How NFT (Non-Fungible Token) is a game-changer for the Event Industry
In recent years, NFTs have made a major impact in the digital world. Companies from all walks of life have taken notice and are searching for ways to use non-fungible tokens (NFTs) to help their consumers, build brand recognition, and generate new income streams in order to improve their bottom line. The events business, particularly virtual and hybrid event platforms, is one area where NFTs are expected to have a significant influence.
Before we go deep into the discussion about NFT’s impact on the event industry, let’s know what exactly NFT is and why there is so much hype in the world.
First thing first: What is NFT (Non-Fungible Token)?
A non-fungible token (NFT) is a crypto asset (akin to a coin) that represents an intangible digital property such as a picture, audio file, video, gif, meme, or moment. A blockchain platform, which is the same technology that supports Bitcoin, is used to create and store NFTs. The digital asset is traded through the internet and cannot be copied.
NFTs ( non-fungible token ) are digital assets similar to Bitcoin, but unlike Bitcoin, each NFT is one-of-a-kind – which is exactly the idea. NFTs were designed to stand out since they’re digital representations of objects that are one-of-a-kind, such as:
NFTs are used to represent the worth of items while safeguarding their unique, individual authenticity, which is impossible to do with a fungible asset like money or Bitcoin. These types of digital files had little value before NFTs.
The NFT Hype
It’s no surprise that there’s an NFT ( non-fungible token ) hype going on all over the place. You can thank celebrities for all of the NFT fuss.
In March 2021, former Twitter CEO Jack Dorsey traded his first tweet as an NFT for almost $2.9 million. Another example, Justin Bieber invested roughly $1.3 million to join the Bored Ape Yacht Club.
Sameer K Singh, a 26-year-old entrepreneur says “In the digital age, it’s a means to show off your wealth. People buy Rolex watches to showcase their wealth. The new digital world is blockchain, and it is the future. You might think of NFTs as a way to show off your wealth online.”
Where did this NFT hype head
While NFTs ( non-fungible token ) have evolved significantly, the essential concept of the NFT has remained constant: it is still a representation of a unique thing rather than a fungible token. The word fungibility is frequently used in management literature and relates to how interchangeable or replaceable assets are. A token is just a means of proving verifiable digital ownership – whether of a virtual whale, kitten, or something else. A non-fungible token is analogous to a smart contract for a one-of-a-kind, non-replicable asset.
Art, of course, is one of the most apparent examples of non-replaceable objects. While physical art is inherently scarce and difficult to replicate, and ownership is usually evident, digital art and digital artists have always had a more limited opportunity to benefit from their work. NFTs are a game-changer for the digital art scene, allowing digital artists to make a livelihood – or more than a living – from their work.
Traditional art is no longer the only thing being “NFTed” at this point. Memes, video clips, and tweets are all being sold as ( non-fungible token ) NFTs, with the first such tweet fetching $2.5 million earlier this year. Not only are the items themselves growing more diverse, but so are the issuers. Celebrities like Paris Hilton, Edward Snowden, and Simone Biles are now using NFTs, as are huge corporations like Charmin and Taco Bell, who have established virtual toilet paper and taco art collections, respectively.
How NFT benefits event industry: virtual & hybrid
NFTs ( non-fungible token ) have the potential to reshape the events industry’s landscape. Brands can now provide attendees with one-of-a-kind, engaging, and interactive experiences, as well as a sign of ownership – something important from the event that they can have forever.
Consider the music album ‘When You See Yourself,’ which was published in the format of an NFT by the band Kings of Leon. The band sold tokens for unique record packages, lifetime front-row tickets to their gigs, and rare audiovisual art. As a result, everyone who purchased a token had a piece of one-of-a-kind and intimate point in time that any fan would be pleased to own.
During virtual and hybrid events, event planners and marketers can use a similar method. While there are a variety of methods to employ NFTs at your event, from tickets to prizes, offering value to your guests and building loyalty should be at the forefront of your plan.
Using NFTs to Increase Event Engagement
NFTs can be used to influence and regulate the engagement and behavior of event attendees. An event planner can use NFTs to motivate participants to attend breakout sessions or make certain events within the conference restricted to attendees who purchased a certain sort of NFT ticket, giving them privileged access to presenters and exhibitors. NFTs might also be used to make conference attendance more gamified, for example, by collecting badges for sessions attended in order to unlock a new NFT. It simply takes a little bit of creative thinking to turn NFTs into better event engagement.
Using NFTs for pre-event marketing
Integrating NFTs into a virtual or hybrid event can aid with pre-event promotion and registration growth. Without a doubt, NFTs have made a significant impact on the digital world in recent years. When it comes to marketing your event online, including NFTs gives a clear signal that you are up-to-date and even on the cutting edge of the newest digital trends, which may be worth its weight in gold (or Bitcoin, if you prefer). NFTs also inform potential attendees that attending your event will provide them with a one-of-a-kind brand experience.
Using NFTs for event ticketing
NFT ticketing makes a lot of sense for events of all kinds since blockchain technology is an immutable and extremely safe ledger of transactions and digital asset ownership. Because they can’t be counterfeit or sold for more than the initial sale price, they entirely remove the potential of ticket scalping or fraud. The blockchain smart contract may be set up in such a manner that it allows for the transfer of NFT tickets towards another owner in the event that the original buyer is unable to attend the event, as well as payment for the tickets at the original selling price.
When an event occurs, the smart contract for the NFT might state that the NFT tickets become collectibles that can be sold at any price purchasers are willing to pay, with the option of a payment made to the original event sponsor. If the event involves live performance, the NFT’s software might automatically split ticket sales between the venue and the organizer.
NFT Ticketing offers many opportunities to the event organizers, such as:
- Create art-like tickets that tell the story of an event and encourage people to collect them.
- Verify the identity of the ticket’s owner and the ticket’s authenticity.
- You can get some reward when a ticket owner resells an NFT ticket.
- Provide information that might be used to improve future events.
- NFT tickets may be simply distributed by email or SMS.
Using NFTs for event swag
NFTs provide new options for participants and spectators to own a piece of the action, whether it’s swag for a virtual conference or merchandise for a live concert. One way to do this is to include swag or merchandise giveaways in a random ticket selection. If the event is a virtual meeting that features an event space, NFT swag might be unlocked by visiting displays. Event sponsors may also provide NFT swag and items to increase their awareness.
Plenty of opportunities exists within the exclusivity and value that may be produced by NFTs. The points discussed in this blog will help you leverage NFTs in new and creative ways to increase conversions, increase attendee engagement, strengthen customer connections, and generate new revenue streams.
Talk to our team if you’d want to learn more about how NFTs, gamification, and other engagement tools might improve your next hybrid or virtual event experience. We’ll guide you through some of our client’s best practices and will show you how to leverage our event management software platform to meet your event objectives.
The major events industry is one of the sectors that might be entirely impacted by NFTs. Ticketing organizations and concert producers should keep an eye on prospective opportunities and evolving technology in order to improve live events.
NFT is also one of the new technological trends that are affecting nearly every business, including the event ticketing industry. NFTs for ticketing provide transparency to the ticketing platform and assure secondary buyers that they are receiving a genuine ticket to the event they are interested in.