Gary Vee excited by NFT potential for event ticketing

NFTs have become synonymous with digital collectibles, art, and even virtual real estate. However, according to the renowned entrepreneur and digital asset advocate, Gary Vee, their potential extends far beyond these realms.

NFTs to revolutionise ticketing

Vee expressed his belief that NFTs have the power to revolutionise the ticketing industry. Paper tickets have hitherto been the method for gaining entry to events, concerts, and sporting matches, but the shortcomings of paper tickets have become increasingly evident.

NFTs originally sprang from blockchain and cryptocurrency technology, although Vee stated in a Cointelegraph interview that he doesn’t own much crypto. He said that he is more of an art and baseball card collector

As for the use case for ticketing, Vee is very excited. He stated to Cointelegraph:

"Ticketing will be a huge use case for NFTs. I think that, by nature, tickets are collectibles. For instance, if you were to go on eBay now and look at how many ticket stubs are being bought, you may be surprised. People love memories and holding on to certain things, which is why I think ticketing will be a major [use] case for NFTs. I want to be at the forefront of this."

Eradication of counterfeiting

One of the key advantages of NFT-based tickets is their enhanced authenticity. Every NFT is unique and can be securely stored on a blockchain, making it virtually impossible to counterfeit.

Counterfeiting has plagued the ticketing industry for years, but with NFTs, this problem could finally be eradicated, providing both artists and fans with peace of mind. By leveraging NFT technology, event organisers can ensure that each ticket is legitimate, eliminating the possibility of fake tickets flooding the market.

Furthermore, NFTs can also empower artists and event organisers by enabling them to retain control over their tickets' resale and distribution. Through the implementation of smart contracts, creators can receive royalties every time a ticket is resold, preventing scalpers from profiting off inflated secondary market prices.