he events industry is emerging from an era of digital only events to return to the live setting . But there is no escaping that the online world is now tied to events businesses , and ground-breaking technology will shape the future of events .

This symmetry between the digital and physical world is echoed in the use of a non-fungible token ( NFT ), which look to replicate real world value for digital files . I spoke to Monique Morrow , senior distinguished architect emerging technologies at Syniverse about how the technology can be used by events businesses .

What is an NFT ?

As with any emerging technology , often the first barrier to entry is cutting through the selection of acronyms , tech-jargon and pie-in-the-sky theories that surround the idea . We ’ ve seen it with blockchain and AI , but NFTs are remarkably simple due to parallels in the physical world .

Possessing an NFT is like owning a collector ’ s item . So , in the same way one might own the only copy of a

painting , NFTs give exclusive rights to digital files . Similar to artwork , in the real world NFT art can sell for eye-watering amounts , with Beeple ’ s ‘ Everydays — The First 5000 Days ’ going for a reported US $ 69m .

Morrow said : “ When something is fungible , it can be exchanged , it ’ s essentially cash , if something is non-fungible it cannot be changed . So , a non-fungible-token ( NFTs ) is the digital representation of a physical object , it cannot be exchanged but it can be invested in , and it has value .”

Pragmatism rules

For decision-makers in the events space , the question may not be if they can use NFTs , but how . The practical applications of the technology in today ’ s market are relatively simple , which might be what ’ s needed for early adopters to lead the way .

Morrow details uses in the short term , saying : “ Think about the application whereby you can have a digital ticket to an event that becomes an NFT . One of the problems with ticketing is that scalping occurs , so if it becomes an NFT and you use blockchain it become more immutable , so that ’ s a prime example of how to use the technology in events .”

By combining NFTs with blockchain , organisers can not only track the movements of the digital ticket , but also create intrinsic value in the online file as it is the means of access to an event .

Passion projects

While purely practical uses for NFTs might be appealing for organisers

Left : Monique Morrow

looking to adopt the technology in its early stages , Morrow spoke about the potential uses being more linked to attendees ’ emotions .

She said : “ Having been an attendee to many events , I have a whole host of conference badges , and having them as an NFT is an interesting avenue for me . Why do attendees collect badges ? Because there is an emotional attachment to events there .”

As well as being used to create an emotional attachment to online files , the technology can also be used to gamify the attendee experience to retain delegates and reward those who attend multiple events .

Morrow said : “ If the events industry at large adopts this use of NFTs then organisers can start gamifying the experience ; say you ’ ve collected three badges from an event series , then you could have access to an exclusive speaker or session . Now your badges have become a token .”

As events increasingly have a digital presence and utilise the omnichannel model , it ’ s natural that any show will exist online in some capacity . NFTs could be the answer to creating an engaged audience in the virtual space when we finally return to live .