by BSC News
June 24, 2022
Blockchain technology allows for a new and enhanced way to exchange goods and services through smart contract technology, and NFT ticketing is the next frontier in this evolution.
NFT ticketing combines technology and use cases to provide new enhanced ways for consumers to purchase tickets to all their favorite events.
We’ve all heard the stories. You buy a ticket to see your favorite artist or sports team on the secondary market, only to find at the arena that the ticket is a fake. Or worse, your ticket was real but somehow compromised.
Blockchain technology is enhancing the way we exchange our goods and services for the better, and event ticketing is no different.
A non-fungible token (NFT) is a digital asset that is unique in that there is only one version of it. They can represent art, real estate, or even sporting/events tickets.
Since they are stored on the blockchain, there is verifiable proof of authenticity and the holder's ownership. This gives them significant flexibility in a variety of industries - and ticketing is perhaps one of the most significant.
“One thing I guarantee you about the NBA in 25 years is that our tickets are NFTs”, said serial entrepreneur Gary Vee.
For a more detailed breakdown on NFTs, check out our guide here.
A number of benefits exist to offset manipulative practices that exist in traditional ticketing markets (think inflated resale prices and ridiculous services fees). They include:
NFT ticketing could ultimately flip the traditional ticketing process on its head through four solutions to existing industry dilemmas.
Utility is the name of the game with NFTs, so it only makes sense that NFT ticketing would be the natural evolution for event organizers and consumers alike. For a full detailed breakdown of NFT ticketing, you can find a guide here on the Binance Blog.
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