Said Arik, It’s a way to show that you’re part of something bigger. As the crypto market faces new challenges and market downturn, many are looking to non-fungible tokens (NFTs) for a glimpse of the future of decentralization and blockchain technology. Companies are now exploring the creative use cases of NFTs, such as loyalty programs, memberships, and ticketing opportunities, as a way to build stronger relationships between brands, creators, and consumers.
Top of mind for these popular mainstream brands is bringing in new customers who are looking for richer brand experiences, without compromising on integrity or creating complicated onboarding procedures, said Tara Fung, CEO and co-founder of Web3 infrastructure company Co:Create.
In order for NFT ticketing to evolve and grow, David Marcus, EVP of music at Ticketmaster, said that the capability requires activated communities in Web3, which are still growing in wider scale adoption. Lead vocalist of Avenged Sevenfold Matt Sanders, also known as M. Shadows, added that NFTs provide fans with greater options that ease some of the pain points of buying and selling tickets.
Alfonso Olvera, CEO of NFT-gated experience company Tokenproof, explained that NFT tickets can provide benefits to holders, such as on-chain verification of ownership, rewards for attendance, artist royalties for secondary resale, and even benefits from sponsors of events.
Meral Arik, co-founder of Web3 membership platform Passage Protocol, said that Web3 memberships vary in structure and execution across brands and platforms, and smart contracts help power these memberships, acting as a digital deed to signify one’s affiliation to an ecosystem.
Overall, NFTs are helping reshape the incentive-driven, transactional nature of Web2 loyalty programs by bringing digital identity and ownership to the table. Companies are now looking at NFTs as a way to bring in new customers and create pathways for communities to flourish.