The global ticketing market is expected to grow to $21.78 billion by 2028; however, much of the operations have been revolving around the technology that was created some 20 years ago. As times have changed, the ticketing industry is ripe for innovation to drive a personalized touch towards customers. For example, most of the ticketing software’s mention the users with a case number, instead of a name. So, you can simply assess that after spending millions of dollars on a ticketing software, if it fails to establish a personalized touch with the end customers, market penetration and custom allegiance looks like a far-fetched approach. That’s where NFTs are bringing a stark change in the ticketing industry. These NFTs have already transformed digital art, music and gaming resulting in a staggering $24.9 billion growth as per Dapp Radar. Now, they are poised to transform the ticketing sector like never before.

2.What are NFT?

NFTs are cryptographic tokens which are unique of their kind and cannot be replaced with another. To put that simply, suppose you have a $5 bill, you can exchange the same with another person who has a $5 bill. However, if you have one of the NFTs of BAYC, it cannot be exchanged with another NFT of BAYC. The reason being both are different and have a different value attached to it!

3.How a NFT’s Based Ticketing System Differs from Conventional Ticketing System?

NFT based ticketing is created on the blockchain and it remains within the digital ecosystem; on the contrary, a conventional ticketing system is software based with excessive dependency on physical existence. For example, suppose you have entered a sports arena and your favorite team has not performed well. So, you decide to leave the sports arena. Now, midways your team has returned back to form and performing well. Now, since you have checked out of the stadium and your ticket has been utilized once, it becomes hard to re-enter the stadium. An nft based ticketing system would allow users to check-in once and remain within the system for as long as the game is played. That said, it makes the process over simplified for the users in comparison to a traditional ticketing system. So, they have the potential to completely revolutionize the ticketing industry in the following manner;

4.Ways NFTs Will Revolutionize the Ticketing Industry

5.Eliminate Fake Ticket Scams

In a traditional ticketing market, there’s provision where fake tickets can be created and floated for personal motives. But when NFTs come into force, they are recorded on blockchain and it is very difficult to duplicate an NFT since everything is cryptographically protected. That makes the process efficient and highly satisfying.

6.Cost Reduction

Traditional ticketing systems would demand very high investment to print tickets; however, when you talk about NFTs, they are very easy to mint with no high cost associated. On top of this, since NFTs are on chain, it is very easy to validate the ticket and find out fake ticket scams.

7.Faster Production

Even creating a digital QR ticket would require more time when you compare the same with NFT ticketing. Hence NFT ticketing is not just cost-effective, but faster when compared to traditional ticketing systems.

8.Perpetual Revenue Stream

It is easier to open a perpetual revenue stream through NFT ticketing in the merchandise, content, resale, and royalty splits segment. Through this, the organizers can easily analyze the profit sharing percentage and create strategies that are in line with their agenda. Since these NFTs are unalterable, it is simpler to forecast the profit for the upcoming events.

9.Better Opportunities

NFT Ticketing can identify loyal customers and provide them added perks to stay glued to the organizers. In the process, the organizers can provide a better approach to the customers who are looking for the best experience.

10.POAP Based NFTs Unraveling a New Dimension in Experience

POAP or Proof-of-Attendance Protocol is a new class of NFT that has made events special and appealing to the audience. These NFTs have gotten popular lately and elevated ticketing experience of consumers because they allow access to special chatrooms, raffles and much more to build a true allegiance with the event organizers and the crowd. Users can not only record their lifetime experience through the poap NFT but also they can monetize the same as a rare NFT collectible. Some of the event organizers have used the POAP NFTs to build a strong community. For example, Bank less dao has already used the same. They have rewarded everyone who were present in their initiative through NFT airdrops. People who have gotten the NFTs have made a fortune out of the same and they are extremely gratified to attend such events. Through the use of POAP NFTs, not just moments can be hard coded into the crypto realm but they can be monetized as well in the process.

11.How is the POAP Based NFT changing the landscape of events?

12.Making Events Gratifying

Imagine what if you had gotten the chance to keep Albert Einstein’s brain at your home or you might have gotten the chance to ride on the first steam engine that was discovered. It would have been a scintillating experience, right! But the only downside in a classical world is that you can cherish these memories and not monetize the same. POAP completely takes that by storm by introducing a monetary benefit to the same. These rare events where you get the POAP NFT ticket can be used to show your swagger side or exclusive A list badge. In a society where there’s abundant show off displayed through conspicuous consumption, POAP based NFTs have certainly shown a different way forward in the metaverse and digital space.

13.Blockchain Gaming

Blockchain gaming is ripe for innovation and through P2E models where players get to collect rare items won’t create a deep impact moving forward in time. To help resolve the same, the POAP based NFTs introduce new slayer moments. In the slayer moments, the player, whosoever feels that he/she is the first to cross a stage can timestamp that moment through POAP based NFTs and make that a rare event in their gaming experience. Through these NFTs, not only they can increase their XRP ratings in the game but also boast a special rare image that anyone would want to have in the long run.

14.Community Building

Community is the key when you are building on top of web3 . Through the POAP based NFTs, communities can be specifically incentivized to perform tasks and get recognized for their endeavors. On top of this, they can even earn special badges which will give them additional voting rights or a say on the protocol. POAP is simply introducing a new way to create a hybrid DAO through active participation.

15.Beyond Crypto

POAP based NFTs do not find their application restrictive to the crypto space only; on the contrary, they are transcendental to real world as well where the wedding guests or special high value attendees can get these to separate them from the rest for some special privileges. On top of this, they can even take these NFTs home as a special souvenir gift from the event which they have attended.

16.Beyond Crypto

POAP based NFTs do not find their application restrictive to the crypto space only; on the contrary, they are transcendental to real world as well where the wedding guests or special high value attendees can get these to separate them from the rest for some special privileges. On top of this, they can even take these NFTs home as a special souvenir gift from the event which they have attended.

How SDNA is leading in NFT based ticketing platforms and helping businesses to transform from their conventional ticketing system?

SDNA Tech has been very active in the Web 3 space innovating and diversifying use-cases to build the next gen decentralized ecosystems. The experts in SDNA learn, unlearn and relearn as per the changing market trends and provide the best value to the customers. Since they are well versed in blockchain and dlt , they have helped various businesses undergo digital transformation and emerged as the best when you are looking to transform your conventional ticketing system with an NFT based one.