NFTs with utilities – more than a ticket?
ComeTogether provides NFTs with utilities: ticketing, music, collectibles and memberships. Launched in 2019, its solution has supported more than 400 live events, in Greece, the UK and Spain and it is currently also entering the UAE market. Here, it spells out how to engage fans, reward loyalty, build your brand and increase revenue
The world of ticketing has moved at a fast pace. We’ve gone from paper tickets to basic digital tickets to blockchain tickets with dynamic QR codes that ensure validity and protect from ticket scams and scalpers.
Although this technology is more secure, we’ve lost the days of saving your paper tickets from all of your favorite concerts as a future remembrance. Did you know that NFT tickets can be retained as a collectible? NFT tickets give attendees something special to take home with them.
At the simplest level, NFT tickets can be retained as a collectible, but that’s only the beginning. Let’s consider the benefits of NFTs with utilities for everyone involved in live music events.
Event organisers can develop new revenue streams
Event organisers have the opportunity to create different experiences for their attendees. Digital collectibles can be used to access VIP locations or exclusive content such as digital art, video highlights from the event, music tracks, video clips and interviews. They can also be used to acquire physical things during the event such as merchandise, food & beverage, etc., all enabled by a single NFT ticket.
Beyond an awesome experience, event organisers can develop new revenue streams:
● upsell access to visual collectibles (ie event memories)
● add sponsorships to collectibles (ie sponsor logo)
● social media NFT sharing by fans increases organic marketing and boosts your brand
● earn royalties on every ticket/collectible resale
NFT collectibles take a ticket from boring to exciting. There’s something to keep for the future that brings the experience to life whenever an attendee wants to re-live the event.
Attendees can receive special offers and rewards for being loyal fans. They can even monetise their event collectibles by reselling them at a later date on the secondary market. But most importantly, they can now “flex” them to their network.
A very recent development that is taking them mainstream, is that Instagram now enables posting your NFTs on your profile. Luckily, ComeTogether is building on Polygon, which is a blockchain network that Instagram uses, so we are interoperable.
“The owners of the NFTs not only got a special experience during the initial sale – exclusive access to a new track, but are also part of a select community for the future”
Artists and record labels
Music NFTs provide an opportunity to build a community with fans to communicate with them pre-and post-event to announce upcoming performances and share new music. This is not only about building their brand and rewarding fan loyalty, there’s a monetary benefit to music NFTs. Artists can receive payment for NFT music sales as they happen, as opposed to waiting months for payment from a streaming platform.
ComeTogether worked with Hawk Greco, 5x diamond artist (IFPI), to develop a music NFT granting access to an exclusive discord channel to interact with him directly and offer discounts for his physical merchandise.
“The owners of the NFTs not only got a special experience during the initial sale – exclusive access to a new track, but are also part of a select community for the future,” shares Hawk.
NFT memberships are another way to engage and reward fans. They are currently gaining traction with festivals, venues and artist fan clubs.
Want to learn more
Let’s meet at the ILMC!
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