The recent development of utility NFTs has improved the non-fungible token market. Until recently, NFTs were little more than a piece of code linked to a digital asset, such as a JPEG; currently, NFTs are swiftly becoming an asset class that provides substantially more value to its holders. Yes I am talking about NFT ticket.
The usage of utility NFTs as tickets, for example, for tours, events, and experiences, is one of the most feasible and exciting possibilities of utility NFTs on the consumer market. Thanks to this trend, people are already using their NFTs as a “membership card” to gain access to elite clubs and events.
A similar method is used in the travel sector for ticketing, allowing suppliers and travel agencies to issue smart digital tickets that will enable access while also providing additional value (or utility) to holders. Furthermore, these smart tickets are registered on the blockchain, preventing fraud and allowing for a robust secondary market.
The elimination of fraud and scalping is perhaps the most evident advantage of implementing NFT tickets. Each smart ticket is valid since it is registered on the blockchain. A barcode or QR code can be falsely reproduced and sold as a forgery using typical ticketing procedures. This is not possible with NFT smart tickets because their underlying blockchain technology is always verifiable.
This also implies that the secondary ticket market may be much safer. “Verified resale” tickets were a good step, as they protected buyers from scalpers. Blockchain technology gives suppliers even more, control over the reselling process. Organizers have transparency into the ownership trail and activity when fans sell tickets after the first purchase.
Although NFT ticketing has primarily been used in the events industry, this is merely the tip of the iceberg in terms of the technology’s possibilities.
Applications in the tourism industry have the potential to provide major benefits to travelers, both in terms of rewards and safety features. In comparison to a regular ticket, the data saved on an NFT ticket, for example, will allow smoother identification verification – a feature critical to travelers’ safety.
Possibility for innovation
Simply put, we see so many advancements in the ticketing sector because the industry’s current enterprise is rapidly becoming obsolete. QR code technology was invented in 1994, whereas barcode technology was introduced decades before. Most current ticketing transactions are based on a verification method that hasn’t altered significantly in the decades since it was implemented. It is time for the ticketing industry to embrace modern technologies.
However, it is not just buyers who are looking for answers but also legal sellers. When a fake ticket is sold, the provider suffers a loss of income. And in the case of travel ticketing, companies are always searching for methods to increase the safety of their customers, and this new technology provides that chance.
Are airlines interested in this one?
Yes. As I mentioned above, it is the most efficient and simple way of ticketing, and some Airlines are already entering the web3 era. Etihad Airways, the national airline of the UAE, has announced that its first collection of non-fungible tokens (NFTs) will be coming out soon.
That means they are embracing the web3 and possibly use the NFT ticket system in the near future.
Advantages for customers
From the consumer’s standpoint, the NFT ticketing process is identical to that of a standard mobile ticket but with the possibility of additional benefits. For example, if a traveler has their ticket on their smartphone, they can scan a code (using spinning QR code technology to avoid duplication) and be welcomed aboard the plane or ship. After joining, they can gain higher value with blockchain-centric benefits, with the NFT ticket becoming accessible in their Crypto-based wallet.
NFT tickets are a significantly safer alternative to standard ticketing techniques for both providers and ticket holders. Consumers are looking for answers to common challenges plaguing the ticketing and travel business, such as scalping and other forms of fraud, as well as a broken secondary market. NFT tickets are set to become the future of travel and events, combining the simplicity of mobile ticketing with the security precautions of blockchain technology.