More security when buying tickets for the football World Cup

The risk of getting fake event tickets increases every year. Not only buyers, but also the event industry suffers from such scams. One way to combat this problem is non-fungible tokens (NFT), which have dominated various fields for several years. In this way, NFTs could also contribute to counterfeit-proof ticket sales. Avoiding counterfeiting and above all using new technologies for tickets can be of great importance, especially for the upcoming World Cup. But how secure are NFT tickets and how would they work? And what advantages do they offer the event industry?

High risk on black markets and more

Overpriced tickets for various events are sold both online and offline on secondary markets or the almost indistinguishable black markets. Many of these are also fake, despite looking deceptively real. Especially tourists who want to buy tickets at short notice and are not well informed can easily fall into the trap. It is therefore advisable to be particularly careful before and during the upcoming football World Cup in Qatar: counterfeit tickets can increase here. But NFT tickets can be a safe solution in the future.

More security with NFT tickets

Non-fungible tokens are traded and stored on the blockchain. Individual blocks correspond to individual data sets and are stored step by step. If a block changes here, the entire chain changes. This makes it almost impossible to forge on a blockchain. NFT tickets would therefore be safe without exception.

Therefore, it would also be possible to correct counterfeits on the market forever. Smart contracts stored in blockchains can be executed for an authenticity check. If the necessary conditions are met, the check can also be carried out from home. This requires a little effort. Overall, the use of NFT tickets can ensure that counterfeits disappear holistically.

Benefits for the organizers

The organizers can also benefit from its use: through so-called royalties, i.e. a share of the turnover. For each use of their product, they are paid a percentage of the sale. It is thus possible for brand owners to benefit from the low percentages of the sale prices. Because even if the tickets are sold on, they make a profit.

More control through digital identity

Whether the sellers and buyers are real people can be seen using NFT-based digital identity. This, for example, was designed by CPI Technologies from Frankfurt. This technology makes it possible to easily verify your own identity via the wallet. At the same time, excessive buying and selling of tickets will also be regulated. The sale of tickets can thus be limited to five to ten tickets per buyer. Ultimately, all settings can be made decentralized.

Quick and easy access via the wallet

An NFT is stored in your own wallet, a digital wallet. This means that you can quickly and easily show your ticket when you enter the football match. The NFT-based digital identity also ensures that the wallet can be proven to be your own more quickly. Alternatively, your own ID is sufficient. However, it is also possible to issue the ticket in physical form. For this NFT must be invalidated online. Therefore, it is necessary that users are given different options.

NFT tickets as valuable collectibles

NFT tickets can be perpetuated and do not need to decrease in value either. This allows you to change the appearance of the ticket after the event. An example of this would be an NFT ticket in the shape of a football, which is subsequently converted into a design of the winning team or a highlight of the game.

Conclusion

NFT tickets can help prevent counterfeit tickets from entering the market. They not only offer 100% security, especially for tourists, but also profit for the organizers. They can also gain popularity as a unique piece of art for buyers due to their added value. The probability that NFT will also revolutionize the market in the event industry in the near future is therefore very high.

Author:

Maximilian Schmidt is CEO of CPI Technologies. Among other things, the company is developing the NFT-based digital identity and has already completed some preliminary developments and consultations within NFT tickets. https://cpitech.io/de/

NFT tickets: more security when buying tickets for the football World Cup

Statements by the author and the interview partner do not necessarily reflect the opinion of the editors and publisher

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