Lowering the Entry Barriers to NFT Ticketing
NFTs are undoubtedly the future of global event ticketing. Highlighted across major news outlets including CoinTelegraph, Yahoo Finance, and Nasdaq, NFT ticketing is currently one of the hottest technology topics and is revolutionizing the events industry at lightning speeds.
Although, with any new technology there comes a set of learning curves and barriers that should be kept in mind. Over the last month, we spoke to musicians, venue owners, and general event attendees regarding NFT ticketing and some challenges regarding adaption. In this blog post, we unpack some of these challenges, and outline considerations NFT ticketing platforms should recognize in order to overcome and simplify the overall entry barriers for customers.
The largest entry barrier into the NFT space by far is having to create a crypto wallet and connect it to the platform. This is a significant hurdle for users who are new to the space and adds another layer of complexity in relation to global events. For example, attendees come from all ages, backgrounds, and levels of tech familiarity. As a result, not everyone will be familiar with crypto wallets and cryptocurrencies, let alone their comfort with digital ticketing in general.
While Coinbase recently struck a deal with Mastercard to simplify the NFT buying process, the industry is still in the early stages of reducing friction and will require time to solve it at scale, especially for global events. Consequently, this does not mean there are no immediate solutions for NFT ticketing platforms.
Over the last decade, digital ticketing has not been a stranger to high-level scams, corruption, and fraud. Now, with NFT ticketing, customers across the events industry are slightly hesitant due to crypto wallet hacking. Malicious entities and organizations are scamming crypto wallet holders in a variety of ways, resulting in users losing all of their crypto and NFTs. For example, a common method includes links posted in Discord groups or direct messages that promote an NFT airdrop, special offer, or deal, and in reality, when a user clicks on the link their entire wallet is compromised.
NFT ticketing platforms have a duty to uphold high-security standards and ensure customers are educated and protected against potential threats.
Consumer payment preferences are focused on speed, security, and flexibility. Whether it is an event creator or attendee, the ability to purchase with any currency at ease is significant. However, a point mentioned was the notion that NFT ticketing platforms only accept cryptocurrencies, ultimately due to the nature of payment processes on NFT platforms such as OpenSea where only crypto is accepted (for now).
NFT ticketing platforms should take into consideration the global scale of events, and include payment options beyond only crypto. Branding and communication are extremely crucial to get right so customers understand the flexibility around payments and the entire ticket buying process!
Similar to some of the other topics we’ve noted, interviewees mentioned platform simplicity as an important factor. The automatic association of NFTs with complexity from those who are not familiar with the space should be considered by all NFT ticketing platforms. From creating an event, whether self-service or through a sales team, to purchasing an NFT ticket, the overall process should be straightforward and simple.
Creators and attendees have differentiating needs that should be met over time. It is important to not get caught up on countless features, especially for startup platforms, but also pivotal to meet a certain level of expectations and functionalities. Continual customer conversations and feedback will help platforms better understand what they should and shouldn’t offer in order to lower the entry barriers to NFT ticketing.
Key Takeaways for Platforms
- Offer the NFT experience while minimizing complexities (e.g. streamlining the crypto wallet creation process)
- Communication, education, and branding
- Payment flexibility
- The simpler the better — do not overwhelm with features
- Exceptional security infrastructure and protocols