The risk of getting fake tickets for events increases every year. Not only buyers, but also the event industry suffers from such scams. Non-fungible tokens (NFTs), which have dominated various fields for several years, are one way to combat this problem. In this way, NFTs could also contribute to the sale of tamper-proof tickets. Escaping counterfeiting and, above all, using new technologies for tickets could be of great importance, especially for the next World Cup. But how secure are NFT tickets and how would they work? And what benefits do they offer for the event industry?
High risk on black markets and more
Overpriced tickets for various events are sold online and offline in almost indistinguishable secondary markets or black markets. Many of them are also fake, despite looking deceptively real. Especially tourists who want to buy short-term tickets and who are not well informed can fall into the trap more easily. Particular care should therefore be taken before and during the upcoming FIFA World Cup in Qatar: counterfeit tickets can multiply here. But NFT tickets could be a safe solution in the future.
More security with NFT tickets
Non-fungible tokens are traded and held on the blockchain. Individual blocks correspond to individual data sets and are recorded step by step. If a block is changed here, the whole chain changes. This makes it almost impossible to create counterfeits on a blockchain. NFT tickets would therefore be safe without exception.
As a result, it would also be possible to repair fakes on the market forever. Smart contracts stored in blockchains can be executed for authenticity checking. If the necessary conditions are met, the check can also be carried out at home. It takes little effort. All in all, the use of NFT tickets can guarantee the global disappearance of counterfeits.
Benefits for organizers
Organizers can also benefit from its use: via so-called royalties, i.e. a share of the turnover. Each time they use their product, they are paid a percentage of sales. Thus, it is possible for brand owners to benefit from the low percentages of sale prices. Because even if the tickets are resold, they make a profit.
More control with digital identity
It is possible to see if sellers and buyers are real people using NFT-based digital identity. This is designed, for example, by CPI Technologies from Frankfurt. This technology makes it easy to verify your own identity through the wallet. At the same time, excessive buying and selling of tickets will also be regulated. Thus, the sale of tickets can be limited to five to ten tickets per buyer. Ultimately, all settings can be made decentrally.
Quick and easy entry via wallet
An NFT is stored on your own wallet, a digital wallet. This means you can show your ticket quickly and easily when entering the football game. The NFT-based digital identity also ensures that the wallet can be proven to be yours faster. Alternatively, your own ID is sufficient. However, it is also possible to issue the ticket in physical form. For this, the NFT must be invalidated online. Therefore, it is necessary for users to have different options.
NFT Notes as Valuable Collectibles
NFT tickets can be immortalized and should not lose value either. This gives you the ability to change how the ticket looks after the event. An example of this would be an NFT ticket in the shape of a soccer ball, which is then converted into a drawing of the winning team or a highlight of the game.
NFT notes could help prevent counterfeit notes from entering the market. They not only provide 100% security, especially for tourists, but also profit for the organizers. Also, they can gain popularity as a unique piece of art for buyers due to their added value. The likelihood that NFT will also revolutionize the event market in the near future is therefore very high.
Maximilian Schmidt is CEO of CPI Technologies. The company develops, among other things, digital identity based on NFT and has already carried out development and preliminary consultation in the field of NFT tickets. https://cpitech.io/de/
NFT tickets: more security when buying tickets for the FIFA World Cup
Statements by author and interview partner do not necessarily reflect the opinion of the editors and publisher