NFTs in the event and ticketing industry: How can it sustain millions of users?

Ticketing issues look to beryllium much and much common: The Rolling Stones concert successful 2016, the 2017 Fyre Festival fiasco, Beyonce and Jay-Z’s 2018 “On the Run” tour, and astir recently, Taylor Swift’s Era circuit debacle. 

Many judge that large-scale ticketing giants person held a monopoly connected lawsuit hosting for the world’s crème de la crème. If the large food don’t person the resources to combat this issue, what volition the remainder of america do? Perhaps we request a antithetic solution altogether. 

The issues with the planetary ticketing manufacture are well-documented astatine this point. Bot-based tech has america warring owed to dynamic pricing and getting into a mode of panic buying. Then determination are hidden fees, queues and scams, scalping, counterfeiting, pricing wars successful the resale marketplace and more. We tin hold that it’s unfair and unethical. The industry’s successful hopeless request of much transparency and authenticity. 

NFT-based ticketing has been making the rounds arsenic a viable alternative. Non-fungible tokens (NFTs) person the imaginable to alteration the ticketing crippled forever. NFT ticketing could supply a much flexible and customizable ticketing acquisition for fans. For example, lawsuit organizers could make peculiar NFT tickets for VIP experiences oregon exclusive events, oregon let fans to acquisition collectible NFT tickets that could summation successful worth implicit time.

Not to mention, determination could beryllium transparency astir the fig of tickets disposable and their pricing — without the interference of systems generated to instrumentality consumers. With the provenance that comes from NFTs, ticketing fraud could beryllium substantially reduced and much information would beryllium collected connected the quality of, and appetite around, secondary sales. 

Is NFT ticketing truly determination yet?

In fact, immoderate companies person already begun integrating NFTs into their operations. Ticketmaster has collaborated with Dapper-Labs-backed Flow during the Super Bowl and antecedently with Polygon to contented integer collectibles to its fans. Commemorative NFTs besides replaced summons stubs astatine NFL events. Smaller companies similar YellowHeart, GUTS and NFT Tix are besides popping up to cater to Web3 events and campaigns. 

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But if implemented connected a immense standard for large planetary events, however tin the underlying concatenation enactment the millions of users who marque transactions connected the web astatine the aforesaid time? After all, the NFT satellite is nary alien to congestion issues, web downtime and state wars. 

Any general-purpose concatenation would find it hard to grip specified surges successful traffic. Imagine Red Hot Chilli Peppers oregon Dua Lipa tickets going live, with millions logging connected astatine the aforesaid clip to marque a purchase. If we recall, NFT minting during the merchantability of Yuga Labs’ virtual onshore overwhelmed Ethereum, owed to which transaction fees skyrocketed and the fees unsocial for a azygous NFT acquisition amounted to much than $3,000. 

Scalability and its resulting issues similar congestion, precocious fees and deficiency of information proceed to haunt dApps, adjacent connected starring L1s similar Ethereum — making mint events a risky proposition. 

An app-specific scaling solution could assistance successful specified cases. But having an full concatenation built conscionable for an lawsuit is conscionable not feasible. Following the event, determination volition beryllium nary on-chain activity, making it a wasted resource. In specified cases, an execution layer’s event-driven exemplary could bash wonders. One tin rotation up an on-demand furniture for the duration of the event, usage it to contented tickets and past erstwhile it is sold, the furniture gets disposed of and the NFTs unrecorded connected the underlying chain. 

Those successful the events and amusement abstraction could theoretically deploy an execution furniture for ticketing and instrumentality engagement and integrate it with their furniture 1. This is conscionable 1 mode they tin process a monolithic measurement of transactions without giving their extremity idiosyncratic a interest spike. 

The intelligence ‘block’ to utilizing blockchain

While the younger demographics mightiness beryllium keen to trial retired immoderate of these technologies, concepts specified arsenic a integer wallet oregon conducting transactions utilizing a crypto code are inactive considered risky oregon overly analyzable by skeptics. These radical recovered the jargon and UI/UX challenging enough, and the 2022 marketplace downturn conscionable added a caller dose of paranoia to the mix. So yes, we’re inactive successful the aboriginal stages of this journey. 

Even with L2s refining the ticketing proviso concatenation and lawsuit experience, broader adoption of blockchain needs to beryllium embraced if we’re to spot a performance utilizing 100% NFT-based ticketing with zero elements of carnal documentation. These systemic issues tin beryllium combatted with education, inducement programs that are charismatic to a spectrum of demographics and selling that makes its people extracurricular the bubbles of crypto Twitter. 

The events and ticketing manufacture — truthful profoundly tied to euphony and amusement and followed by millions — has the imaginable to acceptable these discussions successful question connected a planetary standard utilizing advocates and ambassadors to marque it the adjacent chill thing. 

L2 exertion tin onboard the adjacent cardinal to the chain. They tin bring successful the adjacent question of users. But to bash that, they request to showcase their imaginable to the millions utilizing platforms of popular culture, powerfulness and influence, and not the fewer who already person it. 

Here’s calling retired to the entertainers and lawsuit experts — let’s bid adieu to the ticketing troubles that person plagued you and enactment unneurotic to get everyone tickets to the adjacent gig.

Dr. Yaoqi Jia is the laminitis & CEO of AltLayer, wherever helium is gathering rollups-as-a-service to bring scalability to Ethereum-based chains.  

This nonfiction was published done Cointelegraph Innovation Circle, a vetted enactment of elder executives and experts successful the blockchain exertion manufacture who are gathering the aboriginal done the powerfulness of connections, collaboration and thought leadership. Opinions expressed bash not needfully bespeak those of Cointelegraph.

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