Sustainable development is the development that meets the needs of the present without compromising the ability of future generations to meet their own needs. Current digital ticketing does not fully address event organizers’ and attendees' needs and is making the barriers more complex for anyone to enter— ultimately proving to be unsustainable.
In this blog post, we will review blockchain technology’s impact on global sustainable development so far, and address specific use-cases on how NFT Ticketing cultivates a sustainable events and ticketing ecosystem.
A Catalyst for the Future
Blockchain technology is already making positive sustainable impacts across several sectors, from green energy and manufacturing innovation to transparent data governance and financial inclusion. Government, private, and commercial sectors are all taking advantage of blockchain technology and applying it to sustainable development efforts across a variety of fronts:
- Industry Innovation & Infrastructure: blockchain enables end-to-end supply chain traceability, and enables increased visibility into data across processes. In addition, smart contracts increase supply chain efficiency by reducing intermediaries and external parties, resulting in lower costs and higher transparency.
- Financial Inclusion: smart contracts across the financial front increase access to different financing methods from crowdlending to microfinancing — proven ways that help reduce poverty. Consequently, it allows governments and large financial institutions to accurately track spending, budget, and analyze complex forecasting methods.
- Economic Growth: decentralized autonomous organizations (DAOs) and Play-to-Earn (P2E) gaming are perfect examples of how blockchain and NFTs enable economic growth for all, based on a self-governing and community-oriented structure. For example, DAOs allow anyone to join their community, contribute, monetize their efforts, and help make key organizational decisions. One of the most successful P2E stories is Axie Infinity, a Philippines-based game that helped thousands overcome poverty with the help of blockchain technology.
Blockchain Creates Sustainable Event Ticketing
Now that we’ve reviewed some notable examples of blockchain’s sustainable impact, we can connect it to the events industry.
How do NFTs foster a sustainable events and ticketing ecosystem?
Reduced Entry Barriers and Inequality: this is by far our favorite use-case of NFT ticketing. Minting tickets on the blockchain significantly reduces the cost of ticketing and attending events, resulting in increased access for everyone in the industry, regardless of size.
Financial Inclusion: event organizers and fans have complete traceability regarding where their money is going when paying to create or attend an event. Additionally, due to the cost-effectiveness of blockchain, event costs and service fees can be significantly decreased, allowing organizers to retain the profits they deserve and fans to pay real-value prices for tickets.
Reduced Waste: from paper tickets to merchandise, NFT tickets are a proven method to help make events sustainable and “green.” NFT ticketing helps reduce paper waste and provides alternative means to traditional event merchandise.
Industry Innovation: event ticketing is an outdated industry that is in crucial need of innovation. The irony is that leading companies are making billions of dollars, yet not helping create a more sustainable industry. NFT ticketing tackles everything traditional companies ignore and spurs innovation, transparency, and security for everyone.
Ultimately, blockchain technology is a leading factor for positive change, sustainable development, and innovation. New use-cases are emerging daily and they will continue to impact millions globally.
It is time to embrace NFT ticketing and explore the wide variety of benefits it has for the events industry!
