NFT tokens will help solve the problem of event ticket fraud

Experts believe that non-fungible tokens will help solve the problems faced by the ticketing industry, including counterfeiting and resale.

Black market ticket sales and fraudulent ticketing have become commonplace in the run-up to many mass events. However, blockchain technologies make it possible to change this trend. Purchased NFT tickets cannot be transferred to another person, so speculators cannot buy more than the allowed amount and sell them at a higher price than on the official website.

Blockchain technologies are already used by 18% of event organizers to sell tickets.«According to our data, 18% of ticketed events use or consider using NFTs. This figure has grown from just 2% in July 2021. We expect this number to grow even further over the next year as the technology is adopted and crypto wallets become more popular and easier to use,» said Mike Dragan, COO of NFT ticketing marketplace Oveit.

Thus, the French Olympic Committee is exploring the possibility of using blockchain to sell tickets for the 2024 Olympic Games. The blockchain ticketing system was proposed after the recent riots during the Champions League final match in Paris. The match was delayed for more than 30 minutes because thousands of fans came without tickets or tried to present fakes.