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Non-Fungible Tokens (NFT) globally have forayed into the ticketing industry forming a new use case for the unique crypto token. The Indian events market too, is waking up to the idea of using NFTs as tickets.
Fueling this trend are the relatively newer multi-chain NFT-based ticketing platforms. These platforms essentially create a transparent and decentralised system for the production and sale of tickets using blockchain technology. In India, Companies such as Blocktickets and Metapass enable event organisers to sell tickets for virtual and physical events, concerts and movies in the form of NFTs.
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Binocs will use the funds to expand its product, engineering, growth, and marketing teamsNishant Chandra, Co-founder of Blocktickets, told businessline, “It is a model where event organisers and advertisers can creatively engage with the ticket buyers by personalising tickets as special NFTs. This also helps them overcome ticketing fraud and eliminates the prevailing inefficiencies in the offline ticketing system.”
Blocktickets has sold over 5,000 tickets collectively for 7 events in the span of 11 months. The platform had launched premiere tickets to the Kannada movie Vikrant Rona as NFTs, sold NFT tickets for a Sonu Nigam concert in Dubai, and for some musical events, Chandra said.
NFT as souvenirs
Buyers say that they look at NFT tickets as souvenirs or keepsakes in the memory of the event. However, they can also be sold in the secondary market.
Daksh Kulshrestha, Co-founder of Metapass, told businessline, “By token-gating the events, artists will be able to recognise their fanbase and give them loyalty rewards, maybe a ticket to their next event as a thank you gesture. Buyers can get benefits by selling the NFT ticket in the secondary market in the long run if the event they attended turns out to be historic or monumental.” Metapass has so far token-gated virtual events and is in talks to token-gate offline concerts and events, he added.
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