The Potential of Airdrops

Web3 — Transforming Engagement

The live entertainment industry is estimated to be worth around $1,552.9 billion by 2028. This massive projected growth is in part due to people increasingly prioritising experiences over possessions.

As the shift continues from materialistic interest toward experience, the live entertainment industry has a unique opportunity to leverage the emerging technology of Web3 to capitalise on this change.

Decentralisation offers a world of opportunities for increasing engagement and enhancing the experience for live event attendees. Blockchain technology enables the potential for new engagement avenues via NFT airdrops, move/play/interact-to-earn mechanics and, of course, token (cryptocurrency) utility.

As Web3 continues to disrupt an ever-growing number of industries, from supply chain logistics to medical records and gaming, it’s clear we are yet to realise the full potential of this new era in technology.

Yet, despite the infancy of blockchain technology, there are already several big-name celebrities and brands using it to provide greater engagement and a more immersive experience for their fans.

In conjunction with the growing interest in experiences over possessions, Web3 is poised to provoke a move away from the consumerism that has defined the 20th century.

Blockchain and Live Entertainment

The irrefutable ledger that blockchains provide gives each user a unique identity and is an incorruptible record of the data hosted on its network. With this comes the opportunity to send users unique NFTs, ‘airdropped’ directly to anybody’s wallet.

In live entertainment terms, this has been explored in the most recent Super Bowl, but this is just the tip of the iceberg. Even before the NFL joined the Web3 revolution, the NBAs Top Shot application that gave fans a platform to purchase and own an NFT minted collectable of their favourite moments from the league proved wildly popular.

Clearly then, even accounting for the market crashes of certain cryptocurrencies, the broader utility of Web3 is welcomed by consumers hungry for a more engaging experience.

Broader utility from blockchain, outside of cryptocurrency and PFP (profile picture) NFTs comes in many forms. There are two distinct ways in which decentralisation can transform the consumer experience in the live entertainment industry.

NFT ticketing for events eliminates ticket fraud and, through smart contracts that govern royalty splits on secondary sales, also drastically reduces the impact of ticket scalping. Fairer box office access and a secondary market no longer dominated by buying bots and ticket scalpers would begin to address the widespread dissatisfaction with current ticketing solutions.

For live event organisers who make the switch to NFT ticketing, the wallet information that blockchain provides about the attendees can be used to airdrop them collectable mementoes of the event they have attended as well.

Combined, the effect of blockchain technology on the live events experience is significant.

From the very beginning of their journey with a live event, attendees have fairer box office access and can purchase tickets free from any concerns about their validity. On the day of the event, the experience is transformed with the opportunity to add tangible value to an attendee through airdropped NFT mementoes.

Airdrops in Real-Time

Attendees of live events can have NFT momentoes airdropped directly to their wallet, either before, during or after the event.

These NFT airdrops could be almost anything; the possibilities are yet to be fully realised. For example, access to IRL experiences such as VIP tickets or free merchandise can be given to select audience members by airdropping NFTs to be used as access passes to their wallets. Alternatively, they could take the form of audio, picture or video captures of the live event themselves to become collectable memories.

Putting this into context, artists and event organisers can offer different levels of NFT tickets, with select premium ticket types receiving an airdrop, either advertised or a ‘mystery airdrop’. Artists could then airdrop an NFT live on stage to those premium ticket holders.

Perhaps those in selected seats in an arena are airdropped a video recording of the event, which features them in the background, or premium ticket holders at a festival are suddenly airdropped an exclusive access pass to a secret stage. The possibilities are limitless.

With blockchain technology, the impact on audience experience begins at the time the tickets are minted. Smart contracts and the traceability of blockchain networks mean there are innumerable combinations of tickets and airdropped perks available to those event organisers looking to form a greater connection with their audience.

Looking Ahead

The Web3 revolution has only just begun, with the technology’s full capability yet to be fully explored.

There are other opportunities to be had to enhance the consumer experience too. Token utility on decentralised platforms opens a new world of possibilities for users, meaning the future for an experience hungry society looks extremely promising.

We’re building SeatlabNFT to enhance the experience for live event attendees. We want fans to feel closer to the artists and performers they love, and we want that loyalty to be rewarded. You can see all of the features we’re creating to enable this enhanced experience here.

Along with giving artists and event organisers a platform to utilise airdropped rewards, we’ve also built a tiered utility to reward those who hold our $SEAT token.

Thanks for reading!