Imagine that you are a manager for a famous musical artist and you want to stay on the cutting edge of technology when it comes to the upcoming world concert tour.
Instead of selling tickets through the traditional platform like TicketMaster, whereby the fan receives a digital/physical ticket stub, you instead allow fans to mint NFTs which serve as their unique ticket to the show, with the exact seat assigned to it via QR code.
What's So Special About That?
Here's where it gets interesting.
Not only is the NFT granting your fans access to the concert, but it can also do the following:
It can be designed with unique and custom collaborative artwork
It can serve as concert memorabilia, similar to how tickets to Woodstock (or that Beatles concert) matured in value, with the ability to easily resell
It can allow additional physical and digital perks to the NFT ticket holders
Can allow a limited edition mint of "VIP" NFTs, where holders have backstage passes or similar perks
Due to Blockchain and Smart Contract capability, tickets are scam-proof
It can cut out overhead and unnecessary middlemen, by allowing the smart contract to distribute the revenue from your NFT to automatically pay the artist 40%, the DJ 10%, the lighting crew 2%, the janitors 1%, etc...
FINALLY, the primary benefit for the artists is that they are finally able to collect royalties from secondary NFT ticket sales, a market that artists have yet to capitalize with today's structure.
The possibilities are endless.
If NFTs are so great, why isn't every artist implementing it?
The simple answer is - they will. It's only a matter of time.
The amount of benefits, when compared to the traditional method of ticket selling and fan engagement, proves this avenue to be a no-brainer pivot and feature in the entertainment industry.
Mass adoption and acknowledgment of NFT technology is the only barrier to entry at this point, yet LiveNation and others are getting the ball rolling.