- Current ticketing solutions are outdated, expensive and vampiric
- NFT Tickets are the new future for an event ticketing solution
- SocialPass is building a solution to solve today’s ticketing challenges step by step
When your favorite band goes on tour, headlines like the one above are all too familiar. Here’s a quick rundown for anyone who is unfamiliar with this story. The purpose of Ticketmaster’s “verified fans” feature, according to the company, is to ensure that fans can obtain tickets while preventing scalpers and bots from acquiring large volumes of tickets. However, during the last Harry Styles tour, Verified Fans did not work as intended (as usual), and the majority of tickets were purchased by resellers and sold for nearly 50 times the original price.
Thousands of people are subject to horrendous experiences and costs but rarely is it discussed why this keeps happening and what a solution could look like. Let’s take a look at why modern ticketing solutions are ineffective; why tickets are next to impossible to acquire and why fans, artists and event venues are missing out on massive revenue streams and opportunities.
Scalpers, Bots & Resales
One of the most serious problems with ticketing platforms today is their incapacity to handle customers who wish to buy tickets at face value and resell them for a higher price on the secondary market. The artists’ unwillingness to value tickets at too high a price is at the basis of the scalper and bot problem. Musicians have a strong bond with their audience, and setting prices too high may result in unwelcome criticism from them. The musicians’ tickets are then purposefully placed on the market at a cheap price, creating an incentive for increased demand. This allows scalpers to determine the “real value” of tickets on the secondary market, prompting them to create bots that vacuum up vast amounts of tickets to be resold for greater rates on secondary markets, thereby shutting out true fans.
If you’ve ever purchased a concert or sporting event ticket online, you’re aware that there will be a fee when you check out. These fees are split among numerous partners, musicians, and the venue, according to most platforms’ disclosures. What is not revealed, however, is that the ticket site and the venue are frequently owned by the same corporation, and the so-called partners are nothing more than scalping firms double-dipping.These fees have no cap on the amount that can be charged. On average for top 100 tours in the US, fees averaged 48% of the ticket price, sometimes climbing towards 80%. It can be a devastating feeling thinking you are going to pay one price only to be met with a total price that may be out of range.
Fakes & Falling Short
Currently, event tickets are available in both paper and QR code formats. Despite the novelty of possessing paper tickets, there are certain disadvantages, such as the possibility of losing them or being sold a false ticket. There is no benefit to digital tickets other than gaining entry to the event, which is the objective, right? People attend events for the experience; after all, that is what the ticket represents: an experience at a location. But why shouldn’t the ticket play a role in that experience, or perhaps contribute to more after the event?
But what is an NFT Ticket?
NFTs are basically crypto tokens that represent one-of-a-kind digital assets; NFT stands for Non-Fungible Token. We may tokenize digital or physical assets like art, collectibles, and even real estate using NFTs. Because NFTs are crypto tokens we are able to verify their ownership and authenticity on the blockchain they were minted on and because an NFT is non fungible (cannot be broken down), an NFT can only have one official owner at any given moment and cannot be tampered with or counterfeit.
NFT tickets are digital assets that contain your event access information. In the case of SocialPass, any NFT can be a ticket which can grant holders access to things such as meet-and-greets, exclusive merchandise. If event organizers and artists get creative enough, NFTs are another way to enhance the fan experience. NFT tickets can provide artists, event organizers, and stakeholders with ongoing royalties while also assisting in the development of a closer relationship with fans.
SocialPass, Ticketing for Today’s Society
SocialPass is on a mission to completely transform the way ticketing platforms work. Our goal is to put power back in the hands of artists and money back in the pockets of fans. NFTs provide a unique opportunity to not only eliminate shady transactions but also grant users and fans a more vibrant and lasting experience.
Currently, SocialPass allows any NFT to be converted into a ticket, and users can obtain their ticket instantaneously on their mobile phone or computer after completing a quick verification process. During the ticketing process, our simple interface for event hosts allows for collaboration and unique live statistics. Anyone with an NFT collection on the Ethereum Virtual Machine, Binance Chain, Avalanche Chain, or Polygon Chain may now launch an event!
The NFT Community and the Event-Goer Community can collaborate using SocialPass to create social experiences that will last a lifetime. Artists should be able to reap the rewards of secondary sales without putting their fans’ wallets on the line, and fans should be treated as fans without having to pay the costs of unscrupulous intermediaries. With SocialPass, the future of events is bright. Sign up today to begin your adventure with NFT Ticketing!