NFT in the Event and Ticketing Industry

October 12, 2022

For the ones who lived through the era of collecting exclusive and artistic tickets, the ones who truly understand that it wasn't just the event itself, but even the quality and the kind of ticket that revamped the experience, this blog is certainly of special interest for all the ticket collection enthusiasts, event organisers and of course for the Web 3.0 lovers. 

How about some insights first?  

Just for a heads up, the global event business creates an annual market size of $890 billion and generates $70 billion in income just from event tickets. Out of which almost $15 billion is generated through ticket scalping or reselling tickets in secondary markets. Despite man having reached the moon, the probable tickets to the natural satellite haven't advanced in design or concept. The ticketing industry remains outdated and rather even less interesting now. 

A Ticket into its History

Earlier collection of exclusive and premium tickets was seen as a trend. However, the same tickets were costlier to print and could be easily forged yet remained prone to getting damaged quickly. 

To replace this as a successor, came the era of QR codes, which proved to be a great option for the event organisers but in reality, proved ineffective in terms of attendees purchasing them. This also came along with a great blow to the trend of ticket collection and the subsequent auction markets thriving on it. 

One of the biggest voids remaining unfilled is the fact that even after the use of QR codes or modern ticketing systems, sponsors and advertisers have no information on or interaction with ticket buyers. Completely defeating the main objective of huge sponsorships that come for events. It has also been observed that the Web 2.0 ticketing system has emerged as a very monopolistic system, to an extent that even small event organisers tend to pay at least 30% upfront cost to companies for the featuring brand. 

NFTs emerge as problem solver

The technology and concept behind NFTs make them a pinpoint match for re-establishing the ticketing industry. They can act as a rather bridging tool between physical and digital ticketing. 

But How?

  1. NFTs make it possible to engage customers in new ways, decrease ticketing frauds and include a new sector of the secondary market, ie. the blockchain markets. 
  2. Through NFTs, artistic tickets can again be created, not fearing any physical damage or a decrease in their exclusiveness. Making the same NFT tickets cool and collectable, and giving a way to re-establish communities that rejoice for the same. 

Imagine tickets that display fresh artist or brand announcements every 24 hours. 

  1. Through rapid manufacturing of NFT tickets at a very minimal price for an extensive collection of NFTs. 
  2. Event organisers can code the NFTs to establish a sale price or conduct the sale as an auction in which attendees can begin bidding. 
  3. Collect funds with the assurance that the structure for revenue shall not be compromised. Event organisers are also opened up to the chance of earning royalties any time a ticket is sold even in the secondary markets.  
  4. Customer involvement potential with NFT tickets increases as the ability to accumulate and combine tickets for redeemable benefits increases. 
  5. Get access to remarkable customer data that can be used to improve future events. 
  6. Most importantly, distribute collectable tickets through the easiest means of minimal  emailing or text messages. 

How does DigiphyNFT help event organisers?

How NFTs help the ticketing industry, is the same way DigiphyNFT helps the organisers of the event. 

  1. We act as the tool to mass manufacture, artistic and worth collecting NFTs within just a click and minimal knowledge. 
  2. DigiphyNFT provides you with the option to submit any custom designs or pictures, and receive a minted NFT collection of it. 
  3. List down your freshly minted NFTs on DigiphyNFT’s active marketplace to grow a customer base for your events. 
  4. Most importantly, get the freedom to establish your own rules to set a market price, royalty price, and conditions for royalty and get the freedom to not just receive an NFT collection, but also decide how it gets sold. 
  5. Provide us with the list of participants to whom NFTs need to be sent, we mint your desired NFT collection tickets, and also provide an option to email the NFTs to the listed participants, where the NFT tickets are directly added to their wallets by simply clicking on the email link. 

That’s where DigiphyNFT’s ability becomes your utility, and that's where your event becomes revamped with quality even before it actually happens.