How LUV NFT Market Ticket NFTs Will Change The Event Game
So what’s an NFT exactly? NFT stands for non-fungible token. This is a token that’s unique on the blockchain and not mutually interchangeable, a one of one.
Every NFT ticket issued on the LUV NFT market will become a unique NFT sold P2P (peer-to-peer) with no middleman, outdated paperwork or emails. The NFT ticket is transferred to the buyers digital wallet upon purchase and shown at the door of the event upon arrival. In the event of a buyer not being able to attend a event, the NFT ticket can be resold in the Solana secondary market.
Luvnft.com is an NFT marketplace that functions like an e-commerce marketplace the only difference is that the products are digital assets (dCommerce). Let’s first discuss why NFTs are needed by the event industry.
The problems with traditional event ticketing
Interoperability, scarcity, and ownership don’t exist on the internet, nor in traditional ticketing. NFTs are immutable and be destroyed, cloned or duped like traditional tickets. NFTs will change the ticketing industry and rival traditional companies like Eventbrite. This is needed in an industry that has become monopolized by Ticketmaster and Livenation.
Event organizers took a hit with the pandemic and are looking for ways to make up for lost lockdown time. They face high upfront costs as well as high risks such as natural disasters or counterfeiting tickets. In addition, promoters have to wait until ticketing companies payout ticket sales after the event has finished. Companies like Eventbrite take a high percentage of every ticket sold, which is usually between 2 and 3.5% on every sale, in addition to a set fee. What ticketing companies give in return is a digital ticket sales solution, marketing, and sometimes — hardware scanners. NFTs create instant upfront capital for brands being that they’re sold with P2P technology that transfers payments straight to the event organizers digital wallet upon a sale.
Another major issue is that tickets are sold on secondary markets for a much higher price and it is difficult to control who is buying, selling, or redeeming a ticket. On average, 12% of people buying concert tickets get scammed (Source). LUV NFTs are a solution to scalpers and the whole ticket sales cycle shit show. LUV NFT tickets display everything that traditional tickets display (Floor, seat, etc.) and the history of all buyers. As I discussed earlier all LUV NFTs are 1 of 1’s which means that no two are alike.
LUV NFT Solution
LUV NFTs are indivisible, meaning that a LUV NFT can only be held by 1 address at the same time. This ensures that whoever owns a certain LUV NFT will be the only one in the world with that LUV NFT ticket. We partner with brands to onboard them to our new Web 3.0 digital economy that solves many of the Web 2.0 issues within the event industry. LUV NFT marketing is the new digital marketing, the new social flex is displaying LUV NFTs in your profile picture.
Here is why ticketing and LUV NFTs will change the game.
❤️ Every LUV NFT event ticket will be unique and verified with our Solana blockchain technology. All of the LUV NFTs bought will be stored in the buyer’s digital wallet and can easily displayed like an ID. The LUV NFT ticket would be transferred back to the original event organizer who can then resell the ticket another night or in another city (This depends on the type of event).
❤️2️⃣❤️ ticket trading means the owner of the NFT ticket can sell their ticket in a regulated ecosystem, being our LUV NFT market or any Solana NFT marketplace. This makes LUV NFT ticket selling convenient for the buyer who might not be able to make the event. They can easily sell their LUV NFT tickets without contacting the event organizer to ask for a refund. This is a crucial selling point to attract more people (artists, venues, and buyers).
❤️ R.I.P scalping. Smart contracts and LUV NFT Market solves an age-old event issue for regulators. With scalpers out of the picture, event organizers can profit on the secondary ticket market that is worth $15B.
❤️ Event organizers can charge less for initial tickets and earn an extra income on the royalties every time the ticket is resold in a secondary market. This is what I call LUV NFT marketing, let your fans market your event.
NFT Ticket Event Example
As the former owner of an event blog, I've seen and heard the struggles involved with event organizers receiving financing for their events. This doesn’t only apply to new artists, but even to famous stars. The artists need to have a lot of capital in advance to pay for the venues upfront, while only receiving the money after the show is over.
If your venue has 500 seats and 5 VIP passes for sale.
❤️ An event organizer will create 5 VIP LUV NFTs on the LUV NFT market at, let’s say $2000 an NFT, that’s $10k. VIP buyers can resell these LUV NFT tickets and profit along with the original event organizer with royalties.
❤️ The first 50 seats can have LUV NFTs starting at $200 which would generate $10k.
❤️ The second 300 seats can have LUV NFTs starting at $100 which would generate $30k.
❤️ The third row of 250 seats can have LUV NFTs starting at $50 which would generate $12.5k.
In total $62k would be generated from solely announcing the show and creating LUV NFTs. This avoids transaction fees and Stripe taking 15 days to transfer the money to your account. The most important reason is it’s fun and it’s an LUV NFT marketing campaign that allows the fans to easily sell and show off the NFT tickets in their digital wallets on social media. The sneaker industry was kept alive by the secondary market of scarce limited edition sneakers. Imagine how LUV NFTs will change the event ticketing game. Mark Cuban and the Mavs are already accepting crypto for their game tickets and merch, why aren’t you?
As a blockchain nonprofit we will give away x amount of event tickets in partnership with local event nonprofit organizations.
If your an event organization looking to enter the NFT digital economy, feel free to contact us at email@example.com. Our NFT marketplace https://luvnft.com is live. Follow us on all socials at @luvnft