NFTs(Non-Fungible Tokens) is the hottest topic in the crypto space right now. They have made several headlines for getting auctioned for millions of dollars. NFTs are digital certificates stored on the blockchain which porve ownership of certain unique assets. In starting, many people view them as collectibles only. People are experimenting with them and now many other applications are coming. Tickets being sold as NFTs is one such new appilcation.
Problmes with Traditional ticketing system
1. Black marketing
Black marketing of tickets is one of the biggest problems with today's ticketing system. People buy tickets using online bots and other techniques in bulk to sell them in the secondary market. THese middlemen make a lot of profit and fans are looted who purchased tickets at higher prices. Artists or event organizers get no benefit from these sales as well.
2. Security concerns
It is impossible to track tickets sold in the secondary market. Event organizer have no data about people how purchased tickets on the black market. This posed a real security threat.
3. Authenticity
People buying tickets are lawyas concerned where they have bought the original ticket or a facke one. Many people get scammed by people posing as original ticket providers online.
How will it wokr?
NFts are tokens stored on the blockchain which means they will be programmable. So, an event organizer can create a smart contracto to min an NFT ticket when someone triggers that smart contract by paying the price of the ticket. The money sent will be automatically transferred to the organize's wallet and NFT will be sent to the fan wallet. All records of ownership will be maintained on the blockchain. Ownership of NFT tickets can be verified quickly by anyone.
If the buer tries to sell that ticket again, the ownership of NFT will be changed and some royaly amount will also be sent to the organizer's account as per the samrt contract logic.
Benefits of using NFTs as tickets:
1. Royalty fees
A new income source will open up for artists which would directly benefit them whenver tickets are sold in the secondary market.
2. Preventing facke tickets
As NFTs are stored on the blockchain, anyone can verify the authenticity of tickets being original of facke by checking their complete transaction history.
3.Reduce Security threat
Event organzr will always have the right data about the audiecne who will be attending their event as NFT owenrship is easily tracked on the blockchain.
4. Intangible
As NFT tickets will be stored on the blockchain, there is never a case that fancs could lose tickets.
This is just a start, NFTs in the future will have a lot of applications. The technology is in a very early stage and it will become mainstream soon.
This post is from here, https://medium.com/@rhymofficial/nfts-in-ticket-industry-1a3a956aacfd
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