They have been the latest sensation, garnering overpowering media attention and incredible bids. But beyond the immediate hype, blockchain based non-fungible tokens (NFTs) represent a breakthrough technology with the potential to cause a paradigm shift in the events industry.
FROM SINGLE TO MULTIPLE REVENUE STREAMS
For decades, an event ticket has mostly served one purpose. It allowed a ticket buyer to enter an event. For most event organizers it represented the main and for some the only source of revenue.
The ‘pdf’ ticket, however, can soon be replaced by a ‘smart’ NFT ticket that will unlock untapped value across the entire event industry. Imagine the ticket that can be turned into several revenue streams instead of one. NFT ticket can still serve as a means of entry, but it can be so much more. Digital collectible, digital memorabilia, 3D avatar fashion, community builder, virtual gallery enabler or airdrop item among many other use cases.
No matter what type of event, be it a music concert, football game or a marketing conference NFTs are amazing creators of value for the event organizers, marketing partners as well as ticket buyers.
Envision an NFT ticket that includes embedded content like short video highlights, special 3D logo, digital autographs, photographs or digitalized physical memorabilia. NFTs commemorating famous historic moments or just a moment from that particular event. Creating enduring memories for attendees. Limited-release tickets will be more expensive than regular ones.
Smart contract that represents the NFT allows the event organizers to control the secondary market and collect royalties from every future resale with the ability to set the % of the future resale price that will go into their wallet. Smart contract will enable revenue generation from event IP in perpetuity as the collectibles will be traded for a long time. Whether you are in music or sports, artist, league, team, conference venue, or any other event organizer or their marketing partner, NFTs represent a natural extension of your business.
NFT AS A COLLECTIBLE
This is probably the most discussed use case for NFTs at the moment. Any item, digital or physical, can be turned into a collectible by tokenization and minting. It can be saved, displayed and traded over time. And like any collectible, its perceived value, rarity, history and own utility is what makes it attractive.
NFT AS A KEY
NFTs give event organizers new ways to connect with fans. Create exclusive content for the fans that will be unlocked by their NFT Ticket. Use NFT as an access key to private community or special event. Marketing partners will love it! Follow up with games, competitions, giveaways and additional benefits for NFT owners.
TOOL FOR BETTER EVENT IP MONETIZATION
EventsFrame, our ticketing platform featuring NFT creator provides the tools to better monetize events using next generation blockchain technology. Our ecosystem of solutions is built to bring more revenue to the event organizers, their sponsors and marketing partners.