Former Alibaba executive Toby Rush explains why NFT tickets have an edge over the traditional system.
NFT sales have had a rocky start in 2023 but the underlying technology still holds plenty of utility. Ticketing is an interesting yet underdeveloped facet of the NFT space. It stands out as a promising frontier for NFTs in the ever-evolving world of digital advancements.
According to former Alibaba executive Toby Rush, brands and events alike have adopted NFTs into their ticketing processes, reaping rewarding results for both customers and organizations over the past couple of years. The trend is catching fire, captivating a diverse range of stakeholders in what is being touted as an innovative and mutually beneficial landscape.
“As such, it is important to differentiate between NFTs as a speculative asset – where an NFT is connected to a speculatively valued piece of art, for example – and NFTs used as a digital representation of goods. This will let the smart contract prevent that NFT ticket from being resold for a higher amount, thereby discouraging ticket scalping and “ensuring that the most deserving fans can access affordable tickets, even if they are being resold on the secondary market.”NFT tickets are still an underdog but have their fair share of bottlenecks that need addressing. Limited accessibility is a major hindrance to their adoption due to their very technical nature.
Rush highlighted the need to exercise vigilance in their responsibility to facilitate secure user interactions within this nascent technology. Phishing scams, for one, have been exemplified in the NFT space. The exec added,
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