NFT & Events: An Event Planner’s Experience
The Future Is Now: About NFT & Events
Do you love being on the cutting edge of your field?
Our industry has experienced a lot of change in the past 2 years and although sometimes change is stressful, it also brings growth. Event planners have had no choice but to leverage available technology in order to keep their businesses healthy.
We’ve always embraced creativity in the event planning space. It’s one of the cornerstones of our entire brand. Coming from art backgrounds ourselves, we know how powerful innovation and novelty can be when bringing ideas to groups of people.
Today, we’re talking about NFTs . This may be a totally foreign concept to you or seem like an odd thing to pair with your event or event planning business. However, once we explain what NFTs are and how they can simplify some of the things you already need as well as add value for event attendees, we think the picture will become clear.
First, we’ll give you an overview of what NFTs are and how they are appearing in the event planning space. Then, we’ll talk about some of our recent personal experiences as event planners incorporating NFTs into our work.
NFTs & Events: What Is An NFT?
We promise the most daunting thing about understanding NFTs and the blockchain is just learning the terminology. We’re going to break things down from a lay person perspective. If you would like a much deeper dive into the world of cryptocurrency, NFTs, and the blockchain, just follow any of the links we provide throughout this blog.
NFT is an acronym for the phrase non-fungible token. In this case, token is simply another word for a thing, item, or asset. It’s the non-fungible part that’s important. If something is non-fungible it is unique, one-of-a-kind. For instance, if you have two oranges on your counter and a friend visit and asks for an orange it doesn’t matter which orange you hand them. This makes the oranges fungible. They are interchangeable and the same as each other.
A non-fungible token on the other hand is an item that is either literally one of a kind or possesses some type of signature or identification marker indicating it is unique from all other things like it. It has no substitution.
NFTs are unique, identifiable items digitally or virtually held and managed, tract, and traded through a framework called the blockchain.
What Is The Blockchain?
The blockchain is a system or digital environment that functions like a data management system. It acts as both a record and intermediary trafficking system allowing individuals to securely trade items or services for money. The blockchain can be used for other data management purposes, but for our understanding here we’ll talk about it, particularly as a way to trade and transfer things from one person to another.
It’s called a blockchain because of the way information is stored within it. The information that passes through the blockchain is arranged in pieces called blocks. Each block functions like a container with a finite amount of space within it. Once a block fills up with information, no more information can exist within that block.
A Closer Look At Blocks
Each block is sealed once filled and linked to the block before it’s included chain. As you can probably see, this creates a certain inherent chronological order for all information managed with the system. All actions our date and time-stamped and can be easily tracked and traced to the individuals involved in the action through the use of unique digital signatures.
In other words, the blockchain doesn’t know that Sue Smith initiated a transfer by selling her artwork to an art lover named Joe Jones. However, it does know that on June 6th, 2020, user XYZ Transferred a particular packet of digital information 2 user ABC. These records are embedded in each action and therefore it’s impossible to lose track of any record-keeping associated with blockchain actions.
Any given block in the chain might contain a number of records That look like the example we just provide it. There is always an accurate record of how information has traveled through the system and this provides a great deal of peace of mind and security to those using the blockchain.
Although this is not a detailed tutorial about NFTs and cryptocurrency, it’s important to mention that traditional currency also known as stablecoin, can be used to fund blockchain transactions. Cryptocurrencies are the favorite for most blockchain enthusiasts, however, they are not an essential part of including NFTs in your event.
It is also important to understand that NFTs are managed on something called the Ethereum network. This is simply a name for a particular type of black chain data management. There are several blockchain systems or networks and they are named to differentiate them.
ETH is the cryptocurrency used within the Ethereum network. ETH is similar to bitcoin it is simply a different type of cryptocurrency.
It is not vital to understand cryptocurrency on a deep level in order to include NFTs in your event. There are ways to make it very simple for any potential attendee to obtain NFTs before or after your event even if they know nothing about cryptocurrency.
Intro To NFT & Events: Tickets
It makes more sense than you might think to venture into NFTs at your next event. The most obvious use of blockchain tech for event planners has to do with ticketing.
All virtual tickets including any attendees print themselves or hold electronically on their smart devices are essentially already NFTs already. The only difference, and it is a vital difference, is these traditional digital tickets are not managed by the blockchain.
