The blockchain technology, Non-Fungible Tokens (NFTs), is revolutionizing various sectors, and it’s now making its way into the event space. Sports Illustrated has recently developed a new platform, Box Office, which extends the use of NFTs into event registration.
How It Works
Box Office is a self-service event registration site that’s free for free events up to 10,000 tickets. The platform is versatile, supporting any event, be it web conferences or local gatherings. However, the real game-changer is the way Box Office ties into NFTs. Whenever a ticket is created, an NFT for access to that event is also generated. This essentially serves as a digital ticket stub that can offer better or future benefits to the ticket holder.
Imagine this: You attend a football game, and because you have your NFT ticket stub, you can access promotions on-site or even after the event. This could take the form of a pre-release song from an artist who performed at the event or some type of additional content.
Tiers of Experience
Box Office allows event organizers to set up different tiers of tickets. So, you could have a platinum-level tier that offers post-event perks, creating yet another NFT of that content and giving the attendee higher-level access.
Let’s look at a hypothetical scenario: You buy a platinum-level ticket to a concert. This ticket grants you access to exclusive content, like a recording of the halftime show. This recording is your unique NFT, and it could gain value over time.
Secondary Market and Transferability
One interesting aspect of NFTs is their potential for resale in a secondary market. You may decide that the additional content you received through your NFT no longer interests you, so you decide to sell it. This benefits you financially and allows someone else to enjoy the benefits that were previously exclusive to you. Some companies are limiting the ability to transfer or resell these tickets, but this could mean missing out on a potential secondary royalty when selling the ticket later on.
NFTs and Fundraising
Nonprofit organizations could benefit from this technology by using NFTs as a part of their fundraising events. For example, an artist could donate an NFT to an organization, which could then be auctioned off to attendees. These attendees could potentially see their investment appreciate in value over time, providing an additional incentive to contribute.
Recently, a group raised a substantial amount of money in just a few days through a Decentralized Autonomous Organization (DAO) to bid on a version of the US Constitution being auctioned off. While they ultimately didn’t win, the amount they raised was impressive and showed the potential of this technology in the fundraising space.
Using NFTs in Your Business
The integration of NFTs into the event space may sound complicated, but it is surprisingly accessible. Platforms like Box Office by Sports Illustrated are making it easier than ever for businesses and individuals to take advantage of this technology. With a little bit of legwork, this could open up new opportunities and experiences for event attendees, while also potentially providing additional revenue streams for event organizers.