Some may consider NFTs to be a fad, however, they are expanding into multiple industries such as gaming, real estate, and now thanks to Project Galaxy, and even events.
Covers the basics
NFTs are non-fungible tokens and, as most websites describe them, refer to digital assets that represent real-world objects such as art, music, etc.
What this really means is that, through blockchain technology, these intangible digital assets are verifiable, allowing owners to prove their ownership of said assets.
The first stage of the NFT journey can be identified by the introduction of NFT art such as The Bored Ape Yacht Club and Crypto Punks.
Shortly after NFTs became popular, other industries such as gaming took a leap of faith through the integration of NFTs, creating a new industry called GameFi that allows gamers to earn money through NFTs while playing games.
The latest industry to integrate NFTs is the event. While NFTs make sense in the world of art and gaming, some may ask, how do NFTs appear in the world of events? With many benefits, let’s take a look at some of the main uses of NFTs in campaigns.
Collecting tickets and storing them in a shoebox is something kids in the ’80s and ’90s can definitely admit to doing at some point in their teenage years.
However, life can be unpredictable and sometimes these memory boxes are either lost or forgotten. NFTs, in the form of event tickets, are the perfect digital souvenir, unique to the holder and forever etched in the blockchain.
These digital collectibles, depending on their uniqueness, can increase in value over time, proving to be a potentially valuable investment.
Who doesn’t like gifts? Whether it’s an evening event or a concert, NFTs as gifts can really be an attractive part of the process.
Gifting of NFTs is not a new concept. The 2021 Oscars gave away NFTs to some nominees, and back in 2019, NFTs were given to conference members at consensus conferences, which could then be redeemed for many different gifts.
Instead of having event attendees looking for a golden ticket under their seat, the gift will be attached to their NFT ticket for event organizers to confirm and verify the winner.
Perhaps the most exciting part of giving away NFTs at events is the potential for NFTs to increase in value as an added bonus to those who receive these gifts.
Time and time again, the events industry has seen ticket dealers jack up ticket prices for shows that are in high demand, ultimately reaping huge profits while causing buyers to spend far more than the tickets are worth.
With NFT tickets, specific rules (also known as smart contracts) can be implemented in the NFT ticket’s code, which may make it impossible for ticket holders to resell tickets at high prices.
This concept ensures that all event attendees and ticket buyers have an equal opportunity to attend the event without allowing others to take advantage of them by grabbing tickets.
Where to go next?
While the idea of NFTs entering the events industry sounds far-fetched, existing projects such as the Project Galaxy protocol have entered this exciting space.
Project Galaxy introduces the Galaxy OAT (On-Chain Achievement Token), which allows event organizers to distribute lightweight NFT badges associated with tickets.
Essentially, the ticket will be validated through this protocol and the credentials for the event will be attached through this NFT technology.
With Polygon Studios powered by Polygon and NFT storage powered by IPFS and File Coin, event organizers will be able to build and distribute NFT badges to easily reward their community members and event attendees.
Event organizers can submit parameters and designs for their badges, and ticket holders can then claim their NFTs via email in a gas-free minting environment.
The future is now
NFTs are certainly not going away anytime soon, and they are continuing to expand across multiple industries – which is proving not to be a fad.
Event spaces can really benefit in a number of different ways, whether it’s event organizers looking to improve ticket security, reduce ticket resale, or even use NFTs as a tool to gift event attendees, protocols like Project Galaxy are already adding to the concept.
Watch this space as we enter a new era of events and technology.
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