{"id":478188,"date":"2022-07-25T16:15:17","date_gmt":"2022-07-25T13:15:17","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/nft-utility-to-remedy-ticketing-dilemmas-experts-weigh-in\/"},"modified":"2022-07-25T16:15:17","modified_gmt":"2022-07-25T13:15:17","slug":"nft-utility-to-remedy-ticketing-dilemmas-experts-weigh-in","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/nft-utility-to-remedy-ticketing-dilemmas-experts-weigh-in\/","title":{"rendered":"# NFT utility to remedy ticketing dilemmas? Experts weigh in"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf6d2863f3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf6d2863f3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/nft-utility-to-remedy-ticketing-dilemmas-experts-weigh-in\/#%E2%80%9D_NFT_utility_to_remedy_ticketing_dilemmas_Experts_weigh_in_%E2%80%9C\" >&#8221; NFT utility to remedy ticketing dilemmas? Experts weigh in &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_NFT_utility_to_remedy_ticketing_dilemmas_Experts_weigh_in_%E2%80%9C\"><\/span>&#8221; NFT utility to remedy ticketing dilemmas? Experts weigh in &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNGJlMTY5MGUtYTY2Ni00ODEyLTlkMzQtNjEzZDQ5ZWJiZWI4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The 2022 Champions League final will have a checkered position in the competition\u2019s history book. Real Madrid emerged victorious over Liverpool inside the Stade de France, but the pandemonium outside the stadium before kick-off highlights the need for innovative solutions to events ticketing.<\/p>\n<p>Counterfeit tickets played a massive role in the chaotic scenes that played out in the French capital in June 2022, as fans broke into the stadium precinct while authorities rebuffed many. French authorities <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/world-europe-61658495\">estimated<\/a> that 35,000 people had arrived at France\u2019s national stadium with fake tickets or none at all, in addition to the 75,000 fans that had legitimate tickets for the grand final.<\/p>\n<p>Black market ticket sales and touting have been part and parcel of the sporting and events world for decades, but the advent of blockchain-powered ticketing looks to be a promising solution. Nonfungible tokens (NFTs) are multi-faceted in that they ensure the credibility of tickets and enable Internet-of-Things (IoT) functionality while also serving as a unique digital collectible to commemorate an event. <\/p>\n<p>The NFL has already tested the waters with NFT ticketing, having distributed around 250,000 NFT tickets after launch in November 2021. Fans that attended the NFL\u2019s Super Bowl LVI were also eligible for commemorative NFT tickets \u2014 all at no cost. How that NFT ticket looks and what it incorporates are up to the creators. The NFL\u2019s NFT tickets are minted on the Polygon blockchain and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nfl.live-nfts.com\/explore\">feature<\/a> different animated visual elements.<\/p>\n<p>The French envoy for the 2024 Paris Olympics has also <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nftevening.com\/paris-2024-olympics-may-introduce-nft-tickets\/\">suggested<\/a> the use of NFT ticketing solutions to manage attendance for the events, as well as a trial run at the 2024 Rugby World Cup, which will also be hosted in the country.<\/p>\n<p>NFTs are multi-faceted in that they ensure the credibility of tickets and enable IoT functionality while also serving as a unique digital collectible to commemorate an event. How that NFT ticket looks and what it incorporates are up to the creators. The NFL\u2019s NFT tickets are minted on the Polygon blockchain and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/nfl.live-nfts.com\/explore\">feature<\/a> different animated visual elements.<\/p>\n<p>Cointelegraph reached out to a handful of industry participants that already make use of blockchain-based NFT ticketing to gauge the impact of the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>.<\/p>\n<p>Amsterdam-based event technology firm GET Protocol issues tickets that are minted as NFTs on the Polygon blockchain when a user buys a ticket in their mobile <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>. Tickets are tied to mobile numbers, which is a key part of eliminating ticket touting.<\/p>\n<p><em><strong>Related: There\u2019s more to NFTs than just PFPs \u2014 5 ways nonfungible tokens will transform society<\/strong><\/em><\/p>\n<p>Users can claim the actual NFT when they scan the ticket QR code at the given event, which links to their GET Protocol wallet. This is where digital collectibles and other exclusive benefits can be extended to users.