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Collectible NFTs (non-fungible tokens) are taking over the digital asset world as the next big thing after digital currencies. With a slew of collectible NFTs making the news for being sold at exorbitant amounts, with the highest NFT art going over $69 million, it is not a wonder that it has become the latest craze.
What many people do not yet understand with this new product is that it is a lot more than a digital investment for rich people. NFTs present unique utilities that enable different industries to provide improved exclusive user experiences.
And blockchain-based ticketing platform TicketMintby SmartLedgeris capitalizing on the popularity and utility of collectible NFTs in revolutionizing the smart ticketing and events industries.
What are Collectible NFTs?
As opposed to fungible tokens, such as digital and fiat currencies that can be interchanged with the same value against identical copies, NFTs are indivisible and non-duplicableownership certificates to a unique digital asset, such as digital files of photos, art, music, videos, documents, social media posts, and other such media.
NFTs live on the blockchain and are created through minting that basically guarantees the authenticity of the token. Rules of smart contract are used on NFTs to limit or block further transfers of ownership depending on criteria set by the original creator. This also allows for certain properties of the NFT to be maintained, like exclusivity, which may affect its value.
Everything done to the NFT from its minting is immutably and chronologically recorded on the blockchain. Because of this, ownership, provenance, exclusivity and any kind of update can all be verified. This makes NFTs secure and resistant to fraud and other such criminal activities.
Collectible NFTs are much like other collectible items that may act as a form of digital investment due to the potential of its value to increase over time. However, there are also many factors that affect a collectible NFT’s value appreciation.
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The Utility of Collectible NFTs
Because of the possibility for collectible NFTs to appreciate in value and their ability to be governed by smart contracts, its utility is endless. They can be implemented for use from the very simple to the most complicated of applications.
For instance, NFTs can be used to enforce intellectual property licenses to ensure rightful ownership of songs, artworks and books, and can restrict access only to permissioned users. Through smart contracts, NFTs can also be very useful in iGaming, allowing a game item or character to be updated over the course of playing to lose or acquire more properties or abilities.
In the case of TicketMint, it is leveraging the powerful capabilities of the BSV blockchain, the largest and only infinitely scalable public blockchain, to revolutionize the smart ticketing industry by making the tracking, monitoring and auditing of ticket sales more efficient, as well as appropriately putting restrictions on the resale of tickets.
“Until recently, it hasn’t been economically feasible to use NFT’s or blockchain for real-world utility due to network congestion and high transaction fees. By utilizing a stable, secure, scalable, and sustainable public blockchain, with tokenization, micropayments, smart contracts, and meta-infused NFTs, a whole world of new capabilities and efficiencies are now available,” SmartLedgerCo-Founder, Chairman and Technical Advisor Bryan Daugherty revealed.
All tickets on TicketMint are exclusive NFT collectibles that are created by the issuer and owned by the buyer for them to, later on, keep, sell or trade. Because they will be governed by smart contract rules, NFT tickets may also become upgradeable and may be redeemed at the event.
Because all ticket sales and other activities are recorded on the blockchain, the ticket issuer is able to track tickets that are sold and redeemed in real-time. This not only allows for production companies to know when their tickets have been sold out but also gives them an idea if ticket sales are going slow so they can ramp up marketing and promotion campaigns. Data becomes meaningful and provides utmost utility, especially when updated in real-time.
TicketMint’s Strategic Partnerships to Provide More Exciting Events Experience
On top of being able to issue tickets as collectible NFTs to customers, TicketMint has also formed strategic partnerships with premium and branded digital asset producer and distributor Epik, technological firm Transmira, developer of geo-location-based virtual platform Omniscape XR (experiential reality), and influencer promotion marketplaceTonicPow.
“The team at Epik has experience in bringing global brands such as Universal, Warner Music group, World of Dance, and Ultraman, into the digital world and Metaverse. This strategic partnership offers an entryway for artists, venues and brands to create unique collectible NFT tickets for access to real-world and virtual events—even backstage,” Shawn Ryan, Co-Founder & CEO of SmartLedger, explained.
“Offering built-in campaign creation and a referral system for ticket issuers will allow influencers, fans and gig workers the ability to receive instant micropayments of Bitcoin for helping to spread the word,”Gregory Ward, Smartledger’s Chief Development Officer, added.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
