NFT tickets: second Ryan KennyCEO of Seatlab NFT, 12% of concert ticket buyers say they bought fake tickets. It is therefore time to transform the ticket industry.
As the NFT (PFP) boom of profile pictures begins to subside, people are starting to better understand the usefulness of non-fungible tokens. Indeed, blockchain technology has the potential to transform several traditional sectors. This, in particular thanks to the proof of authenticity and ownership it provides.
The usefulness of non-fungible tokens is being studied in various fields and some entities in the healthcare sector and the supply chain are already starting to know Web3.
In the entertainment industry, NFTs are already improving the user and fan experience. Today, major festivals, sports leagues and artists are using Web3 technology to provide a more immersive experience for their audiences.
However, there is one small vital segment of the entertainment industry that can be completely transformed by the continuing decentralization of the Internet: ticketing for live events.
The fiasco of the web2 ticket office
Currently, the online event ticket industry is worth around $ 30 billion. However, it is wholly owned by a small handful of companies. This is problematic and the users of these platforms are increasingly dissatisfied with the services they receive.
How many times have we heard stories of tickets sold out in the blink of an eye only to reappear a few minutes later on the secondary market at much higher prices? This scenario has repeated itself so often that fans have grown accustomed to not being able to buy tickets to big shows.
The problem is compounded by the fact that major ticketing services do little to improve the situation. Many even seem to take advantage of ticket resale to raise prices.
NFT Tickets and the Resale Problem
Change of plans, a babysitter who cancels the session at the last minute; anyone can resell their tickets and this is completely normal. The secondary ticket office allows those who can no longer attend the shows to sell their tickets to those who have not been able to buy them.
However, things get a little less ethical when representatives from companies like Ticketmaster literally tell retailers that they have no interest in monitoring the multiple accounts and robots they own to circumvent anti-scalping measures. (i.e. measures to combat the resale of tickets).
Ticketmaster’s issues have grown significantly since its merger with Live Nation 10 years ago. Something that has given him a worrying monopoly. In a recent episode of his Last Week Tonight program, John Oliver discussed the practices of this company. He also highlighted user dissatisfaction with the immoral, questionable and even illegal policies used by the largest ticketing platform.
However, Ticketmaster isn’t the only platform using these dubious tactics. In fact, over 12% of concert ticket buyers say they bought fake tickets. It is therefore evident that little effort is being made to help consumers. So far, the event ticket office offers no additional utility to its customers. According to some, it is therefore a sector in need of change.
NFT Tickets: Web Solutions3
With blockchain and Web3, we have the opportunity to focus on those who create the live events, rather than those who seek earnings, bots and dealers.
The transparent ledger offered by the blockchain offers unparalleled access to ticket history. This means that artists and event planners can differentiate between their true fans and those who are simply looking to generate profit through resale.
NFT tickets can eliminate fraud, while their smart contracts allow you to set royalties on secondary ticket sales. This will significantly reduce the retailer’s margins.
Additionally, NFT tickets offer artists the opportunity to reward their big fans with extra perks and air launches. Two proven methods to improve the audience experience.
Several surveys have revealed that consumers prioritize the experience over ownership. SeatlabNFT therefore has the potential to disrupt an industry that has been standing still for too long.
After years of working in events, I have decided that ticketing platforms should serve the people in the live events industry. I believe that Web3 technology can contribute to this change. This, creating a closer relationship between fans and artists, rewarding loyalty and making things more difficult for retailers and promoters.
About the author
Ryan Kenny is the CEO of SeatlabNFT (an NFT ticketing platform based on a zero emission NEAR blockchain)and CEO of Seatlab, a solution to monetize ticketing ecosystems. Previously, he was CEO of OneCrypto, one of the UK’s leading cryptocurrency news sites. Ryan has a huge interest in blockchain and is focused on using this technology to make the ticket industry fairer for artists, promoters and diverse attendees.
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