NFT Lately explores NFT ticketing with the founder of Ticketsphere, Chris Trew, touching base on how his revolutionary platform is set to make waves in the events sector, harnessing the power of NFTs to enhance event experiences for artists and fans alike.
Ticketsphere is preparing to pioneer ticketing by offering innovative solutions that leverage the unique properties of NFTs, delivering an improved ticketing journey for all event-goers to enjoy — wiping away traditional ticketing concerns.
So, all blockchain enthusiasts and live entertainment lovers, it’s time to dive deep into the transformative world of NFT ticketing with an industry professional. Let’s go!
Please tell us about yourself and the reasons behind your upcoming NFT ticketing platform:
In my career, I have worked across a spectrum of industries, from banking to aviation, but the common thread has always been tech. Working across sectors led me to recognize blockchain technologies’ potential widespread and untapped value.
In 2016 I founded Stratis to develop a user and enterprise-friendly blockchain platform, something that I felt was missing in the space at that moment in time. Ticketsphere, our NFT-based ticketing platform, is the latest addition to our ecosystem.
Can you provide an overview of Ticketsphere and how the platform assists all events?
Blockchain technologies have a lot to offer across the board, including ticketing. NFT tickets are not new. They’re already in operation in Formula 1 and Coachella, and the widespread uptake of these tickets is because they enable secure, transparent ticketing practices while providing opportunities to enhance and enrich fan experiences.
Typically, people need cryptocurrency to acquire NFTs or things on the blockchain. However, we developed Ticketsphere to operate like a standard e-commerce site that accepts debit and credit cards, meaning NFT tickets are more accessible than ever to buy due to quickly being accessible and straightforward to use, broadening diversification of how blockchain technologies are adopted and used.
Expand on how your NFT ticketing platform overrides common issues conventional ticketing systems face, like Ticketmaster’s monopoly and event scams:
Most issues with conventional tickets stem from a need for more verification, which can result in scams and intermediaries, be it platforms or people looking to profit from resale at the expense of fans. For instance, one of the biggest problems in the ticketing industry is scalping, or ticket touting, when people bulk buy tickets for popular events to resell for profit. This year a ticket to see Adele — initially listed at £85 — was later resold for £24,000. These touters exploit fans; artists see no surplus money from the resale.
Thankfully, tickets hosted on the blockchain are verifiable, sold peer-to-peer negating go-betweens, and can have self-executing rules built into them — which resolves these issues. NFT ticketing/Ticketsphere can set a resale price ceiling, removing ticket touts’ incentive to buy and resell.
NFT tickets are also programmable; the issuer, including the artist or venue, can program rules into the ticket. These include rules which regulate price ceilings and time limits on resale.
In which ways does Ticketsphere reduce the occurrence of fraudulent tickets?
Because our NFT tickets are hosted on the blockchain, they are limited in number, traceable and verifiable. The most common ticketing scams are ‘purchase scams’, where people buy ‘tickets’ that don’t exist. Scammers often target sought-after events with limited tickets and list tickets on third-party platforms like Facebook.
With NFT ticketing, which leverages blockchain technology, every transaction is secure and transparently recorded — meaning that anyone can evaluate the authenticity and provenance of a ticket. In short, you can see who has previously or currently owns a ticket and how much they paid for it. This eliminates the possibility of duplicated, counterfeited, or tickets that have already been used being sold as authentic.
Can you explain how technology on-chain improves the overall ticketing experience for event-goers, performers and organizers?
On top of the above information, NFT tickets are reliable. They’re authentic, can’t be damaged, and are difficult to lose. Beyond this, they can also retain their value after the event.
Tickets can also be valuable collectibles — today, a ticket from Michael Jordan’s first game now auctions at more than $460,000. Despite most tickets being (almost) worthless as soon as they have served their purpose — event admission — NFT tickets are not designed solely to offer access. These digital assets are made with long-term experience and ownership in mind, acting as assets and collectibles that can offer experiences in and of themselves. This means that NFT tickets can retain their value post-admission because they might provide post-event rewards and new ways for eventgoers to interact, like discounts on upcoming events, exclusive content and merchandise.
Furthermore, NFT tickets return control and transparency to artists, organizers and venues. Without deferring to a go-between, like Ticketmaster, artists and organizers can determine the price and conditions for their tickets sold and resold, and there is more transparency — organizers know who is coming to the event and can get to know their audience better.
Artists and fans can also earn royalties from the secondary NFT market the tickets are sold on and be rewarded for putting on an event with high demand.
Please tell us more about secondary sales and the perks of royalty shares:
Today the secondary market is worth over $15bn, nearly all of which goes to mediators — at the expense of fans and at little to no compensation for the artists or performers.
Ticketsphere allows organizers, artists, and venues to earn royalties on the secondary market. Royalties or revenue sharing is programmed into the NFT via the smart contract. Artists, organizers, or the forum can earn a percentage if a ticket is resold on the secondary market for more money.
The smart contract can program royalty or revenue sharing into the NFT. Artists, organizers, and the venue can earn a percentage if a ticket is resold on the secondary market for more money.
Do NFT tickets open up other benefits, like exclusive content, loyalty programs, etc.?
NFT tickets can be programmed in a way that confers certain privileges to the owners, a bit like a VIP pass or loyalty card. What’s exciting is that NFT tickets lend themselves to loyalty programs. Big fans and ticket holders may obtain early access to content.
Without a doubt, NFT tickets can do a lot of cool stuff, but at their core, they strengthen and enable new ways for the fan/artist relationship to unfold.
What’s in the pipeline for Ticketsphere? When’s the public launch date?
Ticketsphere is progressing significantly, and we’re excited to see it running. We’ve been trialing it for the last few months and have successfully used it at our events.
The next few months, and we can’t wait to bring the benefits and strengths of Web3 to the masses — creating an accessible platform has always been at the core of what we do, and we’re looking forward to seeing how this unfolds.
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