The real-world utility is a boon for any emerging industry. We’ve all heard that many times before. But what does it mean? Let’s go back to 1998: when Google first went online. Did any of us back then think Google could take over the world? Absolutely not. But here we are, almost 25 years later, and now we can’t imagine the world without the internet.
So we must ask the question, why did it grow to such an extent? The answer lies in utility. There are so many real-world utilities for regular people using the internet. Do you want to know the closest coffee shop? Google it. Do you want to service a phone at home? Google. Holiday destinations? You guessed it. When retailers rely on something for everything, you know you’ve made it.
NFTs and crypto today are the Google of 1998. You won’t see its success looking forward, but you can when you’re in the future, looking back. The NFT ticketing marketplace is another real-world utility for NFTs. And that is why we must focus on NFT ticketing marketplace development.
What are NFTs, and what is the NFT ticketing marketplace?
NFTs are crypto tokens that do not function like a currency. That might raise more questions than it answers. Don’t worry; we’ll clear it in a minute.
First, let’s ponder on the question. How does money work? I’ll give you a simple example. Imagine you have a 10-dollar bill. You can exchange it with someone for two 5-dollar notes or ten 1-dollar bills. That’s interchangeability, and that’s called fungibility. NFTs are not fungible.
Imagine buying a movie ticket for ten bucks. Can you tear it into pieces and sell them for five dollars each? No? Why not? Because the moment you rip that ticket, it becomes worthless. You can buy the Mona Lisa, but if you tear it into five pieces, you cannot expect it to have the same value. So, there are items out there that have monetary value, but they cannot be fractionalized. In the crypto world, those items are digitally called NFTs.
Let’s go back to the ticket example for a moment. NFT ticketing is a utility for NFTs. And the NFT ticketing marketplace is an online platform for the modern audience.
In entertainment, it is vital adhering to the modern trend. And with NFTs being the current gimmick, it is best to stay updated and modernized. Think of NFT ticketing as the next WillCall service for the digital audience. Believe it or not, the current generation growing up with crypto and NFTs will prefer purchasing an NFT of a ticket on an app rather than a movie ticket. Why? Because NFTs are the trend.
NFT Ticketing Marketplace Development
The idea of physically going to an entertainment event is phasing out. Metaverse development, video conferencing, and the pandemic’s remote work policies have accelerated that process.
People today need options to consider when they plan something, more options than before. If you’re in Germany and need to attend a conference in Japan, you no longer have to fly there. You can still absorb everything you need from the comfort of your home. Information and entertainment have become borderless and free.
Imagine arranging a physics seminar in Geneva, but you can sell NFT tickets for the event in Indonesia. It’s both revenue and service at the same time. Perhaps a rock concert in California, but you can sell NFT tickets for the event out in Mumbai, and that’s revenue from a borderless system. And that’s the perk of innovation.
Like everything else, when the scope of anything expands, scalability becomes a problem. And when it comes to borderless ecosystems, scalability can be a real problem. But with NFTs, you no longer have to worry. When minting NFTs, you can set a maximum limit to the tickets. And each NFT is unique, so double spending is no longer a problem. And every transaction is immutably stored on a blockchain, meaning malpractice or misunderstandings is impossible. As you can see, NFT ticketing is superior to all the current models of event administration. It adds more utility to the current model while also solving many problems.
And above all, an NFT ticketing marketplace is superior on all three fronts. As a business, a third party using the marketplace, and a customer buying the NFTs. It’s a win-win scenario on all fronts, and that’s the perfect way to run a business.
Why choose Coinsclone for NFT ticketing marketplace development?
The road to cryptocurrency adoption has been challenging. However, it has persevered, and we will be stronger after this crypto winter. And if you’re an entrepreneur with an eye on the future, NFT is the market space you should concentrate on to succeed. Even with technical skills, navigating through evolving technology can be challenging.
And that is where we come in. We are a reputed software company with in-depth expertise in blockchain-based technologies. And we are the ideal way to outsource for the most gain on a limited budget. We are more than a software firm; we are an NFT marketplace development company.