By Fernanda De La Torre
With the new wave of utility-focused NFTs, more practical use cases have been emerging across sports, music and entertainment where verifiable ownership, transparency, and fan engagement offer additional value.
Ticket NFTs are a great example of this and are starting to be leveraged to replace or complement tickets.
Here are five benefits tickets as NFTs offer on Upstream:
1. Drives fan engagement during and after the event
Historically ticket stubs have been saved as keepsakes to commemorate a special event but not much more than that. Digital tickets have incredible potential to act as dynamic roadmaps to drive sales and meaningful user journeys during and after an event.
With Redeemable NFTs on Upstream, buyers are able to redeem an item or experience while still being able to hold the underlying digital collectible. Upon redemption, the NFT unlocking the experience is replaced with an evolved NFT that fans can hold the digital collectible that acts as proof of attendance or as a piece of memorabilia to be traded with other fans. We designed Redeemable NFTs to be chained together too, so attendees could use the first as a ticket, then redeem the next to access a special event section, then the next to redeem a discount for merch.
Redeemable NFTs give brands the freedom to create unique experiences without being limited by traditional reward programs. Redeemable NFTs can be tied together by your brand to increase sales, create meaningful user journeys, and boost fan engagement with your digital-first audience.
2. Brings transparency to primary and secondary ticket sales
Unfortunately, ticket scalpers and secondary websites are taking advantage of the event ticketing industry. Just look at Taylor Swift’s recent tour sale. The majority of pre-sale tickets were purchased by resellers, forcing fans to purchase tickets in the resale market for tens of thousands of dollars — much more than the price Swift set herself.¹
Upstream’s orderbook is transparent meaning tickets sold and pricing for these tickets would have an immutable record which could lead to fairer pricing.
With the secondary market now, artists may not see any additional revenue if their tickets go up in value. With Upstream, royalty payments could be added to reselling for artists or event organizers. This could allow the artist or event organizer to receive additional revenue from these resales.
3. Increases potential revenue streams
Ticket NFTs open the door to new potential revenue streams and can increase existing ones. Ticket NFTs have the ability to enhance fan engagement with tickets that can be purchased using cryptocurrency in the form of USDC stablecoin, in addition to traditional payment methods. NFTs can double as digital passports to areas at an event, vendors, merchandise, and drive users to interact further with the event. Events can also look to implement a royalty on ticket resells and keep it all under their brand’s umbrella.
Driving fans with perks or experiences NFT holders can access after an event can drive further buzz around an event that’s passed.
4. Builds communities. They commemorate moments with Proof of Attendance or Proof of Ownership.
Ticket NFTs can bring a physical event into Web3, add extra perks, and increase the value of the ticket as a collectible. Your guests’ identities in Web3 become their blockchain wallet and online presence, which can be decorated with digital memorabilia and assets.
Ticket NFTs can be used as proof of attendance, which helps to build community both in person and online. These NFT holders could then sell the collectible to fans who were unable to attend the event but want to own a piece of limited memorabilia and join the fan community.
5. Protects attendees’ data with Web3
Currently when users interact their ticket purchases are tied to a lot of personally identifiable information.
As a Web3 platform, Upstream only knows users by a public blockchain number. Users are in control of other information and are free to disclose additional information as they wish.
Ticket NFTs enhance any event experience for fans, brands, and artists alike. They can be used to boost engagement and generate new revenue streams while also building a loyal Web3 community.
Brands, artists, and event organizers interested in integrating Ticket NFTs can learn more at https://upstream.exchange/ or reach the team at firstname.lastname@example.org.
*This blog shall not constitute an offer to sell securities or the solicitation of an offer to buy securities in any jurisdiction where such offer or solicitation is not permitted.
*NFTs received have no economic value, royalties, equity ownership, or dividends. NFTs are for utility, collection, and display only.
*U.S. investors are not permitted to purchase Upstream listed securities. U.S. and Canadian citizens will only be able to trade in securities they currently own, that have been listed on Upstream, for liquidation purposes only.
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