The Role of NFTs in Creating Unique and Memorable Experiences

In recent years, the use of non-fungible tokens (NFTs) has exploded in popularity, particularly in the world of live events. NFTs are digital assets that are unique and one-of-a-kind. In the context of live events, NFTs are being used to create unique and memorable experiences for attendees.

One of the main benefits of using NFTs for live events is that they provide enhanced security when used as tickets. Traditional ticketing systems are often prone to fraud and scalping, with tickets being duplicated or sold at inflated prices on the secondary market. NFTs, on the other hand, are stored on the blockchain and cannot be duplicated, altered or faked. This means that event organisers can be confident that only legitimate tickets will be used to gain access to the event.

NFT tickets can also be used to control the secondary ticketing market. Thanks to smart contracts, event organisers can set royalty splits, price ceilings and mark tickets as non-transferrable and/or non-resalable. This provides unprecedented control and opens up new revenue streams by letting artists, event organisers, and rights holders profit from secondary resales fairly for the first time ever.

But, what are NFT collectables, and why are they desirable?

NFTs have become increasingly popular recently, particularly as a way to represent and trade collectables. NFT collectables are unique digital assets that cannot be replaced or exchanged for another of the same kind. They are stored on a blockchain and can be bought and sold on the open market.

One example of an NFT collectable is CryptoKitties. CryptoKitties is a blockchain game that allows players to breed, collect, and trade virtual cats. Each cat is represented by an NFT and has its own unique attributes and characteristics. The game has become incredibly popular, with some rare cats selling for hundreds of thousands of dollars.

Another example of an NFT collectable is NBA Top Shot. NBA Top Shot is a platform that allows fans to buy, sell, and trade digital highlights from NBA games. Each highlight is represented by an NFT, and is verifiable on the blockchain by the NBA and its official stats partner, STATS. The platform has become hugely popular, with some rare highlights selling for millions of dollars.

In addition to games and sports highlights, NFTs are also used to represent various other collectables, such as digital art, music, and virtual real estate. The musician Grimes recently sold some NFT artwork for over $6 million, and the popular online game Decentraland allows users to buy and sell virtual plots of land using NFTs.

How NFTs can enhance the experience of attending live events

In addition to improving security and providing new revenue opportunities, NFTs also allow event organisers to offer unique and personalised experiences to attendees. An event organiser could create limited edition tickets that come with utility NFTs to unlock special perks such as early access to the event or a meet and greet with the performer. Here at SeatlabNFT, we call these perks attached to NFTs 'claimable items'. These unique experiences can be highly sought after by fans and create a sense of exclusivity and prestige for those who can obtain them. We use NFTs to easily verify who's entitled to these perks as, by design, NFTs are the perfect vehicle for identifying ownership and entitlement.

We use claimable items for our Immersive Fan Pass programme, where super fans can get access to exclusive perks from their favourite artists by holding an NFT fan pass. It's a pioneering initiative that enables artists and fans to connect on a worldwide basis in a way that has previously only been available via touring.

Another way NFTs are used at live events is through interactive technology. An event organiser could create an experience with an augmented reality component. Attendees could then use their smartphones to unlock exclusive content or interactive experiences during the event. This could include virtual meet and greets with performers or the ability to control some aspects of the event, such as the lighting or special effects.

Combining AR tech with NFTs also means we can run things like treasure hunts at an event where people can find AR checkpoints using their phone's camera. Once a person has found a checkpoint, it would be recorded on the blockchain and associated with their wallet. When all of the checkpoints are found, we can airdrop an NFT prize to their wallet that could be anything from a digital collectable to a utility NFT that gives them access to things like VIP areas, complimentary food and drink, free merchandise, and much more. As the blockchain is transparent, we can quickly verify who's scanned each checkpoint and the validity of their NFT prize, preventing double claims and cheating.

Summing up

Overall, the use of NFTs for live events is a growing trend that is helping to create unique and memorable experiences for attendees. With enhanced security and the ability to offer personalised and interactive experiences, NFTs are helping to take the live event industry to the next level.

We're building the future of live events through our NFT ticketing platform, where event organisers can take advantage of everything we've discussed in this article and so much more.

But it doesn't stop there! Fans can benefit directly through our Rewards Centre, staking mechanism where they'll earn a cut of all collected booking fees, and get access to a reduced booking fee structure just for holding $SEAT too.

If you've got any questions, feel free to get in touch!