NFT tickets will see a large exponentional growth in adoption in the coming years - Here is why

NFT tickets will be the next frontier of adoption for blockchain and crypto. Last week Yourticketprovider announced that it would turn its 2 million tickets sold annually into NFT tickets.

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Interest of NFT tickets in the ticketing industry

In the ticketing industry, NFT tickets have recently gained a lot of popularity. Mark Cuban and Ted Leonsis (NBA team owners) both see the added value of NFT tickets and want to turn their tickets into NFTs. Additionally, major ticketing companies like Ticketmaster and Seatgeek are actively working on implementing NFT ticketing. Ticketmaster recently launched a FAQ for its NFT ticket marketplace. Seatgeek hired a blockchain executive as VP of engineering and Seatgeek plans to roll out NFT ticketing for the NFL and NBA. Furthermore there is interest from non-crypto institutional investment funds in NFT ticketing and GET protocol (an NFT ticketing solution). Barry Ritholtz (founder and chairman of Ritholtz Wealth Management, 2.3 billion assets under its management) wrote about the topic in his personal blog.

Benefits of NFT tickets include:

Increased profitability - Total control and insights over the primary & secondary market. Take in the profit that would have gone to scalpers.

Collectible - Tickets become tradable digital collectibles (NFTs), with a variety of awesome possibilities for fans & event organizers.

Unrivalled data - Clear, verifiable data on ticket ownership, vastly improving marketing efforts.

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Benefits of NFT tickets

Adoption

Youticketprovider partnered with GET protocol this week to turn their 2 million tickets sold annually into NFT tickets. Yourticketprovider will use the digital twin product that allows ticketing companies to easily GET protocol is one of the main projects developing and selling NFT tickets. So far 7 ticketing companies are using the white label product of GET protocol. In total more than 800k tickets have been sold using GET protocol. Ticket sales have been limited the past 1.5 year because of the global pandemic. I expect that the NFT ticket sales will see exponential growth as restrictions for events will get lifted globally.

What I personally like is that all ticket sales can be easily checked and verified on chain using the NFT ticket explorer.

https://explorer.get-protocol.io/

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The NFT ticket explorer

Crypto Partnerships

Polygon

GET protocol switched from Ethereum to polygon this year. Polygon was necessary to scale the NFT ticketing solution efficiently

Chainlink

Last year GET protocol integrated Chainlink’s verified randomness tool. For popular events ticket buyers can verify that their place in the que was determined in an honest and transparent way

Thank you for reading my post about NFT ticketing. It would be interesting to hear you opinion on the topic of NFT ticketing.

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Sources:

Ted Leonsis

https://sports.yahoo.com/ted-leonsis-sees-blockchain-future-095533212.html

Mark Cuban

https://finance.yahoo.com/news/billionaire-mark-cuban-wants-turn-151934328.html

Seatgeek

https://sports.yahoo.com/seatgeek-talks-roll-nft-prototype-095538749.html

https://sporttechie.com/seatgeek-hires-blockchain-executive-as-vp-of-engineering/

Ticketmaster NFT ticket marketplace

https://help.ticketmaster.com/s/topic/0TO6Q0000000xDgWAI/nft-marketplace-support?language=en_US

Barry Ritholtz on NFT ticketing and GET protocol

https://ritholtz.com/2021/04/smart-tickets-creators-capturing-secondary-market-sales/

Yourticketprovider news 2m NFT tickets

https://www.iq-mag.net/2021/08/your-ticket-provider-nft-ticketing/ (ticketing magazine)

Polygon partnership

https://medium.com/get-protocol/scaling-the-nft-ticketing-use-case-globally-get-protocol-x-polygon-7d5094864a80

Chainlink VRF partnership

https://medium.com/get-protocol/get-protocol-integrates-chainlink-vrf-to-further-improve-blockchain-ticketing-solution-864c7056e73d