NFT as a special ticket

Updated: 3 days ago

by Mitori Liu

Nov 1, 2022


Story brief:

A music festival in Singapore called Hypeworld is going to release an NFT collection to its customers to ensure ticket security and provide extra user benefits, such as perks and merchandise from performers.



Story in detailed description:

According to video on techinasia.cn (https://www.techinasia.com/hypeworld-nft-ticket), developed by a Web3 venture studio called Spartan Labs and released by the concert organizer Hype Records, the NFT collection includes 600 NFTs with extra benefits, including special perks, VIP access and opportunity of winning goods from performers. In addition, the NFT owners can also use the NFT as a special ticket to avoid ticket fraud, as the NFT has its characteristic of irreplaceability. Besides consumer goods and games, it is also a trend for culture and entertainment industry to develop NFTs for their products and services, while music NFTs are believed to be the next milestone in the virtual world.


Implication:

At the beginning, NFTs only served as representatives and collections, and now they are endowed with more diverse characteristics and functions, such as pass and security protection. In the future, consumers may expect more usages of NFTs, such as its replacement of face, fingerprint and other IDs given that it cannot be stolen. Furthermore, developers may even consider NFTs working as a kind of cryptocurrency to be exchanged. In this way, NFTs will be more widely accepted among different age groups of people.

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