The reason tickets are a perfect example of NFTs is that every one is unique, issued to one person, and trackable. A variety of platforms exist to issue and manage digital tickets and you’re probably already using them. Making a transition to blockchain-managed tickets is a natural evolution. It’s even superior. Creating and minting NFTs that act as tickets can incur lower transaction fees and circumvent some of the limits sites like Eventbrite impose.
You can customize your own landing page to sell the tickets, avoid the cut traditional ticketing platforms take on each sale, and make changes or updates easily. Authentication is automatic and certain because of the way the blockchain functions.
Use NFTs At Events to Offer Downloads And Promotional Gifts
Imagine your guests and attendees quickly scanning a code at a kiosk, transferring valuable information including their contact details to you, and receiving a gift in return. With NFTs, this can all occur completely hands-free and there is no record-keeping for you to do on-site. All of the data is transferred automatically and easily accessible to you at any time.
Transmit marketing materials and introduce incentive programs simultaneously as you gather information from attendees.
There’s a collectible element to NFT culture and the opportunity to turn your promotional items into collectible art is incredible here.
Use NFTs At Events for The Fun Factor
One of the reasons people love applications is they’re fun to use. More so than websites, apps are all about the user experience. The more society habituates to expect fun in their mundane experiences, the more you can leverage gamification to entice and engagethem.
Gamifi cation is the process of deliberately engaging someone’s competitive nature while entertaining them. Essentially, if you turn something into a game, people are more likely to engage with it more often.
Use NFTs At Events for The Security
One of the biggest benefi ts of blockchain technology is how secure it is by its very nature. It is impossible to pass anything through it, introduce anything into it, or make any changes to something that it manages without leaving specific information behind. At the same time, that information is secure because the blockchain is a decentralized, self-monitoring system.
Using the blockchain in the proper way could revolutionize the way your event data management looks. Event planners are beginning to use this system to book venues, secure sponsors, and manage vendors.
Why We’re So Excited By NFTs
New trends and technology always seem a little strange at first, but we’re very enthusiastic about including NFTs in our events in a variety of ways. In large part, it’s because it just makes sense. It’s the wave of the future and we genuinely enjoy being on the cutting edge of what’s available in this field.
However, NFTs speak to our hearts as well. We are an art-focused event planning brand that values thinking outside the box. We are always striving to create unique experiences for both clients and guests and we pay special attention to aesthetics.
Events are opportunities to create entire experiences. They’re situations we can use to tell stories or illustrate concepts and vital information about your company’s personality.
NFTs make it so easy to fuse art with event planning because every deliverable item passed to guests can be collectible, beautiful, meaningful, and powerful. We believe we are in a unique position to help our clients leverage this incredible opportunity.
Our Recent Experience With NFT & Events
During Miami Art Week 2021, we had the pleasure of working on a private social party at the Coyo Taco Wynwood Speakeasy bar. Our fi rm provided full event management services for this NFT Community party. It gave us an opportunity to mingle with VIPs and influencers in the NFT space to expand our understanding of the niche and the major players.
There was an exclusive air to this artistic-driven event. It was fascinating to see art fused with event planning in a whole new light. Gatherings like this and others featuring NFTs during Miami Art Week featured exclusive NFT drops alongside physical art and musical presentations.
What an interactive tableau! The energy was incredible.
We also worked on another NFT Launch Party during Miami Art Week. Hosted at the 107 Compound, the event reimagined the typical product launch by placing a heavy emphasis on entertainment.
Releasing exclusive NFTs during live events provides so much opportunity for planners to consensually mine information from attendees through digital handshakes facilitated by the blockchain. There is a participatory feeling to the interaction with guests enthusiastic to become part of a party featuring a live art experience. The NFTs become fused with memories for all who attend and get a piece of digital memorabilia.
We were recently involved in an ETH Networking event in Denver that featured multiple locations as well. These events are so innovative because the organizers are inherently geared toward outside-the-box thinking. After a luxurious steakhouse dinner, attendees traveled to Void Studios to dance the night away before enjoying a 60s-themed diner breakfast.
NFT & Events: Our Takeaway
We present this overview to help inform your meeting with your event professionals and to spark your awareness. Event planning is exciting! The options are varied and creativity abounds. However, there are still objectives to meet and a return on investment is vital. At Lineup Concept, we always approach each client’s needs with a creative and even artistic focus. This is who we are: we believe that organizations and attendees benefit so much from enriching experiences that involve the senses.
If you are looking for that type of enthusiastic and experienced energy to help make your event memorable and successful, contact us today. Let’s explore a holistic plan that exceeds your expectations and delivers real value to everyone who attends your next event.