<\/p>\n<p>Colby Mort, who heads up NFT strategy at the company, told Cointelegraph that NFT tickets help add transparency to what is traditionally a \u201cblackbox\u201d industry. All tickets are transparently viewable in real time, which helps prove ticket authenticity, given the immutability of the underlying system<\/p>\n<p>The secondary sale market is also formalized. Tickets can only be resold within the system, giving organizers control of tickets, revenue, data and direct contact with holders. Tickets are also given extended life cycles, both pre- and post-events, with GET Protocol exploring decentralized event financing for an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.theticketingbusiness.com\/2022\/05\/31\/xtixs-announces-defi-funded-event-in-partnership-with-get-protocol\/\">upcoming <\/a>Lewis Capaldi art show in Iceland. This explores fundraising initiatives with technology that could benefit smaller artists and creatives.<\/p>\n<p>Digital collectibility is a major feature of post-event NFT utility but Mort also pointed to its potential as a community-building tool for artists and event hosts. <\/p>\n<blockquote><p>\u201cNFT Ticketing for a lot of mainstream audiences is the &#8216;light bulb moment&#8217; of understanding the underlying utility of an NFT combined with the familiarity of the collectible side of NFTs as all NFT Tickets can include a digital collectible.\u201d<\/p><\/blockquote>\n<p>Josh Katz, CEO of NFT marketplace YellowHeart, told Cointelegraph the ticket industry is plagued by issues around authenticity and scalping which are mainly driven by the ease of forging or replicating paper tickets with modern hardware.<\/p>\n<p>The finite element and exclusivity of tickets also results in mass reselling at inflated prices. Katz noted that the online ticketing market is expected to be valued at $68 billion by 2025, while secondary sales could generate $15 billion in sales of which organizers and artists forgo their rightful share:<\/p>\n<blockquote><p>\u201cNFTs, on the other hand, can help solve most \u2014 if not all \u2014 of these issues. For one, the open and transparent nature of blockchains makes it extremely easy to verify the provenance and authenticity of NFT tickets, so it\u2019s substantially harder for scammers to fool people.\u201d<\/p><\/blockquote>\n<p>Kats also highlighted the freely programmable nature of the smart contracts powering NFTs, bringing dynamic benefits to holders and issuers. This also addresses secondary market sales, where NFTs can be programmed to deliver a percentage of sales to the artist or event organizer.<\/p>\n<p>Mort insists that a focus on form and function has been important for their ticketing solution\u2019s success to date. Ticket buyers use fiat currency to purchase tickets linked to bank accounts or cards and access and interact with their NFTs through an app. <\/p>\n<blockquote><p>\u201cSince our inception in 2016, we&#8217;ve prioritised abstracting away the complexity of blockchain and NFT technology, but over the last year we&#8217;ve seen a huge demand from ticketing companies and event organisers to explore the Web3 side of their ticketing with post-event NFT claiming.\u201d<\/p><\/blockquote>\n<p>GET Protocol was built to be blockchain agnostic, given that customers and clients will use the event and ticketing marketplace without having to understand the underlying technology.\u00a0<\/p>\n<p>Striking a balance that ensures ease of access for new users while harnessing the programmability, utility and immutability of blockchain technology is a key theme highlighted by both Mort and Katz in the adoption of NFT ticketing.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/nft-utility-to-remedy-ticketing-dilemmas-experts-weigh-in\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; NFT utility to remedy ticketing dilemmas? Experts weigh in &#8220; The 2022 Champions League final will have a checkered position in the competition\u2019s history book. Real Madrid emerged victorious over Liverpool inside the Stade de France, but the pandemonium outside the stadium before kick-off highlights the need for innovative solutions to events ticketing. Counterfeit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":478189,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNGJlMTY5MGUtYTY2Ni00ODEyLTlkMzQtNjEzZDQ5ZWJiZWI4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,75554,80667,95118,74892,74355,4965],"class_list":["post-478188","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-dlt","tag-event","tag-nft","tag-tokens","tag-adoption","tag-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478188","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=478188"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/478188\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/478189"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=478188"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=478188"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=478188"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}