5 NFT collections which harness event tickets as a utility
Ever lost your ticket to a gig or event? Us too - it’s infuriating isn’t it? Paper tickets are fraught with issues - they’re expensive to produce, pretty easy to fake, and often get misplaced. So it’s maybe no surprise that the ticketing industry is getting on board with NFTs in a big way.
There are plenty of benefits to be had from NFT tickets:
They’re cheap to produce
They can be ready for sale quickly
They’re impossible to fake
You can verify authenticity and even track ownership (so if you lose a ticket, there’s no problem).
You can prohibit resale easily if you want.
What’s more, when you sell a paper ticket, your relationship with your customer ends there. But with NFT-based tickets, new revenue opportunities are endless. For example, you could resell NFT tickets as collectibles, offer food and drink deals for holders, provide early access opportunities for future events and reward loyal fans with exclusive goodies. And if your NFT is sold on the secondary market, you still get a royalty fee - unlike a paper ticket, where you only benefit the first time it’s sold.
And it’s not just traditional event organizers who are getting in on the act. Creators of many diverse NFT collections are realizing that the way to keep their communities sticky and engaged is to give them utility: real-world, transferable, value. And for many, there's no better way to do that than to make an NFT double up as a ticket - be that to an event, conference, celeb meeting or more.
Interested? Check out these great examples of NFTs who are using tickets as a feature to keep holders engaged for the long-term.
Getting exclusive at Coachella
While most of the headlines coming out of this years’ Coachella music festival were around the headline acts (Harry Styles and Lizzo, anyone?), the event organizers’ use of NFTs has also generated significant buzz, both in the press and on the ground at the event.
As well as selling physical tickets to the festival, Coachella also offered some NFT tickets - including the ‘Coachella Keys Collection’, consisting of 10 unique NFT keys which grant lifetime access to the event.
And the team at Coachella didn’t stop there. The festival offered a handful of other NFTs that could be redeemed for tangible items. The Sights and Sounds Collection featured ten photos from the Coachella polo fields and could be redeemed for a physical print. And the Desert Reflections Collection - digital versions of 10 posters from across Coachella’s history - could be redeemed for a physical photo book of the festival. Great stuff!
A great example of exclusive events is the recent tie-up between ticketing platform YellowHeart and MGM Grand Resorts, who are selling an exclusive collection of NFT tickets to a run of Jabbawockeez dance performances. The collection of 1,110 NFTswill give holders access to prime seating at the in-person shows, as well as added benefits like food and drinks credits, digital collectibles and meet-and-greet opportunities. Exciting!
So far we've looked at event organizers who are using NFTs as tickets to their gigs, festivals and more. But what about NFT creators who are harnessing events as a utility? In other words, those clever people who are adding tickets as a bonus feature of their existing NFT collection to keep users engaged and sticky.
Gary Vee is a great example here. The NFT legend’s collections started life as hand drawn characters which people could buy, trade and sell. But the idea has quickly grown and expanded to create a fully formed community - many of whom get involved in Gary’s annual VeeCon - a physical event where NFT holders can meet, swap ideas and hear from experts in the field. Don’t want to go to Vee Con? No problem - you can sell your ticket on the secondary market. It’s a win-win situation for the creator and holder alike!
Another company set on rewarding its loyal fans is Robotos, creator of collectible droid artwork, which has hosted events around the world for collectors only. Travelling from New York and Miami to LA and soon Tokyo, the Robotos team ensures its holders have the best experience possible, and so remain loyal and engaged with the brand.
Let’s get digital
Of course, tickets aren't just for physical events.Lots of creators are realizing that they can add a ‘ticketing’ utility to their collections to power digital events in the Metaverse too. For example, the creators of collectible fox man and XMonkey NFTs are currently promoting a forthcoming digital exhibition, open only to NFT holders.
The creators say you must have one original fox man or XMonkey NFT - sold on OpenSea - which will double up as a ticket for the forthcoming networking event where attendees will be able to meet fellow creators and NFT enthusiasts alike. Interesting!
Talk to us
So there are plenty of good reasons why event companies should get into NFT tickets - and why NFT folk wanting to build utilities should consider tickets. We’d love to hear about your experiences too. Have you already harnessed ticketing as a utility for your collection? Maybe you’ve offered tickets to an existing community? Or maybe you have come across a great example which you’d like to share.
And if you’re interested in harnessing ticketing as a utility but don’t know where to start, then we’re here for that too. Check out our blog for loads of guidance and contact us too.