Are NFTs the Future of Tickets?
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A Quick PSA
Today's issue number 20. Can you believe that? Thank you all for tuning in and letting us ramble about NFTs. John and I love this publication and are always trying to improve it. We decided that The Mint will be returning to a once-a-week publication starting next week. The new Mint will feature unique segments and the best news stories of the week and will be tailored to educate. Our goal is to give you all the best content possible, and we think this will help us achieve that. Thanks again, and enjoy today's edition!
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A Use-Case: NFT Tickets
Let's be honest. Everyone hates QR code tickets. They are clunky, hard to find, and aren't memorable at all! That's why we think ticketing is one of the biggest and most immediate long-term use cases for NFTs.
What challenges would NFTs solve in ticketing? →
Counterfeit prevention: Unlike paper tickets and QR codes, NFTs cannot be forged due to their inherent blockchain properties of legitimacy, traceability, and authenticity.
Unfair fee structure: One big issue we frequently see in the ticketing industry is the fee structure set up to maximize profits from the promotion. Due to this failed system, true fans are left out of their favorite artists’ shows.
Monopoly around big players: Having a stranglehold on the people who buy and sell tickets, they take advantage of their dominant position to charge artists and event organizers excessive fees, sometimes allowing scalpers to take over the market.
High costs: NFT tickets can require much less time to produce than physical tickets, saving costs associated with production and accelerating ticket turnaround times.
Reduced chances of loss: Unlike physical tickets and QR codes, NFTs are recorded on a distributed ledger that can be accessed remotely anywhere in the world, with any device. This minimizes the risk of damage or loss of NFT tickets.
Fair income for all stakeholders: With NFT tickets, all parties involved in the event receive their guaranteed percentage of royalties from the issuance and resale of the ticket. [Via Kadeem Clarke]
Who's already using this tech? →
S.S. Lazio, an Italian soccer team, recently partnered with Binance to use NFTs for ticketing purposes. The NFTs give buyers discounted access to premium box seats that are usually reserved at a higher price. Buyers can also show off their NFT at the Binance booth to receive complimentary food and drinks and a gift to bring home.
It's clear that Lazio is trying to improve the fan experience, and NFTs are at the forefront of that attempt.
Soulbound Token NFTs — Not As Scary As They Sound.
What are some things you wish were NFTs? Your diploma? Your certificate of marriage? The title of your home? You should be able to access these items whenever, wherever, but they are most likely sitting in a lock box at a bank or stashed somewhere safe in your home.
That's where Soulbound Token NFTs (SBTs) come in. SBTs are non-transferable NFTs that represent commitments, credentials, and affiliations. In a way, SBTs could be the future of how we prove our identity.
The "Soul" in Soulbound Token refers to a private wallet. If an NFT is Soulbound, it is bound to your private wallet.
To explain how this works, let's talk about how a college diploma could be an SBT. For example, Georgetown's private wallet could issue a recent graduate with an SBT diploma by granting their account access to one. Since souls are easily transferrable amongst groups, this is an easy way to authenticate a student's education.
Another example: say a company wants to hire candidates that went to a specific conference in their field. If the conference issued SBTs to people that came to the event, the company would have an easy way to identify and hire candidates that attended it. The company would also have proof that the candidate didn't lie because the SBT would be proof of attendance.
SBTs have countless uses, and although it's a bit confusing right now, it will become more and more apparent over time how useful this technology could be in today's society.
VeeFriends Snags $50 Million In Seed Round Funding
VeeFriends, Gary Vaynerchuk's popular collection of utility-filled NFTs is getting a big influx of cash from a16z.
VeeFriends are quirky, hand-drawn collectible NFTs that grant the owners access to events, like VeeCon, give you premium seats at Vaynerchuk's keynote speeches, or even allow them to hang out with Vaynerchuck courtside at a New York Knicks game.
The new seed funding from a16z will help VeeFriends expand its IP across different multimedia platforms including physical and digital spaces. This news comes soon after Doodles, and Bored Ape Yacht Club made similar funding announcements to expand the IP of their NFTs.
ABCs of NFTs
E is for Ethereum
We've talked about NFTs for 20 issues now, but haven't spent much time on what powers NFTs, and that answer is Ethereum.
The Ethereum blockchain is the 2nd largest blockchain in the world, and over 90% of all NFTs launch on it. We like to think about Ethereum like it's a giant system of money Legos because of its plethora of unique characteristics and for it's ability to be constantly rebuilt. ETH is great for creating smart contracts and is also used on countless decentralized apps.
Ethereum is John's favorite cryptocurrency and one that he buys (dollar-cost averaging) every week. No financial advice of course! 😉
Check out this video to learn about Ethereum 👇
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That concludes this week's version of The Mint! Thanks for reading, and make sure to share your freshly-minted knowledge with your friends and coworkers.