In 2022, NFTs will take centre stage. With over $20 billion in trade volume and mainstream involvement from all over the world, they have established themselves as a prominent market segment in the crypto industry. NFTs have now grown in popularity as a market-expanding technology. As a result, it is no longer restricted to art or other forms of digital collectible. Its actual ownership and non-fungible properties allowed for a variety of real-world applications.
Ticketing in the music industry is one of several unique NFT use-cases that stands out and has the potential to have a worldwide impact right away. For years, the music industry has been static, with small advancements that have had little influence on artists and the overall music environment.
Furthermore, the music ticket industry is highly fragmented. By scalping and deploying bots to sweep up tickets at low rates and profit from the arbitrage, only a few organizations control the market. This generates a multibillion-dollar secondary market where fans must pay excessive amounts while still unsure if they will be permitted to attend an event.
It is critical to implement NFT ticketing at scale in order to break free from this centralized system and return control to artists.
To begin with, NFTs give fans and artists a unique digital experience. NFT tickets cannot be destroyed, and their one-of-a-kind character allows them to be easily displayed and shared on the Internet. For example, Mark Cuban’s Dallas Mavericks opted to issue 20,000 NFTs for every home game. NFTs were available for trade, with prices ranging from $200 to $10,000.
As a result, the same can be said for the music industry. Because everything is recorded on the blockchain, it can solve the transparency issues indefinitely. As a result, bad actors on the secondary market will no longer be able to deceive fans by selling a bogus ticket.
This is also something that NFTs can help with. Artists can release NFT music albums and other items on a marketplace for customers to buy. Artists would also be paid royalties for every sale, boosting their utility value. As a result, NFTs not only answer the monetization problem of a $15 billion secondary market, but they also assist artists in monetizing their global fan bases.
NFTs aren’t going anywhere. Every sector and business will have an NFT strategy to reach global audiences as time goes on. NFTs can help musicians engage with their fan communities and give them a new voice in the music industry. They can also help to handle secondary market issues and ensure that tickets are distributed fairly. We’ll need systems like Centaurify for ticket minting and market functions to make this happen. With more artists and organizers on board, the music ticketing market will undergo a paradigm shift.