NFTs online , which can be used to record attendance , provide various levels of access and even contain hidden prizes within them that can be accessed after purchase . Not only that , but the NFT tickets themselves are artistically designed and are likely to retain value as a collector item going forward .

Beyond these advantages , NFTs can include built-in features to ensure that royalties are paid with each sale , even if they are on-sold to another person . Because NFTs use smart contract technology , instructions can be embedded in them that ensure that a percentage of every sale , even those made after the initial purchase , is paid directly to the artist or organiser .

Using NFTs has greatly simplified the logistics of ticketing , provided a unique value-add and become a source of additional revenue that standard ticketing can ’ t match .

Lending Ticketing lends itself perfectly to Web3 , but replicating existing ticketing is just a small piece of the puzzle . Organisers of a recent Lewis Capaldi event in Iceland leveraged NFT tickets to secure lending for the event itself .

In advance of the event , a substantial booking fee was required by the organisers to secure the venue . To secure the loan , a Web3 company known as GET Protocol was contracted to arrange a loan which would be instantly paid

Above : Shaun Daws

All attendees at

Coachella Festival

received an NFT

back via smart contract as each ticket was sold . This method ensured timely repayment of the loan and security to the lender . Each ticket sold also boosted the borrower ’ s credit rating with the lender , which in turn makes assessing their risk level easier and more accurately for future loans .

Building in an automatic payment system into the tickets greatly reduces the cost and time to process and repay loans , which in turn helps both the organiser and the lender .

Crowd-sourced events It is a challenge to create an event that will appeal to the maximum number of people within a target audience , especially for large events with worldwide audiences . There are often many competing opinions , cultural and financial differences , and other logistical challenges . Usually these are resolved by allowing a handful of people to make

“ Using NFTs has simplified the logistics of ticketing , provided a unique value-add and become a source of additional revenue that standard ticketing can ’ t match ”

decisions for the whole , attempting to best-guess their way to a successful event .

A Web3 alternative to this method would be to create a Decentralised Autonomous Organisation ( DAO ) a collection of people who collectively raise issues and vote on them , using blockchain tokens to tally the votes . The number of tokens that each person holds can usually assigned either by purchasing or in exchange for some other form of commitment such as volunteering for the cause .

In 2021 , a DAO was used in an attempt to purchase a copy of the United States Constitution . ConstitutionDAO was a collection of disparate people from around the globe who wanted to be a part of the bid . Together they raised over US $ 47m worth of the cryptocurrency Ethereum and bid on the document in a Sotheby ’ s auction .

Although they were outbid , the refund clause of the smart contract used was enacted to automatically refund all contributors .

It may not be too long before event managers find themselves organising events on behalf of a DAO as a regular part of doing business .

Despite over a decade of development , Web3 is still very much in its infancy and accounts for a small percentage of all Internet-related employment . However , Web3 technologies are experiencing growth that dwarfs that seen during the adoption of the first Internet and shows no sign of slowing down .

Both Web3 and the events industry are geared towards fostering community engagement . This intersection of purpose is what makes Web3 a key technology that could transform how events are planned , managed , and delivered . n

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