There’s more than a buzz about non-fungible tokens. It’s a growing phenomenon and tech movement that is finding its way into a wide variety of industries. And as a New York event planner, you’re likely seeing NFTs in your arena, too. If you’re not quite sure how to incorporate NFTs in your business model or are unfamiliar with how they work, keep reading. We’ll demystify the NFT movement as it relates to the events industry, and we’ll show you how other event planners are tapping into them to bottom-line results.
Understanding the NFT Phenomenon
Even if you know nothing about blockchain, you likely know a little or have some familiarity with NFTs. They involve a digital record of ownership of a particular asset that can be anything from an image to artwork or videos. But it’s less about copyright ownership and more about a shared idea of ownership. Instead of a physical object exchanging hands, owners secure links to their ownership.
And the hype is real. Bloomberg estimated the “global market capitalization” of NFTs was worth nearly $40 billion at the end of last year. That’s exponential growth from its 2018 estimated market value of $40 million. People are flocking to NFTs, and they’re not likely to be a passing fad.
You’ll see the hashtag #NFTCommunity is trending, and the buzz is growing about this form of value ownership exchange. And more ideas are coming on stage in all kinds of industries, not just art and collectors, ready to leverage the movement. The events industry is realizing so many new opportunities to incorporate NFTs into the space. Once you grasp a general understanding of how NFTs work and how you can use them in your event planning model, you’ll be ready to jump in yourself! You can be using the NFT hype to improve excitement around your events and join a growing community.
NFTs for Tickets
New York event planners are already exploring the options for NFT ticketing use. NFTs are far easier to integrate into an already digital ticketing platform, but there are other benefits, too. You can dictate an NFT ticket’s blockchain to allow or disallow transferability, for example. And the digital NFT ticket makes it easy to reach potential attendees should there be changes to an event or announcements to disseminate. Many event planners are using NFTs as a ticketing method for exclusive or VIP experiences, too. And the NFT can later become a collectible, memorializing the event’s significance.
NFTs for Door Prizes and Swag
Probably one of the biggest influences NFTs are having on the events industry is by way of swag and attendee door prizes. Offering up an NFT-based swag bag with non-fungible tokens that can be traded in for physical goods, like promotional items, is going over huge with event guests in a big way. Some NFTs offered as swag have grown in value, offering the collectible value, too. The Oscars did it last year when they offered NFTs for digital art to award recipients. It’s worth considering for your upcoming events, especially if there are opportunities for big-name brand participation and tech-savvy attendee rosters.
Fraud Protection with NFTs
There are even NFT ticketing protocols established to combat scalping and fraudulent misuse. This is a huge perk for ticketing large-scale events. And because the NFT is digitally coded, it’s easy to manage how they’re being used, which is great for tracking and spotting potential fraud. And you likely won’t have to deal with instances of ticket copying or fake tickets either.
NFTs Are More Sustainable
Another advantage today’s event planners are recognizing with NFTs is sustainability. There is an ever-growing trend for clients to want more sustainable solutions for their events. This means a growing number of engagements feature recycled materials, eco-friendly options, and environmentally based designs. The NFT ticket and swag fits right into this model as a fully sustainable method for exchanging tickets and gifts without wasting printed paper or potentially harmful materials in a door prize. There’s something more sophisticated about NFT ticketing, too, that streamlines everything from handouts to registrations. Imagine not having the shipping costs of physical goods or printing costs of physical tickets. That’s not to say that NFTs are the be-all, end-all for green solutions. But they can be a great value-add to any event planning client who’s focused on delivering a sustainable and eco-friendly event experience.
NFTs to Verify Guest Credentials
For those event planners who routinely execute educational-based events or conferences in which certified or educated guests are in attendance, NFTs are a great tool. During check-ins, you can leverage NFTs to verify the credentials or professional memberships of those attending. Blockchain authenticated badges representing “micro-credentials” are also gaining traction. These NFT uses can transcend both the in-person and virtual engagement realms, too.
Incredible NFT-Driven Data
When you’re digitally inviting guests and registering attendance, you automatically have access to a host of new data sets and analytics. NFT ticketing can provide new insights into guest behaviors and preferences, thus providing you with incredible intel on how to grow and improve your event planning business model. NFTs, if applied in the right event scenarios, can be terrific resources for collecting valuable data ongoing.
NFTs Make for Community-Centric Experiences
Adopting NFTs for your event planning process is far more than just a trendy optics move. There is a real-life community growing behind the scenes. And the NFT infusion can help enhance those community-centric experiences. As a New York event planner who strives to develop strong working partnerships with strategic audiences, finding the right NFT application can certainly connect you to entire communities.
You don’t have to be a tech savant or digital guru to understand the basic advantages NFTs can bring to your event planning business model. Consider some of these insights and explore how to make them work for you. And for more intel on how to grow your event planning business, get your tickets for The Event Planner Expo 2022, where all the latest trends, including NFTs, will be up for discussion among the leading voices in the industry.