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what they are and how they are used to buy and sell tickets

The specialist reveals how the sale of tickets in this ecosystem could end their counterfeiting and reselling. How does this trend apply? Along

what they are and how they are used to buy and sell tickets


The specialist reveals how the sale of in this ecosystem could end their counterfeiting and reselling. How does this trend apply?

Along with the cryptocurrency boom, non-fungible tokens (NFTfor its acronym in English) is it so on everyone’s lips for the millions of dollars they mobilize.

In this way, these assets generated a new rage among collectors amazed at the possibility of having unique and unrepeatable pieces.

The figures are more than eloquent: more than $13 billion of these digital items during 2021.

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One of the industries that most strongly joined this trend is the soccerwhere Tickets can now be purchased using crypto tokens or be rewarded through this route simply for being a member of a club.

But more and more sectors are bet on NFTs for a wide variety of advantages what are you offering.

NFTs span more and more industries.  Now, religion joins the Vatican

NFTs span industries of all kinds, for all uses

NFT: the new trend in shows

Damian DiPace, economist and director of the consulting firm Focus Market, indicates that NFTs achieved early attention with sports clubs, but exploded in popularity with the artist’s work beeplewhich was sold for $69 million.

“This technology will put an end to the counterfeiting and resale of tickets for . They offer a technology that generates proof of authenticity since they are stored in a chain of blocks”, specifies the expert.

“The same mechanism can be applied placing the tickets on the , which would guarantee its authenticity and if it is being sold by a legitimate organizer. It would apply if we wanted to buy tickets in Argentina to go see, for example, the Guns N’ Roses“, he adds.

Ticket sales, one of the new NFT trends

Ticket sales, one of the new NFT trends

Resale via NFT

Di Pace describes that these NFT tickets also have the potential to be exploited in the secondary ticketing market.

“A minimum price or a maximum price can be applied in a through smart contracts. That is, if the date of the recital approaches, I cannot attend and I want to resell my ticket, it would be a great solution.”

In fact, according to one study, the 18% of ticketed events are using or considering using NFT to “improve the experience of its fans”, synthesizes the economist.

What is an NFT?

What is an NFT? The acronym stands for “. That is, unlike each DAI, which is always worth a dollar, each NFT is worth what the market indicates it is willing to pay. That’s why they are “non-fungible”. In other words, it is not possible to exchange them (or spend them) for a good of another nature and of comparable economic value. By contrast, NFTs:

  • Store information on the network (blockchain)
  • They represent a unique and unrepeatable asset (for example, ’s first tweet)
  • It can be a digital file containing an original text, audio, images or a video

Ignacio Giménez, Lemon Cash specialist, assures iProUP that the NFTs are the latest crypto trend. It describes them as a “unique digital asset – from the virtual or physical – with information contained on blockchain technology.”

In this sense, Maximiliano Hinz, Latam Operations Director of Binancedetails to iProUP what is the new way to certify that someone owns a work. “Until today, the property had to be registered, but thanks to NFTs we can support our ownership of something“, he remarks.

Emiliano Limia, Press Officer of goodbitassures iProUP: “The idea of ​​fungibility refers to the fact that something can be replicated, it has exactly the same value and we can exchange it. But a NFT is totally different: each one has unique characteristics and represents something different“.

José Delbo, the Argentine illustrator who is

José Delbo, the Argentine illustrator who is “breaking” it with his NFTs based on DC Comics superheroes

“It is opposite to the case of Bitcoin, in which each token is equal to the other and they are worth the same – it contributes to iProUP Manuel Beaudroit, CEO of the Belo–, NTFs cannot be split. I can paint a picture and represent it in a non-fungible tokenwhich happens to be a derivative of that work. And let me sell it later“.

Matías Bari, co-founder of the exchange SatoshiTangobrings an example of this trend: “FIFA can now send a World Cup ticket and you can save it in your wallet. you know it’s original. On the other hand, if you had a ticket in PDF format and someone used it before, it was no longer useful.”

With the NTF you know that you keep something original. That is why this type of application is the future. The objective for which they were created is to experience ‘digital scarcity’: to register in blockchain networks a good that is unique and cannot be replaced,” concludes Limia.

how they are created

Creating a non-fungible token is a relatively straightforward processespecially for those who already have experience in the purchase and sale of cryptocurrencies:

  • The first thing is to decide which blockchain will be used, with being the most popular,” advises the Lemon Cash specialist.
  • Then, adds Bari, you must have a crypto wallet that supports these networks and have between 50 and 100 dollars in ether
  • Access a platform like OpenSea to choose the file to tokenize

anyone can do it. You can even sell your child’s drawings,” adds the CEO of Belo, who adds that when the work is uploaded, the certificate is generated in the blockchain that will be distributed among different servers. “This is how the NFT is generated to put up for sale. It is not complex at all. The interesting thing, moreover, is that the creator receives almost all the money, “he remarks.

Last year the Diego Maradona figurines came out in NFT format for the Sorare platform

Last year the figurines came out in NFT format for the Sorare platform

Limia compares these platforms with “Free Market”for the visibility they give to these non-fungible tokens and the possibility of know the history of each one before buying. He also points out that his quote is governedmany times, for factors of collecting.

The user can enter the marketplaces and upload their creation: there they embed it and give it the platform to market it. Some sites charge development, others a commission or license,” adds Leo Elduayen, co-founder of Koibanx.