The NFT Ticketing System

The NFT Ticketing System

What started as a "crypto winter" in early 2022 has now been dubbed a "crypto crisis." While the last six months have been a nightmare for cryptocurrency investors, it is critical that we finally separate the technology from the hype. Simply put, crypto is Web3, but Web3 is not always crypto. The sooner the attention on cryptocurrencies fades, the more the general public will be able to learn about Web3 – the most recent incarnation of the internet.

What is ticket in NFT?

In retrospect, 2022's crypto turmoil may be remembered as the spark that drove customers away from unvalidated, "get-rich-quick" cryptocurrencies and toward decentralized, peer-to-peer technologies like blockchain and decentralized autonomous organizations (DAOs). However, it will not be so-called currencies or bored apes that lead the way; rather, utility apps will be the agents of change, and ticketing utilities may be among the most popular.

According to the Pew Research Centre, by the end of 2021, 16% of Americans, or around 52 million individuals, will have established a digital wallet. Keeping in mind that some individuals will possess more than one wallet, a reasonable estimate is that around 80% of the nation is still without a crypto wallet, thereby excluding them from Web3. What they are looking for is a "super app" or "super utility"—anything that gives obvious value that did not previously exist.

How do you use NFT tickets?

Many, on the other hand, are not waiting. The number of US people who hold at least one digital wallet will increase by 19% to 33.7 million by the end of 2022. That translates to 12.8% of the population, a 30% rise in only one year. Any corporation would be thrilled to demonstrate that type of growth these days, but, to paraphrase the Capital One ad, "What's in those wallets?" Or, more specifically, "What will be in their wallets next year and in the years ahead?"

Early adopter demographics provide one hint. According to predictions, those aged 25 to 34 would have the greatest wallets, followed by those aged 35 to 44. Adults aged 65 and over will be the smallest but fastest-growing demographic.

Let's start with the first demographic. While COVID dealt a significant blow to live entertainment, industry leader Live Nation believes that attendance at live events will reach an all-time high in 2022. Coachella, Bonnaroo, Lollapalooza, and Electric Daisy Carnival, which tilt significantly toward the 25-34 market, will be at the forefront.

Can NFT tickets work?

In terms of the second category, which is mostly made up of seasoned professionals, LinkedIn recently interviewed more than 1,800 corporate event marketers from 13 countries. Last year, 85% of these marketers conducted a virtual event, and 28% claimed that 90–100% of their events were now virtual.

Web3-native NFT ticketing might easily be the "super utility" that drives each of these organisations to build or extend a digital wallet. The wallet holder would buy an NFT token on the blockchain, which includes their ticket to an event—wwhether it be virtual, in-person, or hybrid—oowing to the benefits NFT tickets offer over paper or "regular" digital tickets. They may, for example, be purchased and traded peer-to-peer over an encrypted, decentralised blockchain. Furthermore, NFT tickets cannot be physically lost. Furthermore, these NFTs will automatically include features such as early entry, VIP status, goods and food delivery, and unique invitations to after-parties, among others.

What does NFT mean Ticketmaster?

So, what about the third category, individuals aged 65 and up? Adoption of essential technologies among the oldest age group has "increased dramatically" since barely a decade ago, according to Pew, and the technological gap between the oldest and youngest persons has decreased significantly. The prevalence of older Americans on social media, for example, has almost quadrupled since 2010, reaching 45%. Although they were delayed in joining Facebook, the AARP population got on board once they saw their children and grandchildren there. A similar occurrence will occur when they discover that they can acquire a super-ticket NFT for their anniversary cruise sooner and for less money than they could on the Internet—aand with additional perks.

It's terrible that cryptocurrencies and NFTs have received so much unwanted attention recently, but the original internet had its fair share of bad press and blunders as well. Back then, it seemed unlikely that we'd all be linked one day or that the internet would be useful for anything other than playing simple video games and reading digital encyclopaedia pages. David Letterman notoriously mocked Bill Gates in 1995 for claiming that the internet might be useful.

What a difference a generation can make. Letterman's new show was ironically created on the internet, and we will soon be buying tickets to his programme—aand many others—vvia NFTs.

Taghdoute Live

Hey, I’m Rachid. I’m a writer. I am a fan of technology, sports, and education. I’m also interested in entrepreneurship and design.

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