SeatlabNFT CEO Ryan Kenny believes the ticketing industry needs transformation as 12% of ticket buyers report purchasing counterfeit tickets.
As the NFT profile picture boom fades, non-fungible tokens reveal their potential. Blockchain’s proof of ownership and authenticity can transform multiple long-standing, traditional industries.
Several infrastructure sectors explore NFTs utility, with supply chain management and healthcare record adopting Web3. Meanwhile, the entertainment industry used NFTs to enhance fans’ and users’ experiences. For instance, sports leagues, festivals, and individual artists use Web3 technology to guarantee audiences an immersive experience.
Nevertheless, a small but crucial sub-section within the live entertainment world is yet to witness a massive disturbance from the internet’s continued decentralization – live event tickets.
Web2 Ticketing – Stagnant Swaps
For now, the live event ticketing market is worth about $30 billion, and only a few companies boast a dominant market share. That’s problematic, and the live events industry witnessed growing dissatisfaction with ticketing platforms.
Narratives of selling out shows within seconds only to see tickets reappearing on the ticket issuers’ secondary platform minutes later are endemic. Disappointed fans are now used to failure to buy tickets for renowned shows. The issue remains as leading ticket providers haven’t shown interest in these concerns. Some even appear to profit from ticket scalping through their fee structures.
Web3 Solutions to NFT Tickets
Web3 and blockchain can change event ticketing focus from bots, scalpers, and profit for conceivable live events. Blockchain’s transparency ensures unprecedented access to ticket activity, meaning event organizers and artists can recognize true fans from those looking for profits with resales.
Minting online tickets as NFTs will remove fraudulent activities while determining ticket resales with ‘smart’ contracts can dramatically decrease scalpers’ opportunity to earn profits. Moreover, artists can use airdropped rewards and perks to incentive fans.
SeatLabNFT appears ready to revolutionize an industry that remained unchallenged for long as surveys show consumers prefer experiences to possessions. Ryan Kenny believes Web3 technology can change the live ticketing industry by bolstering the relationship between artists and fans while challenging scalpers looking for profits.
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