Former Alibaba Exec Foresees NFT Ticketing Benefiting More than Scalpers
NFT sales have had a rocky start in 2023 but the underlying technology still holds plenty of utility. Ticketing is an interesting yet underdeveloped facet of the NFT space. It stands out as a promising frontier for NFTs in the ever-evolving world of digital advancements.
As a noteworthy application of NFTs, NFT tickets play a significant role in signifying ownership and facilitating access to exclusive experiences and events. These digital tickets serve as tangible proofs of entrance, covering a wide spectrum of events, including theme park attractions, sporting events, and live concerts.
By providing verifiable proof of ownership and authenticity, NFT tickets offer the potential to revolutionize digital authentication and enhance the user experience.
NFT Tickets vs Traditional Tickets
The rise of NFTs and their applications in ticketing systems has sparked interest and conversations across various industries and stakeholders.
According to former Alibaba executive Toby Rush, brands and events alike have adopted NFTs into their ticketing processes, reaping rewarding results for both customers and organizations over the past couple of years. The trend is catching fire, captivating a diverse range of stakeholders in what is being touted as an innovative and mutually beneficial landscape.
While speaking with CryptoPotato, Rush said the traditional ticketing industry is plagued by several problems for decades, from scalpers ripping off honest fans out of thousands of dollars for Super Bowl tickets to scammers selling fraudulent tickets at the recent 2023 NBA finals. The number of physical ticket fraud cases, too, is growing at an alarming rate. Rush believes NFT ticketing can address this.
“Since NFTs are verifiably unique and their veracity can be easily confirmed on-chain, counterfeiting them is simply impossible in the traditional sense. As for scalping, while profit-seekers can sell NFT tickets on secondary markets at inflated prices, these tokens can also be programmed to incur fees or royalties.
This means organizers can at least get a cut of every secondary sale, unlike traditional ticketing, where scalpers are the only ones to profit from resales.”
NFT Tickets Not Designed as Speculative Asset
NFTs are volatile. There’s always a possibility of a drastic fall in an NFT ticket’s value just before the event. But Rush explains that
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