Non-fungible tokens, or NFTs as they are more commonly known, and blockchain technology have certainly become a topic for conversation over the last few years. With the idea in the making since 2019, Emil Ljesnjanin founded marketplace NFT-TiX in 2021 and launched the company in July 2022 at Exit Festival, taking advantage of the technology’s growing popularity.
Since then, NFT-TiX has conducted pilot programmes across music, sports and entertainment.
“As a result, the company has secured long-term ticketing agreements in these sectors,” said Ljesnjanin.
NFT-TiX hopes to continue this upward trajectory and secure multi-year partnerships with events and venues, including the likes of FuelRun, a premium rally experience in the US. The platform also has the goal of selling 500,000 tickets in 2023.
Ljesnjanin continued: “NFT-TiX has the potential to significantly impact the ticketing industry and become the gold standard for the tools and business structure needed to create a sustainable long-term solution for global ticketing. Blockchain technology is being increasingly implemented across industries, often on the backend without end users even realising.
“We plan for NFT-TiX to provide a similar seamless experience for all parties involved in ticketing, while getting them to adopt a model, and slightly modified behaviour that benefits all.”
The tech behind NFT-TiX
Rather unsurprisingly, NFT-TiX utilises NFTs – which Ljesnjanin likes to refer to as ‘non-fungible tickets’ – to represent the ownership of digital tickets stored on a blockchain database. This can be accessed from anywhere in the world.
“NFT tickets offer true ownership of digital tickets and enable the direct transfer or sale of tickets to others via a transparent process recorded on the blockchain,” explained Ljesnjanin.
“This allows event organisers to effectively combat scalping, forgeries, and capture a percentage of the resale market while receiving instant payouts and unlocking new revenue streams beyond traditional ticketing methods.”
Emil Ljesnjanin, founder and chief executive of NFT-TiX
The benefits
Using blockchain technology means there is a direct relationship between event organisers and attendees.
Ljesnjanin explained that other benefits also included protecting the authenticity of a ticket, as NFT-TiX helps to eliminate forgeries and counterfeit tickets. NFT tickets can also become collectible items thanks to additional content, which can provide value beyond the event. Organisers are also able to set a royalty percentage on ticket resales, providing further benefits.
“NFT-TiX provides greater transparency in ticket sales, with event organisers specifying purchase restrictions and royalty percentages for resale before tickets go on sale,” added Ljesnjanin. “NFT-TiX makes scalping and unfair pricing difficult, promoting a fairer ticketing experience for all parties involved. Event organisers can programme the smart contract to allow only a specific number of tickets that a single user can purchase.”
The additional benefits for ticket-holders that Ljesnjanin referred to are called ‘unlockable content’ and this means that ticket holders can have access to the perks before or after an event has taken place. These benefits could be exclusive merchandise, VIP experiences or even access to behind-the-scenes content.
“The idea is that the ticket becomes a collectible item with value beyond the event itself, as it provides the holder with unique experiences or benefits that can only be obtained through ownership of the NFT-TiX ticket,” said Ljesnjanin.
The why
Following an encounter with fake tickets in the past, Ljesnjanin set out to create a platform that would offer full transparency, with organisers benefiting appropriately once tickets were resold.
“NFT-TiX idea was born out of the need for a more secure and transparent ticketing ecosystem,” said Ljesnjanin.
He added: “The ticketing industry has been facing numerous challenges in recent years, and both event organisers and ticket buyers are looking for a better solution. Scalping, forgeries, and non-transparent pricing have been major issues that have plagued the industry for years.
“The traditional ticketing industry also faces criticism for its lack of transparency, with many intermediaries and resellers adding additional fees and markups to the price of tickets. This can make it difficult for customers to understand the true cost of a ticket and can also result in higher prices for the same event.”
This current backdrop is where NFT tickets can thrive, according to Ljesnjanin.
He concluded: “With its use of blockchain technology, NFT-TiX aims to provide a more efficient and fairer pricing model while also offering event organisers and attendees a direct relationship with each other. By solving these problems, NFT-TiX aims to make the ticket buying and selling experience more enjoyable and worry-free for everyone involved.”
NFT-TiX is a sponsor of TheTicketingBusiness Forum, the world’s No.1 B2B ticketing business meeting, which will take place from April 19-20, 2023 at Emirates Old Trafford, Manchester.