With the recent rise of utility NFT, the non-fungible token market has changed for the better.
Until recently, NFTs were nothing more than code attached to digital assets such as JPEG. Today, NFTs are rapidly becoming an asset class that offers more value to its holders.
One of the most realistic and exciting impacts of utility NFTs in the consumer market is the use of NFTs as tickets for tours, activities, experiences and more. This trend regarding utility NFTs has already seen people use NFTs as “membership cards” to participate in exclusive clubs and events.
This same approach applies to ticketing within the travel industry, allowing suppliers and travel agencies to issue smart digital tickets that provide access and add value (or utilities) to owners. In addition, these smart tickets are registered on the blockchain to prevent fraud and enable secondary market prosperity.
Perhaps the most obvious advantage of using NFT tickets is to eliminate fraud and scalping. Each smart ticket is registered in the blockchain and can be verified. With traditional ticketing methods, barcodes or QR codes can be illegally duplicated and sold as counterfeit by Scalper. This is not possible because NFT smart tickets are inherently verifiable through the underlying blockchain technology.
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In addition, this means that the secondary ticketing market can be much safer. A “confirmed resale” ticket is a step in the right direction, protecting buyers from scalpers. Blockchain technology gives suppliers more control over every step in the resale process. When fans sell tickets after their first purchase, the organizer can understand the route and activity of ownership.
NFT tickets are primarily applied to event spaces, but this is just the beginning of the technology’s potential.
Travel industry applications can bring significant benefits to travelers in terms of both the benefits and safety features of technology. For example, compared to traditional tickets, the data stored in NFT tickets provides smoother identity validation. This is the most important feature for traveler safety.
Simply put, the reason for so much innovation in the ticketing industry is that existing companies in the industry are rapidly becoming obsolete. QR code technology was introduced in 1994, and barcode technology was introduced decades earlier. The validation process underlying most existing ticketing transactions has not changed significantly in the decades since its implementation. It’s time for the ticket market to take advantage of new technologies.
However, it’s not just the customers who are looking for a solution, but the legitimate sellers as well. If a fraudulent ticket is sold, it represents a loss of supplier revenue. And when it comes to travel ticketing, providers are constantly looking for ways to improve traveler safety, and this new technology offers that opportunity.
From the consumer’s point of view, the NFT ticketing process is the same as traditional mobile tickets, but with additional benefits. For example, if a traveler has a ticket on their mobile phone, they will be welcomed on a plane or ship while traveling by scanning the code (using rotating QR code technology to prevent duplication). After boarding, you can increase your value with blockchain-centric rewards and NFT tickets will be available in Ethereum-based wallets.
NFT tickets are a much safer alternative to traditional ticketing methods for both providers and ticket owners. Consumers are looking for solutions to common problems that plague the ticketing and travel industries, from scalping and other forms of fraud to broken secondary markets. Combining the convenience of mobile tickets with the security measures of blockchain technology, NFT tickets are ready for the future of travel and experience.
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