On a small or large scale, in the business or private sphere, the forms that the events sector takes are diverse and varied. Technology is at the heart of this industry and affects how we communicate or organize. It is therefore not surprising that an innovation such as Web3 represents a major challenge in the evolution of this sector. Meanwhile, Web3 is the digital revolution underway. Its peculiarity is undoubtedly its disruptive aspect. The whole world vibrates to the rhythm of the progress of the Internet, events are no exception.
NFT Paris is a perfect example to illustrate this phenomenon. This is an important meeting for the crypto ecosystem that will take place in February 2022 in an emblematic place of French culture, the Grand Palais Éphémère. This conference combines Web3 innovation and events in a unique way. Furthermore, there are many applications in this area. Let’s look at all this in more detail.
Events industry overview
According to Allied Market Research, in his study of the events industrythe market was valued at $886.9 billion in 2020. Furthermore, the market is projected to reach $2,194.4 billion in 2028 with an estimated growth rate of 13.48% between 2021 and 2028.
One of the characteristics that distinguishes the events sector is probably its multidisciplinary and transversal aspect. The event is at the crossroads of different skills.
Therefore, it is a dense industry with multi-sectoral ramifications. Thus, it includes concerts, festivals, sporting events, exhibitions and conferences, corporate events and seminars, and many more. The projections by type of event are as follows:
Contrary to popular belief, corporate seminars and events have the biggest share of the pie. They occupy the top step of the podium, followed by sporting events and concerts.
While the pandemic is slowing the industry down considerably, it has democratized the use of digital. To that end, it has changed the way we meet. Face-to-face meetings are less and less of a necessity, and Web3 has a lot to do with that, as we’ll see below. But for starters, what exactly is it?
What is Web3?
A few months ago, we dedicated an article to Web3. This innovation is shaping our future based on information decentralization.
One cannot mention Web3 without referring to the various developments from which it derives. These include Web 1.0, which used to have static information, and Web 2.0, which we currently use. The latter is all about interactions and has also changed the way we communicate and consume through social media.
Although Web3 is still in its infancy, there is consensus that it is the third generation of the Internet. Indeed, it is the promise of a decentralized web where internet users have power over their personal data. In other words, Web3 is the guarantee of a disintermediation of exchanges.
The world of tomorrow in Web3
It is through Web3’s various innovations that we better understand its impact. These are mainly artificial intelligence, semantic web and blockchain.
artificial intelligence promotes personalization of the web experience through more efficient data management.
The Semantic Web meanwhile, it optimizes the search for information by giving machines the ability to integrate the meaning of words and phrases.
Blockchains it’s probably one of the most ink flowing Web3 innovations. Its derivatives, such as cryptocurrencies, are being adopted by an ever-growing audience. The decentralization of exchanges inherent in the blockchain breaks the codes of the event.
In the era of event 3.0
Of all Web3’s contributions to events, it is definitely the blockchain that is the most uplifting. This technology helps disrupt the industry on several levels, as it does for NFT Betting where non-fungible tokens, or NFTs, are in the spotlight.
The blockchain as a tool to help the organization
Organizing an event requires exceptional planning skills. You have to use multiple providers at the same time. For example, for the organization of a fair, maintenance, audiovisual, catering, etc. services are envisaged.
The utility of blockchain for such a back office is that it helps coordinate the entire ecosystem so that everyone is on the same level of information.
Concretely, an event can be managed through a smart contract which includes the terms and conditions of execution for each service provider. L’Evedo company (EVED) offers a complete event management support solution.
Optimization of blockchain tickets
There are generally three types of ticket: physical, electronic or digital/dematerialised. The advent of the web has made the third type popular. This new type of purchase allows you to get advance tickets, sometimes at advantageous prices.
Ticketing is therefore an important aspect when organizing an event with the predominant use of the Internet. By way of example, we recall the fiasco in the last Champions League final last May. Thousands of counterfeit banknotes in circulation have contributed to the chaotic atmosphere around the Stade de France. Thanks to NFT technology, these problems could have been avoided.
