Summary
“Web 1.0 refers to the early internet of the ’90s, while Web2 is the current state of the internet, dominated by streaming and social media and controlled by a relatively small handful of companies. Web3 is set to center around interconnected networks, such as a blockchain, to allow people to transfer data and value to each other directly. One of Web3’s most prominent assets, non-fungible tokens (NFTs), have managed to make a significant impact on a number of industries in a short time period. In fact, the NFT market surpassed US$40 billion in 2021. With NFTs, every transaction is fully disclosed on a blockchain that cannot be falsified or manipulated, which allows artists to see how their NFT tickets are being sold across their entire lifecycle. Along with this, artists are able to determine if their tickets can be resold on the blockchain. If they decide to make them available on the secondary market, they’re able to select a set resale price, and ensure they get a fair cut.
NFTs can also provide a new source of value for fans, allowing them to treat tickets as souvenirs that won’t get lost or damaged, since they’re not a piece of paper. NFTs can also function as a new way to add another layer of personalization that can help artists build a more nuanced relationship with fans. For example, the ticket could morph into a new color scheme or become animated when scanned. Popular music festival Coachella earlier this year was among the first to trial NFT ticketing and even programmed the tickets to deliver exclusive perks to holders, including posters and other memorabilia. Yellowheart was behind these NFT tickets, which are no longer for sale.)
It’s an exciting time for the live events industry because of the benefits NFT tickets have already brought to the table. With time, as the technology becomes even more advanced and is adopted by more artists and venues, the possibilities will be truly endless. Industry players that leverage NFT ticketing early will act as leaders in the space and reap the benefits of the technology the quickest. The big issues within the ticketing industry — trust and transparency — will soon become things of the past. Given the possibilities that are made available surrounding authenticity and veracity, this seems like an inevitable evolution for the format.”
Source: https://forkast.news/web3-reduce-concert-ticket-fraud-helping-artists-fans/
