Today, most mass brands, sports and high fashion brands, celebrities, sports stars and influencers have all been involved in the NFT craze. Although many believe that the fever and heat around this market will eventually subside, the NFT ecosystem has seen rapid expansion outside the digital collectibles market.
Video games are another important industry where NFT has had a significant influence, with Play-to-earn (P2E) and NFT integration rewards becoming popular in 2021. Games like Axie Infinity have become a source of life for many people in Vietnam, and these market experts have predicted that within the next 10 years, the majority of video games will become P2E models.
While digital collectible assets and the video game industry are NFT’s two most well-known practical applications, NFT’s application is on the rise in other industries. A striking example is that the ticketing industry is recovering by integrating NFT.
NFT shapes ticketing market
Although the ticketing market has largely been digitized due to the pandemic driven over the years, this market remains highly centralized, causing secondary and underground markets to grow.
In today’s world, tickets for any major music festival or event are bought early by hoarders, then sold at exaggerated prices in the market, which is known as “surfing” behavior.
In many cases, traders also sell fake tickets that buyers have no way of authenticating tickets before buying.
NFT provides proof of authenticity because they save data on the Blockchain. The same mechanism can also be applied by putting tickets on the Blockchain, which not only ensures the authenticity of the ticket but also checks whether the seller is legitimate.
industryNFT tickets also have the potential to interfere with the secondary ticketing market.
For a long time, event organizers, venues, and artists barely had access to secondary markets. This market is irregular and speculative, making fans angry because of the high price and affecting the artist because fans are not satisfied.
With the sale of NFT tickets, this problem will disappear. Artists and organizers can create smart contracts to manage ticket resales. With NFT tickets, the community can get closer to the artist or sports team. This means they have a greater role to play in the decisions of their favorite artists or sports teams.
Mike Dragan, CEO of ticketing market NFT Oveit, said that NFT tickets are in great demand, with market value likely to exceed hundreds of billions of dollars: “From our data, 18% of ticketing events are using or considering using NFT as a way to improve the fan experience. That’s up from 2 percent since July 2021. We anticipate this number will increase further in the coming years as this technology is deployed and cryptocurrency wallets will become more popular. We expect the NFT ticketing market to reach 25% of the total ticketing market by 2027 – about $18.5 billion – only in the live event industry. We anticipate a similar use, albeit in the future, for the tourism industry.”
The future of the NFT ticketing industry
Many founders and innovators in the NFT ticket market agree that the NFT craze with mass brands has certainly helped the ticketing market attract more organizers. NFT tickets are still a new technology emerging, so it has plenty of space to develop. With the right solution, the industry is expected to reach $94.27 billion in transaction volume in the market in 2026.
Despite the rapid growth, the NFT ticket industry also faces many challenges, coolby Mort of Get Protocol, the ticketing company NFT, says that the interest in exploring NFT from customers is immense, but the technological barrier remains a challenge.
“The challenge that has always existed for NFT is the barrier to access to this field for a mass audience. Giving guidance through a user-friendly experience is essential. We believe that NFT ticket sales are like Web2.5 between mass audiences and Web3.”
Mass brands are starting to understand the value of NFT technology, and this is not a temporary craze. The use of NFT in the ticketing industry requires guiding brands on how they can use this technology not just for digital collectible assets. They already have a degree of trust and understanding of NFT technology, and so the future of NFT tickets seems to be the next best practical application of NFT.