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WHAT CAN NFTTICKETING DO TO CHANGE THE TICKETING INDUSTRY?

NFT, a brand new concept that has generated a lot of hype about digital art, will now be available in other markets. NFT is able to connect physical and digital ticketing at an event market.

Do you still have school tickets from the past? Each ticket was unique, which brings back memories of the opera night in Vienna or the World Cup in England.

Although ticketing has become more efficient with digitization, the QR codes are not interesting. Tickets don't have the memory that people used to want, and they are not portable.



Ticketing systems lack memories. Instead, they focus on recollecting memorable moments from past events. NFTs are now available to make tickets more practical and memorable.

Paper-based tickets can be lost, damaged or wet. A paper-based ticket can be lost and it is difficult to travel. Organizations are not provided enough security because paper tickets can be easily faked. Although QR codes were a good solution for organizers and guests buying them, it was not very effective for guests.

NFTs allow you to avoid compromises as both the organizers and the guests benefit from the technology. We'll first address the problems with traditional event ticketing.

What are the drawbacks of the traditional ticketing system?

* Black marketing for tickets

Tickets have been subject to fraud. This has led to fans having to pay more and event organizers being faced with security threats. Utilizing the latest technology, ticketing robots can cause chaos by allowing online touts and others to purchase tickets in bulk, then sell them on secondary marketplaces at high prices.

* No exchange protocol

It is impossible to trace customers or exchange information beyond the borders of a supplier. A lack of an exchange protocol allows fraud to be perpetrated on the secondary market. If a ticket is resold on the secondary marketplace, it does not belong to the buyer whose details organizers have.

Event organizers are not able to know who is attending their event. You cannot alter the name of the ticket holder or control how many tickets will change hands because they are not available for exchange on the secondary marketplace.

* Customer Trust

Guests are often concerned about whether they paid for a genuine ticket or a counterfeit one. Some customers purchase fake tickets online, pretending to be licensed ticketing agents. It can cause huge losses and disappointment.

How does NFT work in ticketing?

NFTs can be described as unique digital tokens, which are stored on the Blockchain. NFTs can be purchased digitally once they are created on blockchain. Customers can then store NFTs securely in a wallet that is accessible from any device.

Event organizers have the ability to create NFT tickets using any kind of blockchain platform they choose. They can code NFTs to set a selling price or conduct an auction where bidders can place their bids for tickets.

Customers can then buy NFT tickets and store them in their wallets. These tickets can also be accessed via their mobile phones. NFTs are then produced by customers who have visited the event.

What are the benefits to NFT Ticketing?

NFTs are a great way to improve the ticketing experience for organizers as well as attendees. Let's see how.

* Preventing scams and fake tickets

Blockchain is a single source for truth for ticket holders as well as organizers. Transferring NFTs from initial sale to resale are all stored on the Blockchain immutably, so that all parties can verify the ticket's authenticity.

NFTs are non-transferable and cannot be transferred to another buyer if tickets are not being resold.

* Reduce costs

The costs associated with selling and minting NFTs can be much lower than the traditional ticketing system. An unforgeable ticket can be obtained at a lower cost. Customers and organizers can verify the authenticity of every ticket in the chain and track its history. 

* Rapid production

 A NFT can be made and sold in less than one minute.

* Perpetual income

Because programmable NFTs have the ability to include rules for merchandise and content resales, organizers can calculate profit sharing percentages on future resales. They can also receive funds knowing that these are inviolable within the NFT's programming. 

* Increased revenue opportunities

NFT-based ticket are programmable money and offer unlimited revenue potential. NFT tickets could be resold to collectibles. This would allow you to reward event ticket holders who have collected many tickets by offering food and drink discounts and rewarding them.

Which guests have NFT ticketing opportunities?

* Get perks, incentives and other benefits from event organizers.

* Buy tickets for events that you can't attend.

* Selling rare and historic tickets that people would love to own.

* Save tickets securely to preserve memories.

* Be a part of the event organizer's community.

What opportunities does NFT ticketing offer organizers?

* Create tickets with art like elements that tell the story about an event. People will love to collect them.

* Verify that each ticket is authentic and the owner of the ticket.

* A ticket owner who resells the NFT tickets will earn a part of the reward.

Read more - https://www.leewayhertz.com/how-nft-ticketing-works/

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