Reality → Tokenproof.xyz
An exciting case for ticketing through NFTs
Hope everyone had a great weekend, I am super excited to get up to New York for NFT NYC next week. If you’re going let me know!
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Last week I took an IBM commercial from 1997 talking about the beginning of the internet and compared it to where we are in web 3 right now. The entire idea around the commercial is that some ideas on the new internet are just hype, while others could be a reality. Check out the piece here.
I am really interested in diving deeper into this idea, so I’m going to write a few pieces about projects, startups, or ideas that are either reality or just hype.
We are starting with Tokenproof.xyz, a company I believe will be a reality in the future of web 3.
Tokenproof, as stated best on their website, provides “safe token-gating solutions, enabling users to prove ownership of NFTs without connecting or even carrying their wallet”.
The main use case for Tokenproof at the moment is ticketing for in-real-life (IRL) events for NFT-based groups. For example, if you hold a CPG Pop NFT, and want to attend the event at NFT NYC, you had to connect your wallet to Tokenproof and claim your ticket. Once claimed, you had to download the mobile app and scan the QR code on Tokenproof’s website, then any tickets you have will show up in the app as shown below. A very simple, and easy-to-understand user process.
Why Is this a reality in the future of web 3?
As I have said before, I believe NFTs are currently being treated too much like investable assets, where they should be treated like passes or memberships into communities. Some of the best performing NFTs have come from great communities who are building together like, Crypto Packaged Goods, Proof XYZ, and LinksDAO.
These communities flourish under meetups; all 3 of them are having IRL meetups in New York next week, and 2 out of 3 are using Tokenproof!
As the NFT landscape shifts toward the membership pass-type utilization, Tokenproof stands to be the #1 ticket provider throughout the entire NFT landscape for IRL events. Beyond that, there is plenty of innovation that can still happen within the NFT landscape. For example, I know the CPG event only had 120 or so tickets while there are 2700+ NFTs, this creates a massive opportunity for a secondary marketplace where users can sell their tickets if they can’t go.
Beyond this, ticketing itself has always been a broken system with massive fees on secondary markets where none of the fees are going back to the performer. My favorite piece about NFT ticketing comes from LeewayHertz and he does an excellent breakdown, read more below.
The opportunity for an NFT ticketing-based platform is huge, and I think Tokenproof could lead the way in this market if they wanted to.
Tokenproof is allowing people to unlock new experiences through their NFTs and they will be a staple in this industry for the coming years. The way they have built out a beautiful and functional product makes me even more impressed with the team. They are the chosen partner of many top-tier crypto communities and it will be exciting to watch their product updates and traction for years to come.
Cheers and have a great rest of your week!