing platform

In our quest to democratize technology for event organizers, we’ve partnered with Polygon Studios and enabled NFT ticketing on our platform. While we handle the complicated part, our community can now easily mint and sell NFT tickets, completely changing the way attendees experience in-person and virtual events. 

Enter the era of unlimited possibilities with NFT Tickets

NFT (Non-fungible tokens) are blockchain-based digital records that can be associated with digital or physical goods (basically almost anything that we can imagine). And they rely on smart contracts – embedded programs that act like contracts for these NFTs and activate different options when certain conditions are met, allowing you to go full creative with your event tickets. 

Unlike traditional tickets, those leveraging blockchain technology can unlock outstanding experiences.

NFT tickets are improving the experience

Securely store access credentials and attendee information. On a blockchain network, transactions are encrypted and stored as immutable blocks – thus protecting you and your community against fraudsters.

Transform your tickets into hot collectibles. NFT tickets are stored on the blockchain, allowing users to easily check their authenticity and entire track record, thus making them the perfect assets for any collector. 

Tokenize (part of) the experience. Allow your special guests to actually own a part of the experience.

Enable perpetual royalties. Blockchain transactions are backed up by smart contracts, allowing you to set up special rules for future transactions. Eg: a small cut can find it’s way back to you each time tickets are resold.

Enable ticket add-ons on web3. Prepack additional perks into your tickets and let your attendees benefit from them long after your event is over (perpetual discounts to your future events, priority access to product launches run by your partners, VIP tickets to their favorite band, etc.).

and many more…

Polygon Studios X Oveit

The partnership between Oveit and Polygon Studios aims to simplify the selling of NFT Tickets. Until now, this option was cost-prohibitive. But with our solution, any event organizer or artist can mint and sell NFT tickets. Faster, at lower costs, and with no coding expertise required.

Blockchain’s impact on the environment is not something that should be overlooked. But we know we’ve teamed up with the right partner for the job. Polygon’s Proof of Stake consensus mechanism allows the Network to scale in an eco-friendly manner by not requiring the same computation power as mining blocks on networks that use a Proof of Work mechanism. We know this is important to you. 

About Polygon Studios

Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming and NFT Industry. The Polygon Studios ecosystem comprises highly loved games and NFT projects like OpenSea, Upshot, Aavegotchi, Zed Run, Skyweaver by Horizon Games, Decentraland, Megacryptopolis, Neon District, Cometh, and Decentral Games. 

Is your work impacting the local community?

A few days ago I saw some news that reminded me of just how important events are. Not just for those directly involved, but for the local community as well.

The material covered the story of a small local community that for the last 30 years was on the verge of bankruptcy. Year after year, the local authorities did their best to bring the small town back to life. With 0 results.

Then, all of a sudden, things started to change. A team of event organizers found the area perfect for a small (at first) Jazz festival. Encouraged by the splendid landscape, they decided to give it a try.

“You are never going to make out here. You are wasting your time and your money”. I wasn’t there, but this is what they probably heard. 

I am sure that the team saw disbelieve in the eyes of the local inhabitants. Disbelieve mixed with hope. So they decided to follow their dreams. 

Gains for the local community

Fast forward to the present days: the community is thriving. One week per year, thousands of people set camp in this small community. Locals saw the opportunity and transformed their homes to accommodate their new guests. Restaurants and bars have never been so joyful. And local suppliers were facing a new problem: can they produce enough? For the first time in over 3 decades, the problem was too much demand.

This new economic life is not limited to just one week per year. People started hearing about this new town and its surroundings. And started visiting it. A friend of a friend that joined the festival is now a guest for the weekend. 

Tourists are spending money in the community. Local businesses prospered, and taxes were paid. Local authorities started investing money in infrastructure. Better roads, better facilities, more tourists. More money. The exact opposite of a vicious circle.

This is a true story, but the name of this small town is not relevant here. Because the same story happens over and over again, all over the world. You just need a brave idea and a community ready to embrace it. This is why we encourage you all to include the local community in your event economy.

Don’t stop making the world a better place!