Ultra Music Festival 2023: What You Need to Know About NFT Ticketing
Main Takeaways
Binance is proud to participate in the 2023 Ultra Music Festival, taking place in Abu Dhabi on March 4 and 5.
For the first time at Ultra Music Festival, VIP tickets will come in the form of non-fungible tokens (NFTs), sold exclusively on Binance NFT (BNFT).
Each ticket gives its user unique benefits exclusive to the NFT format.
Planning to attend the 2023 Ultra Music Festival with an NFT ticket to catch some of your favorite DJs? Learn more about the benefits your ticket can bring.
Ultra Music Festival is a premier electronic music festival that features an elite DJ line-up from all over the globe. To take your festival experience to the next level, Binance’s NFT ticketing technology will feature at the world-renowned festival this year. Binance NFT and BNB Chain have been instrumental in creating NFT ticket experiences for a variety of clients, and we’re excited to share the process with you. Let’s look at exactly how tickets on the blockchain work, and what Ultra Music Festival fans can expect from their NFT tickets.
How Do NFT Tickets for Ultra Music Festival Work?
NFTs are tokens that represent unique digital assets. From art to collectibles and even event tickets, they are stored on the blockchain and can be used as verifiable proof of authenticity and ownership. When it comes to events like Ultra Music Festival, NFT tickets are secure and unique, granting the holder entry to the event.
Unlike a physical ticket, an NFT ticket can’t easily go missing. At the same time, a standard ticket QR code can be easily forged and doesn’t make for suitable event memorabilia. An NFT ticket, on the other hand, is easily authenticated and makes for a unique piece of memorabilia you can keep permanently.
With blockchain and Web3 technology rapidly advancing, event organizers are beginning to embrace this new ticketing system through the use of NFTs.
The Practical Benefits of NFT Ticketing
Ease of use and authenticity
NFTs’ unique characteristics make them suitable for limited-capacity use, such as VIP entry. NFT ticketing works just like traditional ticketing but on a more controlled level, making the entire process simpler and more secure for both event organizers and attendees.
As NFT tickets are stored in a digital wallet you can access on your mobile phone, you need not worry about losing or damaging your tickets. Non-NFT tickets can also be easily altered and faked while NFT tickets have all the security that a blockchain offers. This means their entire histories are logged onto the blockchain ledger, making it easy to verify an NFT ticket’s history, including when and where it was bought and sold and by whom. For a good example of how this works in practice, you can take a look at S.S. Lazio’s NFT ticketing run.
Better control of the sales process
NFT ticketing can help event organizers better control primary and secondary ticket sales. An NFT ticketing system helps limit resale value, fees, and royalties if needed via the blockchain and smart contracts that self-execute tasks. As NFT tickets are not produced or sold physically, they are far cheaper to generate and distribute than physical tickets. This also makes their distribution process significantly faster than that of physical tickets.
Exclusive holder benefits
NFT tickets often come with event-specific benefits. From meet-and-greets to exclusive merchandise, event organizers can decide which benefits to offer NFT ticket buyers, providing them with not only an exclusive NFT but an exclusive experience. In fact, each VIP-tier NFT ticket to this year’s Ultra Music Festival provides fast-track and viewing platform access, backstage and artist meet-and-greet opportunities, and free merchandise and drinks.
NFT Ticketing Made Possible by BNFT and BNB Chain
Powering Ultra Music Festival’s NFT tickets are Binance NFT (BNFT) and BNB Chain. The underlying technology for NFT tickets relies on NFT smart contracts deployed on BNB Smart Chain. Due to its usability, BNB Chain offers a quick and reliable service for creating customized NFTs for various use cases. This has put the blockchain at the forefront of innovating NFT ticketing in the music industry.
BNFT has also developed into one of the ecosystem’s most trusted platforms for NFT purchases, including NFT ticketing. Buying tickets from a trusted source has always been important in the events industry, and BNFT is happy not just to fill this role but also push the boundaries of ticketing with Ultra Music Festival.
Conclusion
With the inclusion of NFT tickets at this year’s Ultra Music Festival, VIP ticket holders will have exclusive NFTs that double as event memorabilia and allow them to access exclusive benefits. It’s a fantastic chance to catch some great music and also experience blockchain innovation first-hand. As more festivals move towards NFT ticketing, BNFT and BNB Chain are making the process even easier and your festival experience more enjoyable, secure, and reliable.