As NFTs gain popularity as of late, the NFT market has reached an annual trading volume in the range of $24.9 billion, as per information provided by Dapp Radar. As NFTs drive transformations across many sectors, the event industry is the pioneer in using NFTs to link physically and electronically ticketing. Before the introduction of electronic ticketing, people had to keep old-fashioned tickets. Every ticket had a unique design, bringing back memories, be it an opera performance in Vienna or an event at the World Cup in England, or music festivals in California. Digitalization has simplified tickets, the ticketing system has become more effective and reliable for everyone. However, a simple QR code with no explanation that explains it is dull. Digital tickets can’t be kept as a souvenir that people would like to keep to look back at.

Presently, the ticketing system isn’t able to help people think about memorable moments from previous occasions. Thus, NFTs have come in for making tickets useful and simple to keep to preserve memories.

A ticket printed on paper could be lost, damaged by water and damaged. Furthermore, organizers don’t receive enough security from tickets printed on paper. They are also easily counterfeited. QR codes can solve this issue for organizers, but are not very effective for those purchasing tickets.

What are the problems in the ticketing system of the past?

Tickets with black marketing

Fraud has plagued the industry of ticketing and forced fans to pay more and posing security risks for organizers of events. By utilizing technology in a way that isn’t ticketing bots create chaos, allowing those who are online to buy tickets in bulk, and then sell tickets to secondary markets for very high prices.

Lack of exchange protocol

It is not possible to track the customers’ movements or exchange information outside the borders of a provider and the absence of exchange protocols allows fraud on markets that sell on the second. If a ticket is purchased in the secondary market it is no longer the ownership of the original purchaser with the details that the organizer have. So, event organizers are not aware of who will be attending their event. Since tickets are issued in a manner which does not permit exchanges on the secondary market there is no way to alter the ticket owner’s name or determine how often the tickets are exchanged.

Customer Trust

One of the most important questions for visitors is whether they purchased a genuine ticket or fake. Sometimes, guests purchase fake tickets on websites that claim to pose as legitimate ticketing agencies which can result in the loss of money and dissatisfaction.

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