FT ticketing can create value for artists and event organizers, but it requires a well-crafted engagement ecosystem and a seamless connection between physical and digital events. Rabble is helping event organizers make the most of Web3, providing unique digital experiences and rewards to their customers and building a loyal audience base.
How Web3 is Transforming the Future of Events
Web3 and NFT are broadening the definition of events and helping organizers extend the life cycle of festivals. Built on decentralized, peer-to-peer networks, Web3 is direct and transparent, and these features have significant implications for the future of events, festivals and concerts. NFT, a digital asset on Web3 is already becoming integral in ticketing.
NFTs are mirroring in-person events and extending their reach in the virtual world. Producers and organizers are releasing a limited number of NFTs for a particular event through a Web3 brand, allowing attendees to mint them and gain access to a host of additional rewards and experiences.
Rewards like merchandise, extra performances by the artist or discounts towards the next festival are also effective ways to keep audiences engaged and build loyalty.
The NFTs could be available exclusively to those who attend the event in person. But they could be gifted to others or resold where the organizers and artists benefit from the secondary sales.
Because these additional transactions take place on the blockchain and with smart contracts and require valid digital wallets, the event producers benefit from the sales and build a list of interested audiences they can market to in the future.
Thanks to blockchain, ticketing using NFTs can solve some of the existing problems the industry has faced in Web2, such as preventing fraud and scalping, giving event producers more control over the reselling process and giving performers and artists a fairer share of resold tickets.
Organizers can record ticket sales on the blockchain to maintain transparency and have better control of sales. Even through secondary sales, NFT tickets will always have only one owner — because the sale is recorded on the blockchain, which is immutable and transparent.
Consumer adoption of NFTs has been great so far, better than most other Web3 assets. Creating unique NFT tickets for exhibitions, concerts or seminars, backed by tradeable merch and experiences, is helping organizers generate more interest in their events. From Coachella Music Festival to Brazilian basketball Flamengo to DJ and producer Steve Aoki — all have used NFT ticketing for better fan engagement and event experience.
Another way Web3 is changing the future of events is by creating better royalty programs where artists and producers continue to generate revenue from secondary sales, reducing the effects of scalping and, in the long term, generating more value from the lifecycle of ticket sales. Artists and organizers can even prohibit the resale of an NFT ticket, catering to more exclusive audiences or set a resale price.
10 Reasons Why Event Marketers Should Use Web3
In Web3, the focus of event marketing is shifting from collecting audience data to generate better experiences to building an engaged community around an event and rewarding attendees by providing additional value. Beyond the draw created by artists and headliners, event marketers can appeal to new audiences through Web3 and NFT tickets that offer personalized experiences and rewards.
Marketers will be able to attract attendees who are interested in the events rather than collecting buckets of data in hopes of reaching a few qualified audience groups. Even marketing in Web3 will entail the use of NFTs. This digital asset will represent ownership, such as a ticket to attend an event or physical or digital memorabilia connected to the event. Because NFT tickets are on blockchain and decentralized, they’re secure and can’t be hacked or modified without full disclosure.
Here are ten reasons why event marketers should venture into Web3:
- Reach a wider audience with physical and digital events and merch: phygital is the future of event marketing — regardless of whether the event is in-person. Marketers can create a bigger buzz around events by engaging audiences virtually and creating special-edition physical merchandise.
- Add value to events with VIP experiences and better perks: NFTs can be used as event tickets as well as tokens for added benefits on or offline. Marketers can use NFTs as VIP backstage passes, access to future events, exclusive content and merchandise. Coachella generated an additional $1.5 million by using NFTs.
- Derive extra revenue from the event long after it’s over: as NFT tickets are sold and resold, event organizers will generate additional revenue from ticket sales. The secondary ticket sales market is about $2.24 billion dollars1 and is becoming accessible to artists and event organizers because of NFTs and Web3.
- Draw in a target audience with personalization: Web3 will allow marketers to customize their event experience in the physical and virtual world and form a stronger connection with their target audience. Winter festival Tomorrowland Winter 2022 created a set of 1500 NFTs that attendees could mint by participating in an on-site treasure hunt.
- Market to and reward existing attendees with ‘backward compatible’ NFTs and proof-of-attendance protocol: the POAP protocol gives marketers access to a select list of people who have already attended a particular event and whom they can market to in the future. But marketers can also use the list to create events or rewards specifically for those who minted the original NFTs.
- Nurture global audiences with borderless ‘digital twin’ events: marketers can personalize events and host digital twins of in-person events or exclusive virtual events with audiences worldwide.
- Improve identity management and security of in-person events: NFT tickets give holders digital signatures that marketers can use to track attendees at in-person events. But since NFT tickets can’t be replicated in any way, they also improve security.
- Host large-scale virtual events in the metaverse: marketers can replicate in-person events in the metaverse without the constraints of space, geography or number of attendees. The Sandbox metaverse hosted a fashion week mirroring the in-person event. Similarly, Decentraland held a 4-day music festival, with headliners like Björk and Soulja Boy. The virtual format of these events drew in new audiences, featured a granular level of customization and added attractions impossible to replicate in person.
- Future-proof events: virtual events hosted on metaverse could become an alternative to on-site events that are disrupted due to global issues like the pandemic.
- Build a stronger artist ecosystem with royalties from ticket sales and merch: marketers can set up NFT tickets to automatically pay artists and performers commissions for secondary ticket and merch sales, strengthening their relationships with their creative community.
Event organizers and marketers can benefit from Web3, but they have to adapt to the changes in technology and know how to engage audiences to improve experiences. Rabble works with community builders who want to utilize Web3 to complement their in-person events to create more holistic experiences. Get in touch with us at email@example.com to learn how we can help bring Web3 to your in-person events.