NFT Intellect Info
Challenges, Progress and the Blockchain Technology
NFTs Explained
FAQ
NFTs for Tickets and Ticket Selling Industry
Introduction
Ticket sales are one of the main sources of income for artists. The more tickets they sell, the more revenues they generate. However, artists face challenges with duplicated tickets and the inability to reach a wider market. The cost associated with printing and selling physical tickets can be high hence reducing the net income. Tokenizing tickets helps in the faster distribution of tickets to a wider market. It also prevents duplication of tickets.
Some of the Pros of Ticket Tokenisation
- Peer-to-peer transactions are achieved between the artists and the ticket buyers. The use of tokens enables users to buy tickets without the need for third-party ticket sellers. Such transactions are often cheaper since they are executed by smart contracts in decentralized blockchain technology. The artists avoid middlemen expenses associated with physical ticket sales. The cost of printing tickets is also eliminated.
- Accessing a wider market is possible since the decentralized nature of blockchain technology eliminates barriers. Anyone can buy the tickets at any time despite their geographical location. This model creates a wider market for selling the tickets, which will translate to more sales.
- Counterfeiting tickets can be avoided since only the genuine tickets have NFTs. Fake tickets can lead to revenue losses. The artist can access the records about the number of people who have bought tickets and the exact amount of revenue that has been generated through ticket sales. This system provides transparency and prevents fraudulent acts by some event organisers who may give false figures of revenue collected during a concert.
- Tokenizing tickets enable faster settlements since it uses smart contract to execute transactions. Using fiat currencies in transactions involving ticket sales can be cumbersome and bureaucratic when it comes to billing especially when dealing with thousands of buyers. Token sales, on the other hand, are quick and immutable. The transactions are automatically executed through smart contracts hence no chance of delay or fraud.
- Tokens create high scalability. Tickets can be customized to capture a wide variety of buyers. For instance, an artist can create many ticket types between VVIP and regular ones to suit the preference of different buyers. This system facilitates more purchases, which leads to great revenue inflow.
- Tokenization enables the creation and management of incentive programs for loyal and supportive customers. Consistent customers can be rewarded with tokens, which they can redeem for a VIP ticket or a free entry to the next concert. Such programs encourage loyalty and enlarge the customer base. Such incentive programs are usually transparent hence promote fairness. Every user can check their records and know if they have accumulated enough tokens worth redeeming.
- Tokenizing tickets enables easy event planning. The bulk of work in event planning is in ticket printing and distribution. Selling tickets through tokens lifts this burden from the event planning process hence quick planning is achievable. An artist can
Ticket tokenization helps in improving the revenues through ticket sales. It prevents fraud and enables the fast distribution of tickets to a wider market. Some artists have already started leveraging this model, and soon more artists will follow suit. Zloadr enables users to create tokens for their tickets at a very affordable cost. It also helps in tracking royalties and payments. Create an account with Zloadr and start creating tokens for your tickets in an easy way.
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