Gary Vees Enthusiasm for NFT-Powered Event Tickets Goes Viral!

Gary Vees Enthusiasm for NFT-Powered Event Tickets Goes Viral!

Learn how NFTs have the potential to revolutionize the ticketing industry, eliminating counterfeiting and providing artists and fans with peace of mind according to Gary Vee, a renowned entrepreneur and digital asset advocate.

Non-Fungible Token (NFTs) have become synonymous with digital collectibles, art, and even virtual real estate. Nonetheless, reports by the renowned entrepreneur and digital investment advocate, Gary Vee, their potential extends far beyond these realms.

Non-Fungible Token (NFTs) to revolutionise ticketing

Vee expressed his belief that Non-Fungible Token (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-Fungible Token (NFTs) originally sprang from blockchain tech and digital currency technology, although Vee stated in a Cointelegraph interview that he doesn’t own much cryptocurrency. He stated that he is more of an art and baseball card collector

In terms of the use case for ticketing, Vee is quite excited. He stated to Cointelegraph:

“Ticketing will be a huge use case for Non-Fungible Token (NFTs). I think that, by nature, tickets are collectibles. For example, if you were to go on eBay now and look at how numerous ticket stubs are being purchased, you may be shocked. People love memories and holding on to certain things, which is why I think ticketing will be a major [use] case for Non-Fungible Token (NFTs). I want to be at the forefront of this.”

Eradication of counterfeiting

1 of the key advantages of NFT-based tickets is their enhanced authenticity. Every Non-Fungible Token (NFT) is unique and can be securely stored on a blockchain tech, making it virtually impossible to counterfeit. 

Counterfeiting has plagued the ticketing industry for years, but with Non-Fungible Token (NFTs), this challenge could eventually  be eradicated, supplying both artists and fans with peace of mind. By leveraging Non-Fungible Token (NFT) technology, event organisers can secure that each ticket is legitimate, eliminating the likelihood of fake tickets flooding the market.

Furthermore, Non-Fungible Token (NFTs) can likewise empower artists and event organisers by enabling them to retain control over their tickets’ resale and distribution. Through the implementation of smart contracts, creators can receive royalties each time a ticket is resold, preventing scalpers from profiting off inflated secondary market prices. 

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