NFTs will take center stage in 2022. They have established themselves as a major market segment in the crypto industry, with over $20 billion in trading volume and overall participation from every corner of the world. NFTs have now become a market expanding technology. Therefore, it is no longer limited to art or any type of digital collecting. Its true ownership and non-expendable features enabled multiple real-world use cases.
Among many innovative use cases of NFT, the one that stands out and can have an immediate global impact is ticketing in the music industry. For years, the music industry has been stagnant, with incremental improvements having no significant impact on artists and the music landscape as a whole.
Also, the music ticket market is fragmented. Only a few companies control the market by busting and using bots to get cheap tickets and profit from arbitrage. This creates a multi-billion dollar secondary market where fans have to buy at exorbitant prices and still face the uncertainty of whether they will be allowed to attend an event.
To escape this centralized system and return control to artists, it is essential to incorporate NFT ticketing at scale.
How can NFTs be the game changer?
For starters, NFTs provide fans and artists with a special experience in the digital world. NFT tickets cannot be destroyed and, due to their unique nature, can be easily displayed and shared with others on the Internet. For example, the Dallas Mavericks, owned by Mark Cuban, decided to issue 20,000 NFTs for each home game. Fans were allowed to trade in their NFTs, with sales ranging from $200 to $10,000.
So the same can be applied to the music industry. It can solve transparency issues forever as everything is recorded on the blockchain. As a result, bad actors in the secondary market can no longer swindle fans out of a fake ticket.
NFTs can also fix this. Artists can release NFT music albums and other collectibles for fans to purchase on a marketplace. Artists would also receive royalties for each sale made, increasing the utility value to them. So NFTs not only solve the problem of monetizing a $15 billion secondary market, but also help artists tap into their global fan communities for more revenue.
Centaurify: The NFT Bridge to the Music Industry
Centaurify is the leading DeFi platform providing NFT ticketing for real-life use on a large scale. Built on Ethereum, Solana, Polkadot, and Cardano networks, Centaurify can provide a greener alternative to minting and distributing thousands of NFTs at low cost.
The platform can also control the secondary market by setting a minimum and maximum resale value. So this puts an end to all resellers and software bots forever. And artists and organizers will have the power to set rules (with programmable smart contracts) for the secondary market.
For artists, Centaurify has a marketplace to create and sell music NFTs or use them as an upsell to headlining concerts. Centaurify also offers staking features with its native token, $CENT. If fans have more tokens wagered, they will have more exclusive rewards such as VIP access and live tours.
So with an intersection of DeFi and NFT, Centaurify can incentivize artists and fans and ultimately bring back the concert scene around the world.
The future of blockchain ticketing
NFTs are here to stay. As time goes by, every industry and brand will have an NFT strategy to access global audiences. In the music industry, NFTs can give artists a new voice and help them connect with their fan communities. They can also solve secondary market problems and allow a fair distribution of tickets. To implement this, we need platforms like Centaurify for ticket minting and market functions. With more artists and organizers on board, we will witness a paradigm shift in the music ticketing industry.
This post Why is NFT ticketing the future of the ticketing industry?
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