Developing an NFT ticketing platform from Afterparty: see how NFTs transform the ticketing industry

According to reports on April 22, NFT startup Afterparty has completed a $4 million financing to further develop its NFT ticketing platform, bringing its total financing to $7 million.

Investors in the project include Paris Hilton, NBA star Andre Iguodala, executive producer Desiree Gruber, and Zillow co-founder Spencer Rascoff.

It is reported that Afterparty is an all-in-one event ticketing and organizing platform, which held the first music festival entirely using NFT ticket sales in March. Afterparty will launch a second NFT collectible, Guardians, on Polygon and its NFT ticket marketplace.

Developing an NFT ticketing platform from Afterparty: see how NFTs transform the ticketing industry

It can be seen that the NFT ticketing industry is gradually developing, which may make up for the shortcomings of traditional ticketing.

How to make a difference in ticketing

NFTs are unique digital tokens stored on the blockchain. Once they are created on the blockchain, they can be sold digitally to customers, who then store the NFTs in a secure wallet that can be accessed on any device.

In the ticketing system, event organizers can mint the desired number of NFT tickets on the blockchain platform of their choice, they can code the NFT to set a sale price, or sell it in an auction.

The buyer books NFT tickets and pays the ticket amount to the ticketing company. After the ticketing company receives the payment, the smart contract is triggered and an NFT ticket is sent to the buyer from the ticketing database.

Ticket owners can also resell NFT tickets on the NFT marketplace, where the tickets are stored in a smart contract. Once the buyer has purchased the ticket, the smart contract is triggered and payment is automatically sent to the seller.

Problems with traditional ticketing systems

Grey Marketing of Tickets

Speculators buy tickets in large quantities and sell them to real fans at high prices on the secondary market, which not only violates market rules, but also poses a security threat to event organizers.

missing exchange protocol

The lack of exchange protocols enables fraudulent behavior on the secondary market. Because tickets are issued in a way that cannot be used for exchange in the secondary market, you can neither change the name of the ticket holder nor control the number of times the ticket changes hands.

Therefore, when the tickets are sold again on the secondary market, the event organizer does not know who is participating in the event, and may be exploited by criminals.

What are the benefits of NFT ticketing

 

Prevent fake tickets and scams

The transparent and immutable nature of the blockchain makes NFT tickets fraud-resistant in several ways. Legal ownership of an NFT ticket can be verified by checking that the person presenting the ticket is the owner of the wallet in which the NFT resides.

Therefore, NFT tickets meet the basic ticket requirements, they are unique to each holder, they cannot be reused, and they cannot be counterfeited.

Reduce the cost

The costs associated with selling and minting NFTs are negligible compared to traditional ticketing systems, and they can even be minted and ready for sale in less than a minute. You can get unforgeable tickets with less production cost, so clients and organizers can verify the authenticity of every ticket on-chain and track the history of ownership.

new revenue opportunities

Since programmable NFTs can have built-in rules for merchandise, content, resale, and royalty sharing, this means that organizers can analyze future profit sharing ratios for resale or creative content on the secondary market, and know how they are coded in NFTs is immutable in order to obtain funding.

data visibility

After the event, the blockchain record enables creators to track attendance based on which NFT tickets were scanned in. By aggregating data across multiple campaigns, creators can identify loyal fans and distribute loyalty perks and rewards.

What is the future of NFT ticketing

 

Mike Dragan, COO of NFT ticket marketplace Oveit, once said: “NFT tickets are already in high demand, with a market value that could exceed hundreds of billions of dollars. According to our data, 18% of ticketing events are using or considering using NFT as a way to improve fans. a way to experience.

This figure is up from 2% in July 2021. As the technology continues to mature and crypto wallets become more popular, we expect this number to increase even more in the coming year. “

Many founders and creators of the NFT ticket market agree that the craze for NFTs by mainstream brands has undoubtedly helped the ticket market attract more organizers. Despite the rapid growth, the industry is also facing certain difficulties in the process of development.

Colby Mort, head of marketing and communications at NFT ticketing infrastructure provider Get Protocol, claims that customer interest in exploring NFTs is very high, but technical hurdles remain a challenge.

Charlie Gardiner, content manager at Seatlab NFT, believes that NFT tickets have the potential to attract big players. “As long as there is no friction in the process of buying and selling tickets on the NFT marketplace, NFT ticketing platforms have the potential to displace the big players in the industry,” he said.

Today, mainstream brands are starting to understand the value of NFT technology, and this is not a fad. Using NFTs in the event ticketing space requires educating brands on how to use the underlying technology for more than just digital collectibles.

They already have some level of trust and understanding of NFT technology, so the future of NFT ticketing seems to be the next best use case.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/developing-an-nft-ticketing-platform-from-afterparty-see-how-nfts-transform-the-ticketing-industry/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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