Ticketing, the “Actual-Verse”, & NFTs — 2.0
Since publishing Ticketing and Web 3.0: Bridging the Metaverse and the “Actual-verse,” where one hypothetical is explored, several additional user-driven concepts have surfaced. These ideas represent the “art of the possible” and I hope will inspire people to continue exploring the intersection of the “actual-verse” and the metaverse.
Crowdfunding Your Digital Future with Your Fans
Let’s start with Broadway! Broadway shows cost millions to get started. Couple that with a 20% chance (at best) of breakeven, and the financial prospects create massive amounts of static friction and apprehension to trying new and unproven engagement or business models. Broadway was already risky enough, and adding technology is a non-starter. . . unless that technology is used to reduce risk.
Take the Shubert Organization. Hypothetically, let’s assume they decide to issue tokens with tickets as an opt-in up-charge or a surcharge with a ticket purchase. However Shubert implements this, the goal would be to create a war chest to incentivize producers to create experiences to jumpstart the emerging digital Broadway economy.
It could be Shubert fronting Lin-Manuel Miranda $5M to simply try something in the space. Or Bridgerton becoming a musical with consumable digital content associated with the in real life (IRL) show. Realistically, no person or organization is coming to Broadway with $20M to seed 5 projects to kickstart the digital economy. To create a successful ecosystem, you need talented people creating desirable content. This is one way Broadway could overcome the static friction preventing the necessary exploration. Critical to the success is the token having a greater benefit to all parties over a straight cash donation.
Finding and Uniquely Engaging Your True Fans
How many true fans an organization, person, or business needs is debatable. There is no debate, however, about how critical it is to have true fans that will buy anything you produce or drive 200 miles to see a performance. Connecting with those fans is more than a factor in allowing a business to be able to achieve its potential; in many cases, it is the factor that determines if the business survives.
Whether it is someone paying $10K for stage-worn boots autographed by Lin-Manuel Miranda or paying $518K for Tom Brady’s last touchdown ball (39 days later he unretired and the sale was voided), these high-paying super fans are an extension of the “Passion Economy” in that their passion about your product is entirely price-insensitive; cost is not a barrier. How can an organization leverage emerging technology, connect it to the IRL experience, and drive this type of engagement sooner?
Let’s say you are the Roundabout Theatre in NYC. You want to engage with patrons in more creative, proactive, and differentiated ways. You start issuing tokens which can be used to vote on future content at the theater. Patrons vote to bring a live actor’s studio reading of a Marilyn Monroe script to the stage. Those who voted for the winning experience receive an NFT of the original reading if they buy a ticket and attend the show. It could be a contest between three designers to create the costume for the lead role in a play coming to the stage. The token holders of the winning design are entered into a lottery to win the costume.
The blending of artifact and new live content creates a wealth of options for patron engagement. It can make fundraising sticky. It can help struggling industries like the symphony or opera appeal to younger audiences. Better and differentiated engagement equals increased success and survivability.
Evolvable Collectables That Link to Identity and Enhance Reputation
In 2017, Major League Baseball rolled out a promotion with HBO Series Game of Thrones. I was not aware bobbleheads (of which I am a fan — along with MLB and GOT) were involved until after the Ser Andrew Benintendi night on July 18th. I then proceeded to collect (purchase) every GOT bobblehead for that year. For all my efforts and enthusiasm wrapped in bobbleheads, baseball, and GOT, none of that would be credibly known nor would there be a way to engage with me differently — the collectible experience essentially ended when I received the Bernie Brewer Iron Throne.
Let’s adapt this idea and make it more broadly appealing: gig posters. Take the Roundhouse in London. For the first time in over 2 years, they have a full performance calendar as illustrated by their 2022 gig poster. Instead of selling or gifting their gig poster, what if the Roundhouse has every artist that plays this year sign one physical poster and then the theater digitizes it. After every show, patrons receive an NFT as a gift, a digital piece of the poster related to that artist (not signed). Collecting tokens for two or more gigs (either by going to a show or obtaining them in the open market) then results in unlocking a token for the signed digitized poster and entry into a lottery to win the 1 of 1 physical version.
This becomes next-level engagement between the Roundhouse and their patrons. It is unique, scarce, and 100% value add.
Without Trust in Ticketing (Identity + Accountability), There Is No Opportunity
The aforementioned hypotheticals are all possible in a digital world. They grow your known base by revealing your shadow audience. They grow revenue by offering new, value accretive ways to engage your patrons. Most importantly, they help you create relationships you’ve always wanted, but never realized.
This isn’t about NFTs, tokens, or tech. It’s about engagement. The foundation is establishing the direct connection — the relationship — with those who want to engage with you. Today, most event organizations only know a fraction of the people who engage with them. That is what we are solving at True Tickets. Trusted experience access, which enables a world of possibilities.
Whether it’s de-risking your digital future, making your fundraising sticky, or providing next-level experiences for your most passionate fans, it starts with one key piece of knowledge: who is the person you want to connect with?
