Why is NFT a Game Changer for the Ticketing Industry?

Guest post by Elena Obukhova, founder & CEO at FAS | Fintech Advisory Services.

FAS is a global and fully decentralized advisory ecosystem that bridges blockchain and fintech experts from Asia, Europe, North America, and Latin America with SMEs willing to evolve in those domains.

NFT, a concept that created hype around Digital Art, is ready to move forward, of course taking art with it. One such destination is an event market, where NFT can bridge the best parts of physical and digital ticketing.

Many of you might remember old school tickets that people used to collect. Each ticket was unique, bringing up special memories whether it was a large music festival in California, an opera night in Vienna or maybe a World Cup in Brazil.

Digitalization made tickets functional but boring with just simple QR codes without any story behind them. Tickets started missing the memory part, something that people wanted to store and even take with them when they travel or move. Memories that they reflect on remembering every special moment from past events. NFT is coming to the game to make tickets memorable and even more functional.

You can lose a paper ticket, it can get wet, old and ruined. It’s also hard to travel with it and such memories are being simply lost. Organizers are also not getting enough security with paper-based tickets, as they can easily be faked. QR codes seemed to be a good answer for organizers to make ticketing effective, but not as good for the guests purchasing them. With NFT there’s no need to compromise as the technology enables both making tickets memorable and functional.

NFT technology allows organizers to:

  1. Validate the authenticity of every ticket and verify the owner (especially for private and VIP events, where a ticket should be linked to the specific guest).
  2. Create art-like tickets representing the event’s story and brand that people would love to collect.
  3. Access powerful data to make subsequent events better.
  4. Include special perks and engage with the community, give additional incentives to those frequently attending events.
  5. Pre-sell drinks, food, and other packages to minimise the waiting line.
  6. Send outstanding event invites to VIP guests and members.

This list will continue to grow as NFT technology enables simpler and edgy ways to interact with event guests and sponsors.

It also opens new opportunities for guests

  • Store art-like tickets safely to keep all memories close.
  • Engage and feel a part of favourite event organizers’ communities
  • Receive special perks and incentives from organizers.
  • Sell valuable and rare past event tickets that other people would love to collect.
  • Easily sell tickets for upcoming events that you suddenly can’t go to.

FlashBack is one of the pioneers in the NFT ticketing space. It introduces an edgy way to buy and sell tickets that matter. It is bringing technology to the masses with seamless NFT creation and purchasing. FlashBack partnered with Exquisite Workers, a community of 572 artists from 50 countries, to bring inspiring art into the ticketing and enable organizers to create extraordinary tickets.

Large festivals can now issue tickets in collaboration with digital artists to bring a greater value to their guests and community.

Sport organizers also benefit from the new way of ticketing. Imagine your favourite football club issuing a ticket with some memorable moment from the game or maybe featuring a famous player. Such tickets become collectable with extra value and are now available to fans everywhere even if they couldn’t attend the game themselves.

NFTs can also make invitations for family events special. Imagine turning your 5-year-old’s drawing into an NFT invitation for her birthday party. Marvellous, isn’t it?

The market is definitely awaiting some interesting changes, with art-like tickets being a part of them.