Tools: NFT, a future in events?
The first time that I heard the word NFT I was intrigued. I couldn’t even grasp the concept. An NFT stands for non-fungible token. It is an ownership link attached to a digital asset making it unique. Examples of digital assets are artwork, collector items, music, design, in-game items and probably the most interesting: Tickets. So how will this new technology change things? Do NFT have a future in events? in my eyes definitely yes! Let’s look at few possible examples of how it can be used.
Fan tokens, the ultimate fan engagement tool
Let me give you an example of a recent NFT launch case. Soccer club Arsenal (and many others) created the $AFC-Arsenal Football Club fan token on the Socios.com mobile app in partnership with blockchain provider Chiliz. As a fan, you will get voting rights on official club decisions, digital club-related benefits and experiences, plus rewards and promotions will all be possible on this digital fan platform. Arsenal fans who are members of the Arsenal membership program will receive one token for free for life. (Which they can sell) The number of tokens Arsenal fans can purchase is limited. The price of the $AFC token will be determined by fan supply and demand.
Tickets, Safe and secure
The original creator or seller can have a lot more impact on the buying or selling conditions of the digital asset. Selling your ticket could be safe and controlled due to the history and tracking of the token. The buyer can rest assured that he bought a legitimate ticket.
A ticket becomes unique and memorable. It will stay forever as your property in your wallet. I collected all my wristbands and tickets over the years, but they ended up in the trash by mistake after a move. So no more losing emotional value. Also, an opportunity for brands to sponsor and shape digital tickets as collector’s items.
Collections, memorabilia & in-game items
People love to collect and buy souvenirs. Who doesn’t remember the many supermarket collections, ranging from soccer players to pokemon cards? Activating people all over the country. One of the rarest Pokemon cards has recently been sold for 350.000 dollars.
Imagine owning the official club picture of your favourite player as an NFT? Or possessing a unique in-game item of a certain game title. The applications are endless.
How do NFT work?
An NFT is created and stored on a blockchain platform. A blockchain keeps a digital track of all the asset transactions, making it nearly impossible to hack, change or abuse the item. So you always know who the owner is. So basically, you can link digital assets to you as the unique buyer.
Everybody can create an NFT of about anything digital on platforms as Opensea.io. An Ethereum wallet is all you need. In 5 minutes, you are set to enter the NFT market. Many celebrities, rich people and companies are engaging in NFT creation, selling and buying. So if they do it there must be a good reason for it. Messi, The Weekend, Coca-Cola and the list goes on and sometimes it goes sky-high. Beeple, a famous digital artist, sold his NFT artwork via Christie’s for a staggering record of 69 million $ (see the artwork above)
I know the idea is wild at first. Digital items can be reproduced, right? Why would you buy a piece of code that isn’t exclusive? For the same reasons as people collect memorabilia, art or expensive items. First as an investment, second to own for bragging or emotional reasons.
Imagine you buy an NFT song from your favourite artist. Everybody can listen to it, but you are the sole unique owner. Proven and documented.
NFT will have a future in events. A unique & safe identifier, created and used in an event context, and keeping its value on a fan market, can’t be a bad thing. The crypto revolution isn’t one to go away so integrations can already be seen in the event and music industry. The question is who will be the early adaptor? I bet that some prominent festivals will follow soon.
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