NFT tickets are digital tickets that are stored and administered on a blockchain. This will help in reducing the possibility of forged tickets, double booking, and other issues. NFT ticketing can also be done with token-gating technology, which provides event organizers with additional security and fraud protection.
How does NFT work for ticketing?
Every NFT ticket can be traced back to the original seller from the ticketholder via blockchain. This can protect tickets from being forged. To process this, NFT ticketing systems are incorporated with smartphone cameras and facial recognition to validate the ticket holder’s identity. The process is as follows:
The process starts with buying a ticket and registering online with the identifying information. The ticketholder scans to identify information such as a driver’s license photo ID using the smartphone camera, the authenticity of the document is determined, and the registration form is automatically filled. As a next step, the ticket holder takes a selfie to verify that the ID card presenter is genuine. After that, an Incode ID NFT code is made ready within two minutes. A digital ticket will be received. Entry will be given after scanning the digital ticket and face.
Difference between NFT ticketing and traditional ticketing
Both are two different methods for managing and selling event tickets.
| NFT ticketing | Traditional ticketing |
| NFT tickets are sold at digital marketplaces. These tickets can be resold, transferred, or collected after being received. The tickets should be submitted for scanning and verification using blockchain technology. Increased transparency, traceability, and security. | These can be easily forged and duplicated. These are the paper or digital tickets provided by an event organizer or otherwise ticketing provider. Distribution routes include box offices, authorized resellers, and ticketing websites. Can only be used once |
Future of NFT ticketing
Currently, NFT ticketing gains a warm welcome and the future looks promising for this innovative ticketing technology. Some predicted trends and developments are given below:
Now that more event organizers use NFT ticketing, a wider range of events will adopt this technology in the future. NFT ticketing will be used for music concerts, sports events, conferences, and art exhibitions. This has the potential to become the industry norm. Any innovations in digital wallet technology and user interfaces will normalize the usage of NFTs, making it even easier for attendees to manage their NFT tickets.
Advantages of NFT ticketing
- When compared with traditional digit tickets, it is impossible to be forged. Security is provided by storing NFTs on an immutable decentralized ledger. Since the blockchain is transparent it is easy to trace and verify.
- NFT tickets offer secondary market opportunities. The tickets can be bought, sold, or traced on secondary marketplaces. Earnings can be expected by setting royalty fees.
- NFT tickets can offer collectible elements as well as unique experiences.
Disadvantages of NFT ticketing
Apart from the positives, there are some challenges to consider.
- To get hands-on NFT ticketing, users need access to digital wallets and blockchain platforms. Some users might lack this accessibility. In that case, event organizers should consider some other ticketing options other than NFT ticketing to facilitate a large-scale audience.
- As NFT ticketing becomes popular, blockchain tends to congest and scalability becomes the main concern. Using NFT ticketing for higher transaction volume might result in slow transaction time and increased fees.
- NFT ticketing is relatively new, and people might be unaware of this, so it will take time for mass adoption.
- Make sure that you use only trusted platforms.
Final thoughts
NFT tickets are authenticated since it is built on a blockchain network. Tickets cannot be forged due to their immutable nature. Event organizers that use the NFT ticketing system will have more control over their primary and secondary market ticket sales. NTF space is relatively new, but it has the potential to improve the traditional ticketing system and more.
FAQs
A. NFT tickets are stored in the digital wallet, so losing access to the wallet means losing the ticket. But if the user has the wallet recovery keys or has backed up the wallet, in that way the user can restore access to the ticket.
A. The opportunities that NFT ticketing provides to guests are the ability to sell rare tickets that collectors desire, store tickets safely to keep memories alive, engage in an event organizer’s community, and receive benefits from event organizers.