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Ticketing: How Web3 Can Evolve The Industry And Unlock Doors

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BeInCrypto

Thu, Jun 30, 2022

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Ticketing and the industry’s biggest pain points can be eradicated using Web3 tech, says Josh Katz of YellowHeart , the first company to ever release an NFT album and tickets on the blockchain with Kings of Leon.

One of these, in fact, is the event industry – more specifically, event ticketing.

Online event ticketing is predicted to be worth $68 billion by 2025 and the industry is seeing unprecedented demand after COVID restrictions slowly begin to lift across the globe.

With such a prodigious industry, there is the potential for significant growth and earning potential for projects that can address the key issues already associated with event ticketing.

Web3 can help eradicate a number of these problems, but first, we must understand what the existing issues are with the ticketing industry.

As more people are willing to return to in-person events and pay good money to do so, this could mean a significant pay-off for scammers if they successfully entice an innocent customer into purchasing illegitimate tickets.

Built on top of blockchain technology, NFTs tickets are unique and verifiable digital assets that move far beyond traditional ticketing.

When it comes to counterfeit tickets, since NFTs live on the blockchain, venues are able to quickly determine who the original IP owner of the ticket is and if it’s authentic or not.

When looking at the value non-fungible tokens can specifically bring to the event ticketing industry, because data is saved on a blockchain, an NFT ticket can show proof of authenticity.

Often, an NFT ticket changes when it’s scanned at a venue.

Traditional tickets usually become redundant strips of paper or unusable barcodes when venues scan them, but NFT tickets come to life to consolidate your attendance at an event.

Owners of any of the tickets would have access to prime seating, added benefits such as food and drink credits, and even meet-and-greet opportunities – showcasing the utility of NFTs. The Web3 world is still incredibly raw and more education is required so that event organizers can acknowledge just how beneficial Web3 is to the ticketing of events on both small and large scales.

Integrating Web3 and NFTs to ticketing platforms allows for greater engagement with fans as the ticket itself goes beyond just permitting access to the event.

But ultimately, the events industry needs to be receptive to this innovation and comprehend that existing methods of ticketing are not fit for purpose.

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