Traditional fan club membership programs have failed to fill a gap in the fan-artist interaction space. Until now, giving fans anything of true value has been incredibly difficult, if not impossible, without producers or artists spending money on things like free tickets or merchandise they could have sold.
This is why TicketMint, a blockchain-based ticketing system project, is developing NFT tickets that do more than just serve as an event access pass for their holders. It is designed to solve issues in the event ticketing market, particularly when fan clubs have nearly become a thing of the past, starting with converting tickets into NFTs to provide one-of-a-kind memorabilia.
People as the Lifeblood of Live Events
Blockchain NFTs give fans the opportunity to own original digital souvenirs. Artist merchandise has long been a part of the entertainment industry, but it has become increasingly expensive to purchase these physical items. Blockchain NFTs allow fans have a more accessible and affordable way of collecting souvenirs of their favourite artists and their live-event experiences.
And like digital reproductions of trading cards, NFT collectables’ value may go up in the future. TicketMint’s selling point is that it is built on a public blockchain, where the users can easily verify the authenticity of “airdropped” or transferred NFT collectables to a digital wallet.
These airdropped blockchain NFTs can range from a personal greeting from the performing artist to larger utility NFTs that entitle their holders to extra privileges. For instance, fans could use their NFT tickets to claim free merchandise, early access passes or VIP entry. NFT collectibles may also come in the form of a GIF of a particular moment in the concert or event or even a specially-made one by the artist.
Airdrops allow artists and event creators to distribute monetary digital assets to fans attending events at any time. They could mint an NFT of a selfie with their audience and airdrop it to attendees in real-time. The best part is that airdrops do not have to take place during the event.
Airdrops can occur before, during or after an event, allowing organizers to extend the experience for fans while also offering true value and a better sense of engagement. They can even send fans who previously purchased event tickets to a merchandise discount coupon, an invitation to a small/intimate event or an early access pass to an artist’s upcoming performance.
Fans can keep these collectable NFTs for themselves or resell them to other fans and collectors in the secondary market, so they can extract real value from their passion. Some fans will buy a ticket solely because they adore the artist. Those on the fence, though, will be persuaded to buy if they can resell some of the digital items tied to their NFT tickets.
They can sell the collectables they do not want and keep the ones they like, allowing them to recoup some of their initial investment if needed. Artists spend almost no money in making and distributing these collectables, yet the value they bring is unparalleled.
This is because of the ability of BSV Blockchain to scale unbounded, which means that as the network becomes more efficient in handling bigger data and a higher number of instant transactions, transaction fees are decreased to a minuscule amount that can hardly be felt by users.
To put it in numbers, BSV is already capable of completing 4GB blocks at 20,000 transactions per second with fees that average only $0.0001. This makes the creation of blockchain NFTs and its subsequent transfer of ownership significantly cheaper than popular blockchains. On ETH, for instance, fees range from $1.83 to $7.47 per transaction last month.
Building Stronger Communities
Speaking on the company’s progress, SmartLedger Chief Development Officer and TicketMint Co-Creator, Gregory Ward, take pride in introducing TicketMint to “foster a much closer connection between artists, fans, event organizers and brands.”
The company’s efforts could be traced back to October 2021, when TicketMint partnered with Transmira to access its Omniscape XR’s interactive virtual world, providing fans a platform to meet their favourite celebrities and stars regardless of distance through the metaverse.
“There is a dramatic shift happening in several industries driven by blockchain and NFTs that we are only beginning to see. TicketMint is a great example of new business models leveraging technology for better user experiences and engagement. We are thrilled to help bring this to life,” Transmira CEO Robert Rice said.
On top of NFT tickets and collectables, TicketMint also allows event organizers to verify a fan’s eligibility to receive the perks that come with a fan club membership. Because of the exclusivity that memberships provide, it also generates a hyper-loyal group ready to make active purchases. TicketMint not only provides the tools needed to streamline ticketing, but it also creates a more immersive live event experience for fans and rewards them in ways previously unimaginable.