May 23, 2022

Web 3 Technology Allows NFTicketing For Music Festivals And Events

The rise of Web3 has captured the attention of more than just crypto and DeFi enthusiasts. Well-established brands such as Adidas, Gucci, Samsung and even JPMorgan Chase as well as HSBC are among the top banks that have major plans in the Web3 metaverse.

What’s next for Web3?

The conceptualisation of virtual worlds to real worlds makes a massive statement in the world of Web3, we are currently witnessing many projects that are bridging the virtual and real-world events with the power of and blockchain technology. From digital art to now digital experiences, there is no stopping what technology can do.

Due to the recent global pandemic, a number of popular music festivals have gone down the Web3 rabbit hole — introducing their fans to innovative new experiences and concepts that have never been done before.

Ultra Music Festival Miami hosted a live stream powered by Algorand, touted as the world’s most decentralised, scalable, and secure blockchain infrastructure. A large number of businesses around the globe are already using Algorand to power future economic models, ranging from combining traditional and decentralised banking to improving global sustainability and disrupting the creator economy in favor of artists and fans.

Another exciting music festival that has successfully incorporated Web3 technologies is Coachella Art and Music Festival. Every attendee received a free NFT when they activated their wristband via the FTX app. Coachella Collectibles NFT collection was another major drop on the Solana blockchain, owners of selected NFTs were eligible to even secure lifetime tickets for their yearly April show in Empire Polo Club in Indio, California, in the Coachella Valley.

Afterparty is a Web3 native project that has been utilising NFTs as tickets for exclusive access to a community of creators as well as music festivals.

The future is here, old-school paper tickets that get damaged will no-longer be a thing. As a digital asset, NFTs as tickets can open the door to a whole new realm of never before seen opportunities such as access to gated communities, ‘breeding’ NFTs for more rare assets which can later be traded and increase in value.

We can expect to keep our tickets as memories forever on the blockchain instead of losing our paper tickets or wristbands, the real non-fungible experience indeed! Another important factor is that NFTs don’t allow for counterfeit or fake tickets which saves the fans, artists and promoters from scalpers. Definitely good reasons to be bullish on NFT ticketing!

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