Looking back, we may remember 2022’s crypto chaos as the spark that turned consumers away from unvalidated, “get-rich-quick” altcoins and towards decentralized, peer-to-peer technologies like blockchain and decentralized autonomous organizations (DAOs). But it will not be so-called currencies or Bored Apes leading the way; rather, applications with utility will be the agents of change, and ticketing utilities may be among the most popular.

According to the Pew Research Center, 16 percent of Americans — roughly 52 million people — had created a digital wallet by the end of 2021. Keeping in mind that some people will own more than wallet, a good estimate is that roughly 80 percent of the country is still without a crypto wallet, thus exiling them from Web3 due to technical limitations. What they are waiting for is a “super app” or “super utility” — something which provides clear value that did not exist before.

Many, however, are not waiting. By the end of 2022, the number of US adults who own at least one digital wallet will climb 19% to 33.7 million. That equates to 12.8% of the population, an increase of about 30% in just one year. Any company these days would be over the moon to show that kind of growth, but, to paraphrase the Capital One tagline, we must ask: “What’s in those wallets?” Or, more to the point: “What will be in those wallets next year, and in the years to come?”

One clue comes from early adopter demographics. According to projections, the largest walleted demographic will be adults ages 25 to 34, followed by those ages 35 to 44. The smallest, yet fastest-growing group will be adults ages 65 and over. 

Let’s take a look at the first demographic. While live entertainment suffered a serious blow during Covid, industry leader Live Nation predicts that attendance at live events will hit an all-time high in 2022. Leading the way will be giant music festivals like Coachella, Bonnaroo, Lollapalooza and Electric Daisy Carnival, which happen to skew heavily toward the 25-34 demographic. 

As for the second demographic, which is largely composed of professionals with established careers, LinkedIn recently polled more than 1,800 marketers responsible for corporate events across 13 countries. Of these marketers, 85% had held a virtual event last year and 28% said that between 90-100% of their events are now virtual. 

For both of these groups, Web3-native, NFT ticketing could easily be the “super utility” that inspires them to create — or expand — a digital wallet. The wallet holder would purchase an NFT token on the blockchain, which contains their ticket to an event — be it virtual, in-person, or hybrid — due to the advantages NFT tickets have over paper or “standard” digital tickets. For one, they can be bought and sold peer-to-peer over an encrypted, decentralized blockchain. Additionally NFT tickets cannot be physically lost. Moreover, these NFTs will automatically embed utilities like early entrance, VIP status, merchandise and food delivery, as well as exclusive invites to after-parties, among other things.

So what about the final group, those 65 years and over? According to Pew, adoption of key technologies among those in the oldest age group has “grown markedly” since just a decade ago, and the technology gap between the oldest and youngest adults has narrowed significantly. Older Americans’ presence on social media, for example, has grown approximately fourfold since 2010, to 45%. Although they were slow to get on Facebook, once they realized that their kids and grandkids were there, the AARP crowd jumped on board. A similar phenomenon will happen when they learn that they can get a super-ticket NFT for that anniversary cruise faster and cheaper than over the Internet — and with more benefits.

It’s unfortunate that cryptocurrencies and NFTs have generated so much negative publicity of late, but the first iteration of the internet had its share of bad press and missteps, as well. Back then, it seemed far from certain that we would all be connected one day, or that the internet would be good for anything besides playing basic video games and scanning digital encyclopedia pages. In 1995, David Letterman famously ridiculed Bill Gates for suggesting that the internet had utility. 

How the times have changed. Letterman’s new show was ironically born on the internet, and someday soon, we will be purchasing tickets to his show — as well as many others — via NFTs. 

The post NFT Ticketing appeared first on SiteProNews.

NFT ticketing that utilizes blockchain technology is emerging quickly, and it’s causing quite a disruption in the traditional ticketing system. Third-party vendors are expected to adopt this new technology soon as the events industry continues to pick back up in the coming months.

What Does an NFT Ticket Do?

NFT tickets function virtually the same way as event tickets. NFT tickets hold your digital credentials that can also hold and grant access to other assets like meet-and-greets, merchandise, VIP lounge spaces, and more. Because the NFT tickets are managed through blockchain technology, fans can sell them on a secure secondary market, which also tracks every time the ticket is sold. Additionally, smart contracts are often attached to the tickets by the event organizers, which makes it easier for them to manage agreements with third parties.

Smart contracts are pre-programmed agreements that activate automatically after a sale with preset conditions. Organizers can also program automatic royalty fees for secondary sales and omit third-party distribution by utilizing blockchain as a way to mint their tickets. Essentially, NFT tickets can’t be lost, forged, or stolen; most importantly, you can always trust they are real.

After the purchase of a ticket is made, a smart contract is automatically triggered that ensures the seller gets paid and the buyer receives their NFT ticket. If an individual wants to resell their ticket, that’s no issue for the fan or the organizers. Predetermined markets, made by the organizers, are accessible to the NFT owner, where they have the ability to sell their ticket at a competitive price along with other NFT ticket owners. Every transaction is tracked, too, so as a new buyer looking for tickets through a market of tickets being resold, you can make an informed decision.

One Opportunity After Another

NFT tickets give artists and sports teams a new power. If desired, they will have the opportunity to coordinate exclusive products or events as a reward for loyal fans. With the click of a button, any fan who owns an NFT ticket may open up their email inbox to see they’ve won free merchandise or premium access to purchase tickets for the next event of their favorite team or artist, affording fans the opportunity to buy the best tickets before the general public has access. 

For artists, this means having a more direct connection with their fans, a better way to manage relationships with record labels, and avoiding having their music or merchandise being misused. For sports teams, this enables them to amplify the fan experience even more, with opportunities to win rare merchandise or other exclusive rewards like season tickets, discounts for better seats at the next game, or even brand collaboration opportunities. The important factor in this is that the extra benefits and rewards follow the ticket, thus giving fans the potential to increase the value of their ticket even after the event.

Who Manages NFT Tickets?

The event organizers own and manage NFT tickets just like they would a traditional paper ticket. Although, some companies are able to manage the NFT ticketing process for the organizers. The fan can also access our tech with our app. Essentially, we are the mediator and distributor of the NFT tickets. We bring all the benefits of Web3 without affecting the current ticket holder’s process. If a fan has a digital wallet, the NFT will be delivered. If the fan doesn’t, the traditional ticketing experience is delivered, just without the NFT. The revolving QR code is always available, too.

This combination of NFT’s, blockchain technology, and smart contracts will create a multi-faceted disruption of the traditional ticket system and its benefactors. As a fan, NFT tickets offer virtually every convenience. Most of all, NFT tickets provide a sense of trust that each ticket is real, can’t be stolen, and can easily be sold to someone else without any need for either party to prove your trustworthiness. The future of ticketing is with blockchain technology. Entertainers, fans, and organizers all benefit from this transition in one primary way — a trustworthy and secured experience.

The post NFT Tickets on the Blockchain appeared first on SiteProNews.