The NFT industry is moving on from expensive JPEGs and knocking on the doors of a ticketing industry in dire need of reform.
The NFT market has been in poor health since the Terra and Celcius collapse in the late Spring/early Summer of last year. Monthly volume fell from nearly $3.3 billion in May to just over $1 billion in June, according to DappRadar. Following the FTX crash, NFT prices dropped a further 15% in a single day. The contagion from the exchange’s collapse caused widespread panic about all blockchain-based products, including cryptocurrencies and NFTs.
However, the 2022 market crash has accelerated trends that were already taking place. Investors and traders are increasingly less convinced by quick profits and are looking for NFTs with more utility. One use case that is quietly entering the mainstream is the ticketing industry.
Last year, British electronic trio Clean Bandit announced they were using NFTs as tickets for their own UK tour. The initiative is part of the Seatlab Sounds University freshers tour, a series of events run by NFT ticketing provider,…