Here’s the three major benefits for us:
Since NFT tickets are programmable, we can introduce a built-in ‘royalty split’ which allows for a profit sharing system that can be tailored by the event organiser and deliver further value to artists, venues and legitimate actors in the ticketing chain whilst cutting out resale platforms and touts.
Whilst this may seem gimmicky, a digital version of a ticket from an unforgettable night can be proudly shown and cherished like a collector’s badge on a refrigerator. Except the possibilities are endless and will help to cultivate a longstanding connection between artist and fan.
As NFTs, tickets can be turned into proof-of-attendance badges, (we are partnering with POAP for this purpose) which can be shown off online and even traded. It can also allow you to find and reward your diehard fans who go to every show, for example by sending exclusive content to those fans in possession of a previously issued ticket. The possibilities and variations here are limitless.
We are working on a DeFi approach that will allow event organizers to use their ticket inventory as collateral. This will enable organizers to offer up their (NFT) tickets for investment prior to making any organisational costs. This type of crowdfund investing can help organizers mitigate (part of) the risk of setting up a new event. Especially in a post-Covid world this can be a welcome change. Read more about this functionality here.
Validity The certainty the owner of a ticket has that it can be used to enter the event.
Verifiable Is it possible for a buyer/seller to check or demonstrate a ticket is valid. Can the fairness of a tickets offer price be verified?
Transferable The extent to which it is possible to transfer a ticket to a new owner.
Transparency Can it be known who owns the ticket? Is it possible to figure who has owned the ticket in the past?
Identity + Identifier Is there a way to check who owns an asset? Is there a way to detect when an asset has changed owner? How trustworthy is the identifying mechanism?
Even though a static QR code is consistent in the data it encodes, it is inconsistent in its ability to retain validness and fan/owner data. Only the primary buyer of a ticket can be certain of its validity. For the issuer the primary buyers data is the only data they will ever touch.
getNFT tickets are registered on ‘the blockchain’. Owners can easily be identified by the public address of the owner of the getNFT over time. This identification metric is robust as it relies on cryptographic seeds. A getNFT owner can prove to a potential seller (or smart contract) they own a ticket without exposing anything of value.
As the getNFT can only be decoded by 1 single private key a few seconds before the event starts, there is no doubt about its authenticity. A ticket tokenized by this technology will have a far better ablity to retain its secondary market value because of this.
The main pitch the static QR code has going for it comes from the fact that it is so widely accepted and that transferring it is so easy and friction-less (this feature also causes rampant scalping and fraud, but still, friction-less is nice).