How NFTs Will Dominate the Event Space With Project Galaxy
Some may believe NFTs to be a fad, however, they are expanding across a number of industries such as gaming, real estate, and now thanks to Project Galaxy, even events.
Covering the basics
NFTs are Non-Fungible Tokens, which, as described by most websites, refer to digital assets that represent real-world objects, such as art, music, and more.
What this truly means, is that through blockchain technology, these intangible, digital assets are verifiable, allowing the owner to prove their ownership of the said asset.
The first stages of the NFT journey can be recognized by introducing NFT art, such as The Bored Ape Yacht Club and Crypto Punks.
Not long after the popularity of NFTs started to grow – other industries such as gaming took a leap of faith through the integration of NFTs, creating a new industry known as GameFi, allowing gamers to earn money through NFTs as they play games.
The latest industry to take on the integration of NFTs is events. As much as NFTs make sense in the art and gaming world, some may ask, how can NFTs be present in the world of events? With a number of benefits, let’s take a look at some of the top uses for NFTs in events.
Collecting tickets and stashing them in a shoebox is something that the 80s and 90s kids can definitely admit to doing at some point in their teenage years.
Life can be unpredictable though, and sometimes these memory boxes are either lost or forgotten. NFTs, in the form of event tickets, are the perfect, digitalized memorabilia, which are unique to the holder and are engraved into the blockchain forever.
These digital collectibles, depending on their uniqueness can then increase in value over time, proving to be a valuable investment potentially..
Who doesn’t love gifts? Whether a gala event or even a concert, NFTs as gifts could truly be an attractive part of the process.
The gifting of NFTs is not a new concept. The 2021 Oscars gifted NFTs to a number of nominees, and going as far back as 2019, NFTs were gifted to conference members at the Consensus conference, which would then be redeemable for a number of different gifts.
Instead of having event attendees look under their seats for a golden ticket, the gift will be attached to their NFT ticket, allowing event organizers to confirm and verify the winners.
Probably the most exciting part about gifting NFTs at events is that NFTs have the possibility of increasing in value, serving as an extra bonus to those who receive these gifts.
Time and again the events industry has seen ticket resellers inflate the price of tickets for highly demanded shows, ultimately raking in high profits while causing the buyers to spend a lot more than what the tickets are worth.
With NFT tickets, specific rules (also known as smart contracts), can be implemented into the code of the NFT tickets, which could possibly disable ticket holders from reselling their tickets at a hiked price.
This concept can ensure that all event attendees and ticket purchases receive an equal chance to access the event, without having others exploit them through ticket scalping.
Where to next?
As far-fetched as the idea of NFTs entering the events industry may sound, existing projects such as Project Galaxy protocol are already entering this exciting space.
Project Galaxy has introduced the Galaxy OAT (On-Chain Achievement Token), which allows event organizers to distribute lightweight NFT badges in connection to the tickets.
In essence, tickets will be verified through this protocol, attaching the credentials of the event through this NFT technology.
Through Polygon Studios, powered by Polygon, as well as NFT Storage powered by IPFS and File Coin, event organizers will be able to build and distribute NFT badges to easily reward their community members and event-goers.
Event organizers are able to submit the parameters and design of the badge, which will then allow ticket holders to claim their NFT via email in a gas-less minting environment.
The future is now
NFTs are certainly not going anywhere any time soon, and they are continuing to expand across a number of industries – proving not to be a fad.
The event space can truly benefit in a number of different ways, whether event organizers are looking to increase ticket safety, decrease ticket scalping, or even use NFTs as a tool to gift event-goers, with protocols such as Project Galaxy already jumping on the concept.
Watch this space, as we enter the new age of events and technology.
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