According to a study by market analyst Mordor IntelligenceThe online ticketing market was estimated at $28.9 billion in 2021. It is expected to reach $94.92 billion in 2027 for a 7.52% growth rate projection.
Thus, the blockchain presents itself as an effective solution for ticketing. It protects her from the black market where fraud rules with an iron fist. By creating a nominative digital ticket in which the identity is recorded, the blockchain guarantees the sale of tickets. Also, all ticket history is traceable. Therefore, the ticket is incorruptible and cannot be duplicated.
Several Web3 players have already lined up on the field. This is the case of Aventus or BitTicket who want to make tickets more secure thanks to the blockchain.
An immersive experience of events thanks to the metaverse
the metaverse it has immense potential. After all, it is enough to look at the new Facebook strategy, now Meta, in its favor to grasp the extent of the stakes of this technology.
This virtual meeting place that combines avatars, goods and personal spaces abolishes the constraint of borders. Wherever you are, virtual reality is accessible to you. In this, you no longer need to travel miles to see this new sneaker model or your favorite artist in concert.
Additionally, companies like RLTY work to organize events in the metaverse. To his credit, we count in particular the Summit of the Metaverse took place last July.
Plus, the big brands have already taken the plunge. In this case, Gucci stood out in a 10-day event on Roblox. It was an occasion to celebrate the release of the artist’s latest album Achilles Lauro. For this reason, three virtual concerts were organized in February 2022.
The other striking example is that of the Warner Music Group. The giant of music labels has launched a theme park dedicated to this area. The group has partnered with The Sandbox (SAND), Splinterlands (SPS) and will be able to produce artists on virtual stages.
NFT for more engaged participants
Blockchain has several uses including NFTs. They are powerful communication tools that allow for a direct channel between companies or creators and their community.
Thanks to NFTs, attendees benefit from exclusive experiences within an event, such as VIP access to a concert, or even advantages during a trade show such as unlimited access for the duration of the trade show.
The possibilities are therefore almost endless in Web3. Gone are the days of pen and notebook goodies for event attendees, now they have access to exclusive content that boosts their experience tenfold.
In this sense, NFTs are a real added value. Furthermore, they also allow you to ensure the follow-up of an event using the Proof-of-Attendance Protocol (POAP), i.e. proof of presence at an event.
It is a certificate of participation represented in the form of an NFT. Specifically, these are ERC-721 tokens based on Ethereum. It is very useful for conferences, educational programs or even concerts.
Therefore, participants can keep them in their wallets as souvenirs. Since these are collectibles, it is not excluded that these NFTs increase in value.
Additionally, event attendees can receive NFTs when they purchase their tickets or event-related goods such as artwork. Holders of these NFTs have the option to monetize them later.
We particularly remember Dom Pérignon and his pop-up shop in partnership with Lady Gaga. The LVMH brand has allowed its customers to get an NFT and a bottle against the purchase of an NFT in 2021. More recently, Prada launched a collection of 100 NFTs in its Timecapsule article last June. The purchase of a T-shirt designed with artist Cassius Hirst was eligible for an NFT.
To conclude
The Covid-19 pandemic has accelerated the adoption of Web3 in events. The consecration of virtual events has opened up new possibilities for this sector, the limits of which are still unexplored. In fact, the spectrum it covers is much broader. Furthermore, Web 3.0 offers the advantage that it is still in its infancy. For now, it is the blockchain, the metaverse and the NFTs that are in pole position when the term Web3 is mentioned in events. Technology thus redefines the codes of the sector. Some gamers have decided to respond to the challenges of our digital age. This is the case of the sports, music and luxury industries, which are at the forefront of the digital events revolution. If you too want to dive into this new era, you can start by getting your tickets for the event NFT Betting.
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The Cointribune editorial team joins its voices to speak on specific topics of cryptocurrencies, investments, metaverse and NFTs, trying to better answer your questions.