The Future of Event Ticketing: How Web3 Technologies Will Revolutionize the Industry

Web3’s journey as it continues to evolve the digital landscape is still in its infancy but there are traditional industries already staking strong footholds. Brands such as Nike, Samsung, and Fortnite have already purchased large virtual land plots in the Metaverse, showcasing their commitment to the future of Web3.

Ultimately this shows the beginning of the revolution for how fans will experience live events. We’ve seen this catalyst begin with enhanced immersive experiences - those utilizing AI, virtual reality and augmented reality, and 3D mapping, but the experience itself tends to be less of an issue (as long as you know your audience) than the ticketing and distribution side. Outside of rampant ticket fraud, whose rates are increasing to above pre-pandemic levels, fans are desiring more out of their “ticket stub”.

With solutions like NFT Ticketing, event creators are now able to deliver a more unique and immersive experience unlike fans are used to before. From pre-event announcements & hype packages to during event 1:1 fan engagement to post-event ongoing community building, NFT Ticketing solutions like INSID3RS.io are enhancing the fan experience and putting power back into the hands of event creators.

More than enhanced security and transparency

If you haven’t heard much about Web3, the one thing you’ve probably heard is how secure Web3 tends to be when utilized properly. This is true, as the main component of the blockchain is your individual “wallet” - a series of letters and characters unique to you. These wallet ID’s come in 2 sets - one is public that you send and receive assets from, and the other is your private key utilized to access your wallet.

What makes this truly secure is the process behind obtaining your wallet, which you create for free through various sites such as Metamask. This process, called KYC (Know Your Customer protocol), connects one’s verifiable ID like a drivers license to your wallet which ensures the wallet = the person. Your private information will always stay private because remember - you have two sets of keys one of which is specific to show the public to keep your identity secured.

The security goes one step further and connects each wallet with a single mobile device. This is perfect for the events ticketing industry, as this ensures the ticket scanned at the gate on that mobile device is in the wallet linked to that specific person, nearly eliminating ticket theft at the gate.

Phygitals: fusing IRL experiences with digital aspects, and vice versa

With NFT Ticketing technology, event creators are able to merge the IRL experience with digital properties, and vice versa! Say you as the event owner hold a live concert at Hollywood Bowl and want to hype your fans up before the concert. With NFT ticketing platforms, you’re able to directly send digital artwork, unreleased music, surprise guests autographs, etc. all from the click of a button. During the event the artist shouts “Turn on your airdrop!” Seconds later everyone with the NFT ticket receives a personalized 30 second video from the artist themselves, all done within seconds. After the event you send all wallet IDs an NFT POAP (Proof-of-Attendance) animation, unique for each level of access offered. These NFTs can be kept as collectables, but also sold on the secondary market for added value to everyone.

Ongoing community engagement post-event

As mentioned above, ongoing community engagement is made possible & simpler with NFT Ticketing, but it’s much more than sending a single piece of art. The goal of any event is to grow their attendance by providing as much value for the fans as possible. Where most events seem to fail is after the event and continuing engagement to ensure repeat purchases and upsells.

This engagement strategy should consist of providing exclusive content available only to those holding certain passes, encouraging feedback shared through socials, and discount opportunities for future events, merch, etc. Really the opportunities are endless, but the key focus is to continue building on that community.

Engagement can be defined as each event sees fit best for their audience, but across the board fans are demanding more and more value from their tickets.

Beyond the ticket stub - adding secondary market value

True fans love a good collectible to hold onto and treasure … until the time is right and the value of the collectible is top tier. Then it’s a game of chess; bidder vs. bidder battling it out until the last second to see who wins the coveted prize. Now event holders can make their ticket stubs part of this secondary market, adding new lines of revenue to their brand as well as new and unique content for their community. Going even further, events can create collections of collectibles for various pass holders, each more unique than the next to entice increased floor pricing and community value.

Fans are demanding more value when it comes to their “ticket stub” and increased immersive experiences that engage them on a whole new level. Outside of increased ticket fraud, the current ticketing ecosystem is archaic at best, relying on draconian (in internet time) practices to deliver a mediocre experience. On top of that, event creators are missing the most crucial point in the event experience - post-event - to drive continued fan engagement as well as build a stronger community.

Platforms like INSID3RS.io are paving the way for empowered creators to do more with their fans. From ongoing community engagement to surprise rewards, creators can now provide a full end-to-end experience with NFT Ticketing that goes beyond the ticket stub.