NFT tickets: according to Ryan KennyCEO of SeatlabNFT, 12% of concert ticket buyers say they bought fake tickets. It is therefore high time to transform the ticketing industry.
As the profile picture NFT (PFP) boom begins to weaken, people are beginning to better understand the usefulness of non-fungible tokens. Indeed, blockchain technology has the potential to transform several traditional sectors. This is mainly thanks to the proofs of authenticity and ownership that it provides.
The usefulness of non-fungible tokens is being explored in several areas and some healthcare and supply chain entities are already starting to learn more about Web3.
In the entertainment industry, NFTs are already improving the experience of users and fans. Today, major festivals, sports leagues, and artists use Web3 technology to provide their audiences with a more immersive experience.
However, there is one small, vital segment of the entertainment industry that could be completely transformed by the ongoing decentralization of the Internet: live event ticket sales.
The web2 ticketing fiasco
Currently, the online event ticketing industry is worth about $30 billion. However, it is fully controlled by a small handful of companies. This is problematic and users of these platforms are increasingly dissatisfied with the services they receive.
How many times have we heard stories of tickets selling out in the blink of an eye only to reappear minutes later on the secondary market at much higher prices? This scenario has been repeated so many times that fans have become accustomed to not being able to buy tickets to major shows.
The problem is compounded by the fact that the major ticketing services are doing little to improve the situation. Many even seem to take advantage of ticket resale to increase their prices.
NFT tickets and the problem of resale
Program change, a babysitter who cancels the session at the last minute; anyone can resell their tickets and this is completely normal. The secondary ticket market allows those who can no longer attend shows to sell their tickets to those who were unable to buy them.
However, things get a little less ethical when representatives of companies like Ticketmaster literally tell resellers that they have no interest in checking the multiple accounts and bots they own to get around anti-scalp measures. (ie measures to prevent the resale of tickets)†
Ticketmaster’s problems have increased significantly since its merger with Live Nation 10 years ago. Something that has given it a worrying monopoly. On a recent episode of his show Last Week Tonight, John Oliver discussed the practices of this company. He also highlighted users’ dissatisfaction with the immoral, questionable and even illegal policies used by the largest ticketing platform.
However, Ticketmaster is not the only platform using these questionable tactics. In fact, more than 12% of concert ticket buyers say they have bought fake tickets. It is therefore obvious that little effort is made to help the consumer. Until now, event ticketing has not provided its customers with any additional benefit. According to some, it is therefore a sector that is in need of change.
NFT Tickets: Web3 Solutions
With blockchain and Web3, we have the opportunity to focus on those who create the live events, rather than the earning seekers, bots and dealers.
The transparent ledger provided by the blockchain gives unparalleled access to ticket history. This means that artists and event organizers can differentiate between their true fans and those who simply want to make a profit through resale.
NFT tickets can eliminate fraud, while their smart contracts allow royalties on secondary ticket sales. This will significantly reduce reseller margins.
In addition, NFT tickets offer artists the opportunity to reward their big fans with extra benefits and airdrops. Two proven methods to improve the audience experience.
Several studies have shown that consumers value experience over ownership. SeatlabNFT therefore has the potential to disrupt an industry that has been stagnant for far too long.
After years of working in events, I decided that ticketing platforms needed to serve people in the live events industry. I believe that Web3 technology can contribute to this change. This by creating a closer bond between fans and artists, rewarding loyalty and making it more difficult for retailers and promoters.
About the author
Ryan Kenny is the CEO of SeatlabNFT (a carbon neutral NEAR blockchain based NFT ticketing platform), and CEO of Seatlab, a solution to monetize ticketing ecosystems. Previously, he was Managing Director of OneCrypto, one of the leading crypto mining news sites in the UK. Ryan has a huge interest in blockchain and focuses on using this technology to make the ticket industry fairer for artists, promoters and various attendees.
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