Tickets in NFT format are one of the applications on which the use of blockchain will be able to bring numerous benefits to sports players.
In fact, NFTs have a role that goes far beyond that of Fan Engagement, for which they are currently used.
They are, in fact, tools with perfect features to revolutionize a traditional service such as ticketing.
He has decided to focus heavily on NFT ticketing Mark Cuban, volcanic president of the Dallas Maverick in the NBA.
He is well known in the field of blockchain and cryptocurrency trading for his strong exposure to DOGE, meme coin pushed most of all by Elon Musk‘s tweets.
The NFT ticket manages to provide a viable synthesis between “cold” QR codes and the now impractical paper tickets.
Tickets to an event used to be considered in the collective imagination as evocative of unique memories and experiences, the only witnesses of a memorable experience lived. However, that type of ticket is now no longer functional to today’s needs and technologies.
Thanks to NFT technology, they can be stored in a secure wallet and even resold many years later on secondary markets to collectors and enthusiasts.
This avenue may be the key to satisfying fans’ desire for memorabilia without depriving organizers of tools to facilitate ticketing management. Speeding up B2C but also P2P transactions, certifying the authenticity of the ticket, owning its intangible ownership over time and its exclusivity, the ability to profile users for commercial and security purposes.

ticket nftNFT Ticketing: the first applications

This use of blockchain and non-fungible tokens does not enjoy the same popularity as Fan Engagement tools, yet its application has already been successfully tested at the highest level.
UEFA first tested this technology at the Europa League final in Gdansk. Subsequently, ticketing on NFT was also used at the Champions League final in Porto.
Relying on non-fungible tokens made capacity management more agile and secure, checkered audience arrangement in compliance with anti-Covid regulations, speed and automation of refunds, and resale of refunded tickets due to the designation of a new venue.
Head of Revenue Operations Philippe Margraff said, “The two finals were handled excellently and demonstrated to us the effectiveness of blockchain-based mobile ticketing.” For this very reason, UEFA announced after a few days its intention to sell one million tickets at Euro2020 with the help of this new technology.

 

 

Tickets in NFT format: speed and process automation

Reading between the lines, it can be seen that the use of NFTs for ticketing has brought significant benefits in terms of speeding up and automating processes, all made possible by the Smart Contracts on which NFTs are based.
In fact, with smart contracts, reimbursements upon the occurrence of certain conditions-such as a change of location, a Covid positive or a forced quarantine-become automatic and fast.
Similarly, it is possible to easily transfer one’s ticket to another user.
Another advantage given by the use of NFTs in ticketing is being able to adapt very quickly to sudden changes in regulations caused by the progression or vice versa of the pandemic.
Once the know-how for designing and distributing NFTs is acquired, the creation time is also very rapid. Each ticket in NFT format can be ready for sale in less than a minute.
Distribution is also automated; the moment the ticket price is paid, the Smart Contract validates the sale of the NFT and delivers it to the chosen address.

Ticket on NFT: certified authenticity

Registering a ticket on blockchain is equivalent to guaranteeing its authenticity. In fact, each NFT has a specific digital authenticity certificate. The large-scale use of tickets on NFTs would put an end to the phenomenon of scalping or the phenomenon of selling fake tickets even online, and would also limit the so-called scalping 2.0, that is, the wild secondary selling practiced online by some brokerage companies.
We have not infrequently witnessed events that sold out within minutes only to see how large spaces turned out to be unoccupied. This happens because the markup applied in secondary selling, thanks to the artifactual scarcity of the asset, allows them to make a large profit even if not all the tickets are resold. Some companies have already been fined for these unfair practices. This situation certainly causes impatience in fans who buy at much higher prices or are excluded from the event they have been waiting for. What certainly comes out of it is loyalty. In addition, fans would be able to keep that ticket whose authenticity and uniqueness turn out to be certified in blockchain, without the risk of losing it … and who knows, this might become a collector’s item

Perpetual revenues

An additional opportunity arises for sports clubs: create a dedicated fan space for resale of tickets at a locked-in price and perhaps a commission to be charged on each resale. This kind of initiative would succeed in offering an alternative that would shield fans from speculative maneuvering. In addition, companies could leverage NFTs’ Smart Contracts to generate perpetual revenues. Should the ticket cover an iconic event, any resale made even in markets outside of corporate markets would bring royalties into the companies’ coffers.

In the next article of this blog, we will look at other aspects of ticketing in NFTs, including the benefits related to traceability (e.g., in terms of safety of sports venues), and cost reduction for adopters.

In the next article of this blog, we will look at other aspects of ticketing in NFTs, including the benefits related to traceability (e.g., in terms of safety of sports venues), and cost reduction for adopters.

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Davide Calderone

Contributor