Since their inception, Non-Fungible Tokens (NFTs) have been primarily used for the purpose of illustrating provable ownership over digital assets, specifically for videos, art, and music. However, the pandemic provided an invaluable time for music festival promoters to consider how they could creatively assimilate NFTs into their own event.
As the popularity and adoption of blockchain technology has continued to rise, we have witnessed several music festivals implement NFTs for an array of purposes. Most commonly, promoters have seen NFTs as a tool to drive additional revenue and encourage fan engagement.
How Are Festivals Currently Using NFTs?
Whilst still a relatively new concept to the majority of promoters, NFTs are being steadily adopted by a number of music festivals. Notable early adopters include, Coachella, Tomorrowland, Montreux Jazz Festival, and Australia’s The Grass is Greener.
Although several alternate use-cases exist, NFTs are typically categorised into two ‘main’ variations, NFTs that do not provide utility (common examples include: collectibles and ‘profile pictures’) and NFTs that provide the holder with utility. For music festivals, we have generally witnessed NFTs of the second variety – those that provide utility to the holder.
Some examples of utility currently being offered include access to:
Coachella – Lifetime festival passes, on-site experiences.
Tomorrowland – ‘Secret gigs,’ community channels, ticket giveaways.
The Grass Is Greener – Lifetime festival passes, on-site experiences.
Valuable Use Cases
For the most part, the way in which promoters are currently utilising NFTs is great.
What if there was a way to expand on what is currently being done, that increases the promoter's revenue, whilst decreasing the cost to fans, by merely changing the way in which promoters sell tickets.
With NFT ticketing, this scenario is possible.
NFT ticketing allows promoters to:
- Cut out unnecessary intermediary costs
- Eliminate ticket scalping
- Own and limit their own secondary market
- Easily identify and reward their core fans
- Freely access data that will assist them in marketing to their target audience
And a whole lot more…
Don’t Wait – Act Now!
It is evident that NFT ticketing is the next step in the music festival industry’s revolution.
The only question is whether or not your festival will be an early adopter or ‘late to the party.’
Together, we can change the industry for the better.