NFT Concert Ticket - Next Level Marketing

Simple but might affect an entire market

 

As an artist or musician in today's digital world, I'm sure you have heared about NFts from a friend or colleague. I'm 100% sure someone in your contacts approached you about NFts already and asked you why aren't you yet involved in this new craze.

 

Now, whether or not you want to min and sell your artwork as NFTs, this article should be of importance to you; what I'm presenting here might end up changing an entire industry.

 

Nevertheless, let me start with the basics now.

 

What is an NFT?

NFts are short for 'non-fungible tokens," a form of digital assets sold on a blockchain. Easy, right? Ok, if you are not familar with blockchain and assets, this sentence is most likely gibberish for you. Let me explain it differently.

 

The term "fungible" means interchangeable to be replaced by something of equal value .Let's take the five-dollar bill, for example. It can be exchanged for five one- dollar bills. The five one-dollar bills have an equal value to the on five-dollar bill. On the other hand. soemthing like an original van Gogh isn't fungible because there is only one original and it cannot be replaced or even replicated.

 

What does this mean?

In real life and outside of the digital world, clasic orks of art firtst edition books, vinly, antiques, and other hitorical items are ofnen sold at autction with a certificate that they are guenuin and one of a kind. So, how can we transform this "rea-wolrld" habit into the digital world? Enters NFT.

 

NFT serves the same purposse but for digital times. It allows GIFs, videos, jpege, mp3s, and just any file format to be certified as one-of-a-kind. This technology opens the doore to a new type of "ownership" for digital files that weren't previously possible thanks to blockchain technology.

 

Every artist or person who issues an NFT (the process is called minting) can attach a built-in commision that they will receive every time that work is resold in the future. The commission is typicall between 10% and 30%, but it cna be even more.

 

This commission or royalty, as it is called in the NFt verse, is why I wrote this article.

 

 

The benefit of selling concert tickets as NFTs

Before the digitalization era, concert itckets were a piece of memorabillia. People used to hold on to their concert itcketsfor years and years after the said concert, just to remind themselves of that special concert they attenedd.

 

Nowadays, most concert itckets are sold digitally with a bar code or QR code saved on one's smartphone. THis digital ticket is meanigless after the concert because it is not unique. THe same person can have the digital ticket in their Gmail account, their APple Wallet, and the platform they bought the said ticket.

 

In other words, the QR code losed its value immediately after it granted the holder access to the concert - it is not a collectible anymore.

 

NFTs, on the other hand, are digital-collectible. They cannot be reproduced or copied. Therefore, even after a concert, holding on to the NFT offers a sense of memorabilia because it is once again unique. Similar to the old printed tickets.

 

Therefore, the fans will acutiall have interset in buying concert tickets as NFTs, even if it is slightly more challenging than just recevingn a QR ocde by Email.

 

ut let us be honest, why would the artis or the event organizer, in this case, be interested in going throught this hassle just to provide a piece of memorabilia for the fans - it seems no worth the extra effort. And believe me, you couldn't be further away from the truth.

 

In alomost every event with admission tickets, these tickets are typically resold later on in the secondary market at a higher price than origin price. However, the origanzer or aritst doesn't benefit from the higher reselling price in the secondary market. In some cases, the tickets are even issed with a printed name on them, which will be conrolled at the gates, just to combat the secondary market.

 

Remember the royalties I talked about previously?

As I mentioned previously, the artist, person, or organization that minsts the NFTs in the first palce can set a royalty that they will recieve in every eselling, which will occure in the future.

 

In this case, the artis or orgnaizer will benefit from ever reselling that will take palce after the concert ticket are sold intially at the floor price. This means, instead of fighting and comating the secondary market, because the organizer or artist are not benefiting form it, the organizer or artist can set their royaty any vluae to earn fro mevery resell.

 

They can even set their royalty to 100% if they want to combat the secondary market. In this case, the reseller will not gain any dollar from the secondary marekt _ I do not thing anybody will be interestedin doing this, but it ist still a possilbiliy.

 

---

This post is from here, https://medium.com/better-marketing/nft-concert-ticket-next-level-marketing-5ac24bac9fb3