Events Get NFT Tickets: Belong Joins Cointelegraph Accelerator
Critical to fostering relationships, culture and education, the events industry faces ongoing challenges that impact its effectiveness and reputation. Issues such as ticket fraud remain to be addressed as ticket-related fraud is set to double by 2023.
Another pressing challenge is the struggle to develop meaningful engagement with audiences. In an age where digital interaction and content consumption habits are rapidly outpacing traditional alternatives, many events fail to capture and retain the attention of their audience. This lack of engagement is particularly evident in the difficulty of creating compelling post-event precedents, sustaining live interactions, and extending the conversation post-event.
Digital consumption is expected to nearly double traditional consumption by 2025. Source: Statista
Complicating these issues is the inefficiency built into traditional ticketing systems, often characterized by a lack of flexibility and slow response times, as described by Vox. The result is a frustrating experience for consumers, with cumbersome purchase processes, check-in delays and a one-size-fits-all approach that fails to meet the diverse needs of today's event goers.
The integration of blockchain technology can solve traditional ticketing problems by speeding up response times, increasing flexibility and providing personalized experiences.
NFTs with Token-Gate providing mainstream access
An app that provides access to events, conferences and content using token-gating, introduces a solution that harnesses the power of non-fungible tokens (NFTs) to rethink access to a wide array of experiences. Belong's approach introduces token-protected access, a mechanism where event organizers sell NFT passes (for both fiat and crypto) as keys to various exclusive offerings.
NFTs allow users to access online content and physical events on token gating. Source: Property
Organizers can issue these passes as NFT tickets, providing a proven solution that prevents ticket fraud and unauthorized duplication, as the blockchain's inherent transparency and immutability ensures that each ticket is unique and irrevocable. It also reduces the risk of fake tickets entering the market, restores trust and confidence between participants and organizers.
NFT tickets to improve social engagement
Beyond enhancing security, Belong's platform integrates features such as private chat rooms, personalized event schedules, and community engagement to enhance participant engagement and foster a sense of ownership among event-goers. Proprietary social features provide interaction beyond the event's physical and digital boundaries, creating an interactive attendee experience that traditional ticketing systems have struggled to provide.
Member facilitates the entry process with NFTs for physical events. Source: Property
For organizers, Belong charges as little as 2% on ticket sales, allowing for faster payouts and fundraising opportunities. Tokenized access increases profitability through the use of royalties from secondary sales, improved data on marketing efforts, loyalty rewards and the integration of state-of-the-art technology.
Member joins Cointelegraph Accelerator
The owner has joined the Cointelegraph Accelerator program, designed to leverage Cointelegraph's extensive media reach to grow promising Web3 startups. The decision to join the program was driven by the app's innovative solutions to the challenges facing an industry estimated to reach $2 trillion by 2028.
Currently available on iOS and the web, Belong plans to expand to Android. The platform shows 50% month-on-month growth and has amassed 20,000 users and over 1,000 communities. Membership aims to replace traditional keys, tickets and memberships with memorable, social and collectable NFTs that reward creators and cut guesswork.
