What problems does NFT ticketing solve? 🔸 Prevents forgery 🔸 Reduces cost 🔸 Faster production 🔸 Lowers chances of loss or damage And it doesn't stop there. Read more ⤵️
are cryptographic tokens that represent unique digital assets. They allow us to tokenize digital or real-world assets, such as art, collectibles, or real estate. Since they are stored on a blockchain network, they act as verifiable proof of authenticity and ownership. Moreover, an NFT can only have one official owner at a time, and can’t be altered or forged.
However, the downside of traditional ticketing is that tickets go through a few distribution channels with limited regulation or control. For example, resellers in the secondary ticket market can inflate prices, and ticket scalpers can buy up most tickets online to resell at a higher price. With NFT tickets, anyone can track the transactions on a
Additionally, event organizers can forgo third-party distribution by minting the amount of NFT tickets they need on their preferred blockchain network as part of the ticketing system. Once they set the sale or auction price, payment from a buyer will trigger a smart contract. The NFT ticket will then be sent to the buyer's digital wallet, allowing them to access it anytime via their phone.
But since NFT ticket transactions are recorded on a blockchain ledger, event organizers and attendees can validate the authenticity of every ticket on the chain and track the history of ownership. Making it near impossible for bad actors to falsify a ticket.The costs associated with selling and minting NFT tickets can be potentially lower than the cost needed to produce and distribute traditional tickets.
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