How Can NFTs Change The Landscape Of The Events Industry
If you are a follower of the latest tech news and take a keen interest in the digital economy, then you must already be aware of the rising popularity of non-fungible tokens or NFTs. They are quickly becoming one of the most popular digital assets and virtual event platforms are starting to take notice of them.
First things first, what is an NFT?
Let’s understand this with an example. Assume that you are a digital illustrator and have you created a beautiful digital painting. This painting, on the surface, is a piece of art but it is also unique because there is only one such painting. It cannot be compared or exchanged with any other painting on grounds of similarity.
But, what if suddenly someone ‘stole’ your painting and made many copies of it on the Internet? Now, it is no longer unique and there is also no way for you to prove your ownership of it. The value of your work of art is lost forever and your talent has not received its due.
You can avoid this situation by buying an NFT. This NFT will convert your digital painting into a unique digital asset and confer a certificate of ownership on it. Now, since every token is linked to blockchain technology, it will be embedded in public records forever. So, if anyone will have to buy this ‘painting’, they will need to purchase it from you.
Are NFTs just restricted to collectibles and artwork?
No. In fact, many hybrid event platforms are keenly exploring the possibility of using NFTs to prevent the resale of tickets or ticket scalping. However, they can do more than that. NFT could be a part of the essential strategies for a successful hybrid event. Let’s take a look.
Creating VIP-level experiences
The power of NFT lies in its ability to grant status to its owner. So, virtual event platforms, like virtex, could associate them with exclusive access to certain segments of virtual events. These could be conversations with the who’s who of the industry or an awards night with C-level executives of top organizations, and much more.
Providing employee incentives
The reward for winning a virtual quiz or a contest could be an NFT to gain access to an exclusive community or to provide them ‘stage’ time at a hybrid or a virtual event as a means of recognition.
One of the biggest industries where NFTs are set to take over is gaming. You could center your engagement activities at your next corporate event around gamification. A series of activities, open both to your physical and virtual audiences, could end with the winner receiving an NFT associated with a digital asset.
Getting the best booths
Virtual real estate is a big deal today and you could sell NFTs for your next event too. Sponsors could buy these NFTs for the best ‘booth’, or a longer face-time if your event is virtual. You could also associate NFTs with exhibitor spaces at your in-person event.