As an event planner, your goal is to make each and every event as interesting and engaging as possible. One novel way to add excitement and value to your events is through NFTs – or Non-Fungible Tokens.
But what are NFTs exactly and how can they be used to make your event stand out from others? Keep reading to find out!
What are NFTs?
NFTs are digital assets that are stored on the blockchain. And according to IBM.com, a blockchain is “a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network.” In simple terms the blockchain is a way for digital information to be shared in a fully transparent way.
The really interesting thing about NFTs is that they are unlike traditional assets. They can’t be replicated or exchanged for other assets. This makes NFTs incredibly unique and allows them to be used in a lot of interesting ways. For instance, in the event industry, an NFT can represent a ticket to the event, a digital collectible, or a piece of virtual property.
NFT Use Cases for the Events Industry
There are a couple of ways event planners are already using NFTs to add excitement and value to their events:
NFTs can be very useful for those big events where fraudulent tickets can be a real problem. A physical ticket can easily be copied, but an NFT cannot. Also, using NFTs makes it far simpler to integrate different food and drink options into the ticket price.
Yet another benefit of NFT tickets is that it can make updating your attendees about possible event changes in real time very possible and simple. And finally, NFT tickets can easily be integrated into gamification for hybrid events.
If you want to begin using NFTs for event ticketing, be sure to find a platform that allows you to create and manage your NFTs. Some of the best NFT ticketing platforms at the time of this writing are:
- GUTS: https://guts.tickets/
- YellowHeart: https://yh.io/
- Wicket: https://www.wicketevents.com/
- SeatLab: https://seatlabnft.com/
NFTS as Swag Bag Gifts
One of the most exciting use cases for NFTs is using them as gifts for attendees. In 2019, Consensus, an annual conference of cryptocurrency and blockchain enthusiasts, presented their attendees with an NFT swag bag. This digital goodie bag included tokens that were redeemable for physical objects such as t-shirts as well as for digital assets like collectible CryptoKitties. Now here’s where it gets very exciting. The average price of a CryptoKitty in 2019 was roughly $65. But that same CryptoKitty was worth $256 in 2021. Do you think your event attendees will be more excited for a baseball cap and stress ball, or for a unique piece of digital art whose value increases over time?
NFTs and the blockchain are still emerging technologies and because of this, there is still some uncertainty around their use. NFTs can also be on the expensive side and so may not be feasible for all budgets.
Having said this, NFTs can provide many benefits to planners, not the least of which is creating a unique and memorable experience.
And if you need any help making your next event memorable, give us a shout.
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J.Shay Team is the generic alias for our event staff that want to submit work anonymously.