Non-Fungible Tokens: Brief History and Use Cases
The boom of NFTs during these past two years lead the whole internet to wonder: What are NFTs and why is this technology relevant? Whole generations that grew up online are discovering that now they can own digital assets on the internet. Yes, it’s a really big scope. You can own a JPG that translates into an exclusive club membership that grants you the key to private parties all aroundthe world, but also be the proud owner of a meme you feel an emotional connection with. It sounds cool and intriguing, but after the hype of the bull market came down people started massively questioning: can there be any concrete utility behind NFTs which will help to trigger its purchase from a logical standpoint, apart from the widely know subjective motives people acquire them for nowadays?
Here is when the concept of NFT ticketing came into the picture: no more useless cardboard tickets you have to physically go and get before the venue you are trying to attend, having to spend your time and energy on the process, or questionable QRs that can be easily copied or falsiﬁed. Now, a new way of handling things appeared, mixing technology, entertainment and transparency in business.
Pros and Cons
The truth is NFT ticketing is a fairly recent technology and, as with everything that’s new, it has big pros and some notable cons to take into consideration.
Some of the advantages of this new way of accreditation include:
- The security it provides to the users: now the ticketthey bought is encrypted on the blockchain, which ensures full visibility and transparency in all its transactions.
- The possibility of creating public auctions on oﬃcial sites given the case someone needs to sell their already acquired NFT ticket.
- The NFT ticket creator, be it an artist, organization, or enterprise who is hosting the event or experience, can still receive royalties given the case that the ticket is re-sold to another user.
- Some of the disadvantages of this technology englobe:
- It would require that the users possess some kind of cryptocurrency in their wallet beforehand to be able to complete the transaction.
- The high level of diﬃculty of doing operations to buy the NFT ticket if you are not familiar with cryptocurrencies, digital wallets and web3 terminology.
- The idea may cause fear or distrust for the general public who is not immersed in the crypto community, hence there might be a need of some educational process to happen ﬁrst before the artist, organization, or enterprise can sell their NFT tickets to a broader audience, which requires an investment of time, effort and money in advance.
Some possible answers to these disadvantages could be:
- Do some research on digital wallets and set up your best pick. Then, learn how to operate with crypto: take a course or ask a tech savvy friend to teach you how to buy, sell and invest on the web3. It’s always nice to learn something new!
- Once you did the research on point one, you’ll be more familiar to this technology. Start reading whitepapers and diving deep on different projects that are using NFT Ticketing. Find them on social media and read their content. You’ll be surprised all the info that’s out there, available and free!
- Take your time! Everything is a process,but we are sure that big changes work as a tide effect. As information reaches more people, the wave grows bigger and bigger.
So, are NFT tickets the future or a dead-end idea? We sure have some food for thought here, but one thing we can assure is that NFT ticketing is a good concrete utility for NFTs once crypto adoption is better settled in society.
Imagine NFT plane tickets, music venues, academic lectures, and social events: some of these ideas are already being put into motion by some groundbreaking companies, and we might only be witnessing the tip of the iceberg here. The higher the number of companies investing in the development of these technologies, the faster the mass adoption will settle. The good thing is at Rather Labs we are ahead of the curve and count on a fully equipped team who can help you develop your NFT tickets to take your business to the next level.
About Rather Labs.
Rather Labs is a Blockchain Technical partner who provides the blockchain expertise along with the partner intensity founders need.
Rather Labs is committed to work alongside our clients as a technical partner, providing insights, technical design, engineering team management, recommendations, maintenance and technology projection.
The company is led by co-founders which have been involved in blockchain projects in finance, real state, gaming, and other industries for years.