Promoting Web3 Mass Adoption – Spiceworks

Although these statistics provide an estimated growth of over 50% in the use of digital wallets, wider use of digital wallets will be necessary for Web3 to realize its potential. As this next-generation Internet gains popularity, it also benefits from a positive feedback loop called a “network effect.” The more people who participate, the more value Web3 networks get. The more valuable they become, the more opportunities for the future open up on the platform.

Encourage mass adoption

How can more people be moved to accept, adopt and adapt to Web3? The answer is simple: NFT ticketing offers a simple and practical way to gain widespread acceptance of Web3 through the use of digital wallets, primarily when ownership of NFT is based on a real-world utility that provides real value to the owner. When consumers are issued NFT tickets to enter events or access other privileges, they will acquire the digital wallets necessary to hold them.

Once people have entered Web3 in this way, they will be willing to make further progress in this direction. Having had a valuable and relevant experience with an NFT ticket, they will be more likely to show further interest and support for cryptocurrency and additional NFTs. Soon they will begin to take advantage of everything Web3 has to offer.

What are the benefits of NFT tickets?

Everyone is familiar with using paper tickets to enter events, and most consumers are now accustomed to digital tickets. Consider flying on a plane – few print boarding passes anymore. Most people take out their smartphones to be scanned in and enter the skyway.

NFT tickets are a natural extension of this trend. NFT tickets work just like normal tickets, but with additional benefits.

See more: Physically Supported NFTs to Connect with Consumers: Three Key Lessons from Big Brands

Eliminate fraud

Fraud usually plagues the conventional ticketing world. NFT ticketing will end this scam. Unlike traditional ticket sales, NFT tickets are verified via blockchain. This completely transparent technology means that the tickets are secure. Proof of their authenticity is built right into them. They cannot be stolen or duplicated.

Imagine a world without scammers ripping people off with fake tickets – that’s the future NFT tickets make possible.

Cracking down on scalpers

Another problem NFT tickets can solve is scalping, where professional ticket buyers buy tickets before ordinary people can and increase prices dramatically on the secondary market. These force fans to pay much more than they should attend.

Consider the recent failure of Ticketmaster’s “Verified Fans” digital ticketing system, which was supposed to prevent scalpers. Taylor Swift fans, some of whom had waited as much as eight hours in the vain hope of buying seats, watched as scalpers ran off with tickets, snapping them up for as much as $22,000, an astonishing price.

How can NFTs solve this problem? NFTs can include smart contracts built into them as well. These are pieces of secure data code that also operate via blockchain. Like conventional contracts, they specify the terms of transactions and other agreements.

Smart contracts can set a maximum price for the resale of tickets. This means that ticket sellers and event organizers can exercise control over the secondary ticket market. Price caps can be specified that disincentivize scalpers and ensure that the tickets get into the hands of the right people. At the same time, they would still allow fans whose plans change to sell their tickets to others.

Smart contracts can also include “royalty splits” that allow a portion of secondary market sales to flow back to the original ticket seller, venue or performer. These royalty splits may actually take effect each time a given ticket is resold. Therefore, official ticket agents are also encouraged to switch to NFT tickets.

Enhancing the fan experience

NFT tickets also enable promoters to send special rewards to ticket holders. For example, NFTs could provide attendees with “proof of attendance” credentials that fans would be proud to have and display. For particularly sought-after events, these can even become status symbols over time. NFTs like these will also help fans find each other and build a community around shared interests.

Organizers can also send photos, video clips, backstage passes or other VIP benefits. Alternatively, they can give fans special discounts on merchandise or access to pre-sales for future events. These are just a handful of examples. The limits of the marketer’s imagination is the only thing that will limit the kind of goodies that can be found in the store.

In this way, NFT tickets also promise to improve the ticket holders’ experience;. At the same time, royalty sharing means that any sale of these goodies on the secondary market will also pass the benefits back to the original promoters, ticket sellers and artists.

See more: NFT: A new tool to increase customer loyalty

Become valuable collectibles

Since tickets to any event will be limited, they are rare by definition, and tickets to historic events can be highly sought after. For example, in 2022, vintage paper tickets for The Beatles’ first US concert sold for over $16,000, and Jackie Robinson’s debut game sold for $480,000.

In this way, NFT tickets are also collectable. They can actually be seen as a form of NFT artwork, which has recently taken off. According to the Market Decipher research reportOpens a new window , the size of the collectibles market is set to grow from $402 billion in 2021 to $1 trillion by 2032 at a CAGR of 19.2%. In addition, the research identified the booming NFT sector, which saw a significant increase in 2021, as the primary driver behind the projected growth of the collectibles market.”