As NFTs gain popularity as of late, the NFT market has experienced the level in the range of $24.9 billion, as per information provided by Dapp Radar. While NFTs are transforming the way we do business across many sectors, the event industry is the first to use NFTs to link physically and electronically ticketing. Before the introduction of electronic ticketing, people had to keep old-fashioned tickets. Each ticket had a unique design, bringing back memories, no matter if it was an opera show in Vienna or for the World Cup in England, or an event in California. Digitalization has simplified tickets, the ticketing system has become more efficient and trustworthy for all. However, a simple QR code with no explanation that explains it is dull. Digital tickets can’t be kept as a souvenir that people would like to keep, and to look back at.
Presently, the ticketing system does not allow people to reflect on the special moments of past occasions. Therefore, NFTs are here for making tickets efficient and easier to store to keep as memories.
Tickets made of paper can be lost, damaged by water and damaged. In addition, organizers do not have enough security when using tickets printed on paper. They are also easily counterfeited. QR codes can solve this issue for organizers, however they’re not as effective for the guests purchasing tickets.
What are the issues that the traditional ticketing system faces?
Tickets with black marketing
Fraud has plagued the industry of ticketing and has forced customers to pay more as well as posing security concerns for organizers of events. By utilizing technology in a way that isn’t bots for ticketing, they cause chaos, allowing those who are online to buy tickets in bulk, and then sell tickets to secondary markets for premium prices.
Lack of exchange protocol
It is difficult to trace the customers’ movements or exchange information outside the borders of a provider and the absence of exchange protocols allows fraud on markets that sell on the second. If a ticket is purchased on the secondary market it does not represent any ownership of the buyer who’s information the organizer of the event have. Thus, the event’s organizers don’t know who attends their event. Since tickets are distributed in a way that doesn’t allow exchanges on the secondary market there is no way to change the holders name, nor to determine how often the tickets are exchanged.
Customer Trust
One of the main questions for visitors is whether they bought a legitimate ticket or fake. Sometimes, guests purchase fake tickets from websites that pose as legitimate ticketing agencies which can result in the loss of money and dissatisfaction.
Read More : https://www.leewayhertz.com/how-nft-ticketing-works/
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