Why The Events Industry is Prime for Utility NFTs

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In its most basic form, a digital collectible is what an NFT is. What matters is that an NFT is one-of-a-kind and that it be maintained on a digital ledger, also known as a blockchain, which serves as evidence of exclusive ownership. It may be a picture, video, or audio clip.

When used in the context of an event, NFTs provide exciting opportunities for visitors to take home a token that allows them to claim ownership of something from the event that was personally significant to them.

Consider digital artifacts from your event, which would enable your visitors to “own a moment” from the occasion. Consider how community membership benefits and prizes offered as non-financial incentives (NFTs) might help to increase brand recognition and loyalty.

NFTs may be utilized as an incentive in your pre-event promotion to encourage people to attend your event, also known as adding utility. It may also serve as a unique representation of someone’s right to attend a real-life event — like a virtual ticket, except that it cannot be duplicated like a virtual ticket. The owner can only access it with the correct password for the appropriate digital wallet.

Excessive prices hamper traditional ticketing methods, a lack of authenticity, and a lack of flexibility in terms of package customization. Incorporating an NFT into a ticket for an event allows you to provide awards and value-adds to certain ticket levels or a restricted number of early-bird customers. A few examples of benefits are digital downloads of an album, backstage access, and an invitation to an exclusive after-party.

NFTs as virtual swag reduce the need for shipping and assure that each present is one-of-a-kind. It is also feasible to provide a collection of NFTs from your sponsors and speakers as part of a package before, during, and after the event.

During an event, when your audience engages with you or when specific outcomes occur, such as engaging in an educational workshop or listening to a speaker session, a succession of digital treasures may be unlocked. Thus, event marketers will be able to begin to increase engagement and influence audience behavior effectively.

How long will it take before an organization organizes a fundraiser around the release of non-fungible tokens (NFTs), or before a corporation distributes NFTs as part of a customer loyalty program, or before a new conference is launched that is only available to those who possess a certain NFT is established?

This year, the notion has seen a significant increase in popularity, with several mainstream groups joining the fray. With proceeds going to the Make-A-Wish Foundation, Macy’s auctioned off 10 NFTs based on Thanksgiving Day parade balloons on November 10. Disney released its first NFTs based on its owned brands, including Marvel, The Simpsons on December 4.

Marriott International auctioned off three travel-themed videos NFTs at Art Basel Miami Beach 2021 on December 4 (winning bidders also got 200,000 Marriott Bonvoy points).

What points of intersection do meetings and events have with the NFT trend? Although it is still early in the game, the events industry has been ready for utility NFTs and here are some examples:

Member-to-Member Connections.

NFTs are seen as a community-building opportunity by several organizations. As an example, the Country Music Association, in connection with the 55th annual CMA Awards Show in November, distributed 1,000 NFTs.

Each NFT artwork, which is reasonably priced at $25 per piece, comes with additional perks like access to a digital community and invitations to special CMA events. The National Football League Players Association and the American Association of Professional Baseball have both published NFTs geared for fans, containing the best plays from a season and other items.

The ability to be exclusive.

VeeCon 2022, the first NFT conference to be ticketed, will take place at U.S. Bank Stadium in Minneapolis from May 19-22, 2022. The general public will not be able to purchase tickets. To participate, you must possess a VeeFriend NFT.

Fundraising efforts

During a fundraising event held in April, the National Independent Venue Association put a novel twist on the traditional approach. Through an NFT sale, the group was able to generate more than $200,000 to assist struggling small music venues in their efforts to remain afloat throughout the epidemic.

Winners of the NFT auction also received VIP passes to music venues as part of their prize. Additionally, the Texas Democratic Party is employing an unconventional fundraising strategy by auctioning off some unusual political memorabilia: NFTs of the arrest warrants for Democratic state representatives who left the state this summer to block a Republican bill on voting rights. 

Loyalty Reward Program.

The Clinique beauty-products company started employing NFTs in its loyalty program in October, and the rest is history. Customer participation in the rewards program instead of purchasing NFTs will increase their chances of winning an NFT artwork and other incentives.

What direction may meeting planners take this? Perhaps you could use an NFT as a virtual pillow present that grants you access to upcoming product launches before everyone else? Consider awarding a unique NFT to members or workers who have attended the conference for a total of ten straight years, with ownership granting access to a special online community event.

NFT trends in event planning will also be necessary for event planners in the next year. CES, the world’s largest technology trade show, has announced a new program focusing on NFTs and other blockchain-based technologies and businesses for its January event in Las Vegas, and SXSW (South by Southwest), an Austin-based new-media conference, plans to not only mint the first SXSW NFT for its March 2022 event but also offer sessions on how to create tokens.

The likelihood is that your guests are considering NFTs if they are interested in the arts, technology, marketing, legal trademark difficulties, fundraising, or any of the other topics listed above.

Here’s an example of a hypothetical concert. The cost of the tickets is $100. Now assume that the token you purchase is, in fact, an NFT and that your NFT performs the following six functions:

  1. Tickets can have artwork created by an individual designer.
  2. It is used as a piece of concert memorabilia. As a result, it may even be worth something in the future, similar to old ticket stubs from Beatles concerts.
  3. You may use the NFT to purchase food and beverages while inside the venue.
  4. Because of the magic of intelligent contracts, the income from your NFT automatically pays the artist 40% of the money, the DJ 10% of the revenue, the lighting crew 2% of the revenue, the janitors 1% of the revenue, and so on. Because there is no need for an intermediary to coordinate payments, costs are kept to a minimum.
  5. With the VIP ticket, the NFT grants you access to backstage areas. In the case of future digital goods, it may provide you unique access to future digital goodies.
  6. Provide NFT holders who do not sell it with perks and benefits 1, 2, 3+ years down the line. The NFT that keeps on giving.

The above examples provide a great way to start adding utility to your NFTs. It doesn’t have to be limited to the events industry either, most NFT projects should be considering how they can add utility to their next collection or NFT project. No longer is it just NFT art, but an NFT can carry much more immediate and long-term value to the holder of that NFT.

The long-term experience factor also ensures that NFTs are collected, not specifically focused on flipping as soon as possible which may become the undoing of the NFT boom as people get burnt or have a bad experience.

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