Have you ever wondered what could be the golden ticket to maximizing event profitability? We’ll give you a hint: it’s about reimagining the humble event ticket. Let’s dive in!
Last year, digital media company Blockworks, hit a home run by transforming VIP tickets into NFTs for their Permissionless Conference. Yes, you heard that right! 555 unique VIP NFTs fondly called ‘Permies’, were sold as NFTs, and the results were astonishing. The conference, attended by over 7000 people, witnessed a revenue boost beyond expectations, exceeding ticket sales targets by 25% and sponsorships by a whopping 50%.
But it wasn’t just about numbers; it was about crafting unique experiences. Permies were not just tickets; they were digital collectibles, a unique blend of art and access, which were the brainchild of a collaboration between Blockworks and a former Pixar animation artist.
But what do these NFTs do? A whole lot more than you’d think! Owners of Permies didn’t just get a digital collectible; they got a golden key to a realm of exclusive experiences. Permies offer a multi-faceted utility in one. These range from VIP access to Permissionless Conference, a lifetime Permissionless pass, access to a private discord channel, and community-led programming, among other things.
So, why are we telling you this story? To inspire you about how NFTs are redefining the event landscape, opening doors for exciting revenue streams.
But here’s the kicker: this revolution is not confined to virtual or hybrid events alone. Even in-person events are ripe for leveraging blockchain and NFTs. In a world where event professionals are seeking ways to increase revenue and provide secure, enhanced experiences, blockchain is gaining the spotlight.
According to a Deloitte study, a stunning 93% of industry pioneers believe that blockchain can open new revenue streams. The reason? Blockchain offers unmatched transparency, efficiency, and security. And nestled within this blockchain wonderland are NFTs, becoming pivotal for digital transactions and trading.
The potential applications of NFTs in the event industry are broad and exciting:
- Digital Collectibles and Event Tickets as NFTs: Offering unique digital collectibles and tickets as NFTs can drive participation and boost sales.
- Token Earnings for NFT Tickets: Engage attendees by allowing them to earn tokens through pre-event activities, which can then be used to purchase NFT tickets.
- Gifting Tokens: Reward loyal attendees with tokens for additional event participation and perks, helping to deepen network connections.
- Exclusivity through NFT Tickets: Drive exclusivity by offering NFT tickets for privileged setups, communities, in-person meetups, among other things.
- Converting Traditional Tickets into NFTs: Turn unsold VIP tickets into NFTs, offering additional perks and secure access to events.
- Web3 Attendees: Engage with the Web3 community to drive interest and revenue.
- Sub-Events with NFT Entries: Create custom sub-events as part of the main event with NFT entry requirements.
With NFTs the future of events access looks quite different — it’s more exclusive, more flexible, and offers exciting opportunities to those ready to embrace it. And as for Blockworks and the Permies, they’re already there. Their innovative approach has not just revolutionized the perception of NFT utility, but also raised the bar for the potential of NFTs in the event and entertainment industry.
With the NFT market projected to cross $800 billion by 2024, it’s no wonder why more and more companies are exploring NFT solutions across various verticals. The opportunities are endless.
For instance, imagine being able to rent a Permies NFT, enjoy all the exclusive experiences of the event, and then return it after the event concludes. This concept of NFT rentals could provide users the freedom to utilize unique digital assets temporarily, making the exclusive benefits of NFTs accessible to a wider audience.
Discover more about NFT Rentals at www.renft.io. Get ready to embrace the future of event ticketing, boosted by the power of NFTs. After all, the future is here, and it’s brighter than ever!