Saturday, June 3, 2023

NFTs For Events: Are NFTs The New Game Changer For The Event Industry?

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Non-Fungible Tokens, and NFTs, have influenced the world and its people for quite some time.

The global NFT market will reach $19.57 billion by 2028. (Globe News Wire)

NFTs are becoming increasingly popular in several industries. Companies from all walks of business are searching for ways to explore NFT development to reinforce their brand value.

After video games, real estate, and music, another industry is taking an interest in Non-Fungible Tokens.

The Event industry. NFTs for events are the new game changer for event organizers.

  • The event industry worldwide will hit $1,552.9 billion by 2028. (Allied Market Research)
  • Alone in the US, the event organization market will reach $3.2 billion in 2022. (Ibis World) 

This billion-dollar industry is now looking for NFT development companies to explore a new way of being digital.

Countless event promoters and fans are whipping across the event ticket industry. Second-hand event ticket websites get plagued with unreasonable prices and fraud. Many event promoters fail to earn even a dime compared to their hard toil. Despite the AI fraud detection algorithms, and event organizers’ efforts to control the price, issues always pop up on the surface.

Here comes the efficacy of NFT-driven event ticket platforms.

NFTs for events are becoming the new normal in the event industry.

About NFTs For Events

  • NFTs are crypto assets, representing intangible digital assets like images, videos, audio, gifs, in-game items like weapons, Etc.
  • Blockchain-powered digital ledger stores these digital assets.
  • NFTs are unique and not interchangeable like cryptocurrencies.
  • Blockchain-driven digital ledger even holds the records of the owners of NFTs. So, it allows owners to trade NFTs as a stand-in for the digital asset it represents. 
  • Additionally, NFTs protect abstract ideas and concepts.

So, it is clear that NFTs boost the authenticity and uniqueness of digital assets. Authenticity and security drive the popularity of an NFT and blockchain development company.

  • As NFTs are simple for customers to hold on to, NFTs for events are hitting popularity worldwide. Event organizers and ticket distributors leverage NFT tickets for virtual and metaverse events.
  • NFT tickets work as proof of attendance and owner authenticity. Event promoters find them highly beneficial. 
  • Event Promoters are leaning forward to the new paradigm of NFT ticketing platforms to diminish the second market’s myriad problems.
  • On the other hand, consumers are also becoming aware of what they are purchasing. So, NFTs for events also promote transparency for event organizers and consumers.

How Are NFTs For Events Changing The Game Of Event Organizers?

  • The online event ticketing market will ascent to 73280 million by 2028. (Globe News Wire)
  • Almost 31% of event marketers consider trade shows and conferences as potential avenues to drive traffic and revenue. (Splash That)

Although humanity has reached the moon and mars, the event organizing and ticketing industry lag behind. Being riddled with many challenges, the event industry is now leveraging NFTs for events to boost authenticity and sales.

Following are some of the benefits NFT development can deliver to event organizers:

Leveraging NFTs For Upcoming Events

97% of media marketers consider the cruciality of in-person events for brand promotions. (Bizzabo)

  • NFTs for events can help event organizers in pre-event marketing and advertising.
  • No doubt, NFTs have had a significant influence on people for the past few years.
  • So, when it comes to online event promotions, even in advance, NFTs are one of the most efficient and effective ways for brands.
  • With NFTs, brands can convey a strong message to their targeted audience.
  • Moreover, NFT event ticketing lets the audience perceive they will get a unique brand experience attending the events.

Safe NFT Event Ticketing

  • Blockchain ensures an immutable, highly-secured ledger to store transaction records and digital asset ownership. So, NFTs event ticketing sounds sensible for all kinds of events, from business events to social ones.
  • NFTs tickets eliminate all possibilities of fraudulent activities associated with ticket distributions.
  • Since the distributors can not sell the NFT ticket over the pre-defined sale price, there will remain fewer possibilities of ticket scalping.
  • In case the owner of the NFT event ticket fails to attend the event, another owner can purchase the ticket at the initial selling price. Blockchain smart contract will assist with this ticket transfer.
  • Moreover, NFT-driven event software will distribute the ticket revenues between the event location or hosting platform and the event manager.

Opportunities For Event Organizers

NFTs for events bring various scopes to brands and event organizers:

  • Through NFT art, event organizers can represent the brand’s narrative to the audience.
  • While blockchain ensures that the ticket owner’s information and transaction history are safe, NFT ticketing assures the owner’s legitimacy maintenance.
  • When a ticket owner resells NFT tickets, event organizers can reward them. This way, they can engage their audience.
  • The fascinating part is that companies can distribute NFT tickets via emails or simple texts on mobiles.

Parting Words

NFTs for events organizing are undoubtedly a new venture for event organizers and marketers. However, the popularity of NFT development companies on the event organizing landscape is getting traction.

Brands, digital marketers, event organizers, and consumers are finding NFTs as an exciting and innovative way to drive traffic and brand awareness at once.

The storytelling approach of NFTs boosts customer engagement and interaction with the brand. So, if you hold the determination to level up customer loyalty and conversion, you must follow the trend and consider NFT event ticketing.

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