Non-Fungibleย Tokenย (NFTs) have become synonymous with digital collectibles, art, and even virtual real estate. Nonetheless, reportsย by the renowned entrepreneur and digital investment advocate, Gary Vee, their potential extends far beyond these realms.
Non-Fungibleย Tokenย (NFTs) to revolutionise ticketing
Vee expressed his belief that Non-Fungibleย Tokenย (NFTs) have the power to revolutionise the ticketing industry. Paper tickets have hitherto been the method for gaining entry to events, concerts, and sporting matches, but the shortcomings of paper tickets have become increasingly evident.
Non-Fungibleย Tokenย (NFTs) originally sprang from blockchainย tech and digitalย currency technology, although Vee stated in a Cointelegraph interview that he doesnโt own much cryptocurrency. He stated that he is more of an art and baseball card collector
Inย termsย ofย the use case for ticketing, Vee isย quite excited. He stated to Cointelegraph:
โTicketing will be a huge use case for Non-Fungibleย Tokenย (NFTs). I think that, by nature, tickets are collectibles. Forย example, if you were to go on eBay now and look at how numerous ticket stubs are being purchased, you may beย shocked. People love memories and holding on to certain things, which is why I think ticketing will be a major [use] case for Non-Fungibleย Tokenย (NFTs). I want to be at the forefront of this.โ
Eradication of counterfeiting
1 of the key advantages of NFT-based tickets is their enhanced authenticity. Every Non-Fungibleย Tokenย (NFT) is unique and can be securely stored on a blockchainย tech, making it virtually impossible to counterfeit.ย
Counterfeiting has plagued the ticketing industry for years, but with Non-Fungibleย Tokenย (NFTs), this challenge could eventuallyย be eradicated, supplying both artists and fans with peace of mind. By leveraging Non-Fungibleย Tokenย (NFT) technology, event organisers can secure that each ticket is legitimate, eliminating the likelihoodย of fake tickets flooding the market.
Furthermore, Non-Fungibleย Tokenย (NFTs) can likewise empower artists and event organisers by enabling them to retain control over their ticketsโ resale and distribution. Through the implementation of smart contracts, creators can receive royalties eachย time a ticket is resold, preventing scalpers from profiting off inflated secondary market prices.ย
