Web3 and its use cases in events

On a small or large scale, in business or in the private sector, the forms that the event sector takes are many and varied. Technology is at the heart of this industry and affects the way we communicate or organize. It is therefore not surprising that an innovation like Web3 is a major challenge in the development of this sector. Web3, meanwhile, is the digital revolution underway. Its special character is undoubtedly its disruptive aspect. The whole world vibrates to the rhythm of the Internet’s progress, events are no exception.

NFT Paris is a perfect example to illustrate this phenomenon. This is a major meeting of the crypto ecosystem that will take place in February 2022 at an emblematic place of French culture, the Grand Palais Éphémère. This conference combines Web3 innovation and events in a remarkable way. Furthermore, there are many applications in this area. Let’s see all this in more detail.

Overview of the event sector

According to Allied Market Research, in their study of the events industry, the market was valued at $886.9 billion in 2020. The market is also expected to reach $2,194.4 billion in 2028, with a growth rate estimated at 13.48% between 2021 and 2028.

One of the distinguishing features of the events sector is probably its interdisciplinary and transversal aspect. The event is at the intersection of multiple skills.

Therefore, it is a dense industry with multisectoral ramifications. It thus includes concerts, festivals, sporting events, exhibitions and conferences, corporate events and seminars and many more. The projections by event type are as follows:

Events Industry Market
Source: Allied Market Research

Contrary to popular belief, seminars and corporate events have the biggest share of the pie. They occupy the top of the podium, after which we find sporting events and concerts.

Although the pandemic is significantly slowing down the industry, it has democratized the use of digital. To this 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 first, 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 the decentralization of information.

We cannot mention Web3 without referring to the various developments from which it originates. These include Web 1.0, which presented static information, and Web 2.0, which we currently use. The latter is focused on interactions and has also changed the way we communicate and consume via social media.

Although Web3 is still in its infancy, there is a consensus to define it as the third generation of the Internet. It is actually the promise of a decentralized web where internet users have power over their personal data. In other words, Web3 is the guarantee for a disintermediation of exchanges.

The world of tomorrow in Web3

It is through the various innovations of Web3 that we better understand its impact. These are mainly artificial intelligence, semantic web and blockchain.

artificial intelligence promotes the personalization of the web experience through more efficient data management.

The Semantic Web meanwhile, it optimizes the search for information by allowing machines to integrate the meaning of words and phrases.

Blockchain is probably one of the Web3 innovations that has caused the most ink to flow. Its derivatives, such as cryptocurrencies, are being adopted by an ever-widening audience. The decentralization of exchanges inherent in blockchain breaks the codes of the event.

In the era of the event 3.0

Of all the contributions of Web3 to events, blockchain is surely the most edifying. This technology makes it possible to disrupt the sector at different levels, as is the case for NFT Paris, where non-fungible tokens or NFTs are in the spotlight.

Blockchain as a tool to help the organization

Organizing an event requires exceptional planning skills. You must use several providers at the same time. For example, for holding a trade fair, there is maintenance, audiovisual services, catering, etc.

The benefit 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.

Specifically, an event can be managed through a smart contract, which includes terms and conditions of execution for each service provider. Evedo (EVED) offers an all-in-one solution for event management.

Blockchain ticket optimization

There are generally three types of tickets: physical, electronic or digital/dematerialized. The advent of the web popularized the third type. This new type of purchase makes it possible to get tickets in advance, sometimes at favorable prices.

Ticket sales are therefore an important aspect when organizing an event with the predominant use of the Internet. To illustrate, let’s recall the fiasco during the last Champions League final last May. Thousands of counterfeit notes in circulation contributed to the chaotic climate around the Stade de France. Thanks to the NFT technology, these problems could have been avoided.

According to a study by market analysis expert Mordor Intelligencewas the online ticketing market estimated at $28.9 billion in 2021. It should reach $94.92 billion in 2027 for a growth rate of 7.52%.

Blockchain thus presents itself as an effective solution for ticket sales. She protects her from the black market, where fraud rules with an iron fist. By creating a nominative digital ticket where the identity is registered, the blockchain secures the sale of tickets. In addition, all ticket history is traceable. Therefore, the ticket is indestructible and cannot be duplicated.

Several Web3 players have already entered the field. This is the case with Aventus or BitTicket, who want to make tickets more secure thanks to blockchain.

An immersive experience of events thanks to the metaverse

The metaverse has enormous potential. Moreover, one only has to look at Facebook’s new strategy, now Meta, in its favor to understand the scope of this technology’s efforts.

Combining avatars, goods and personal spaces, this virtual venue breaks down the constraints of borders. Wherever you are, virtual reality is available to you. In this, you no longer have to travel miles to see this new model of sneakers or your favorite artist in concert.

In addition, companies like RLTY work to organize events in the metaverse. In particular, to his credit is the Metaverse Summit, which took place last July.

In addition, major brands have already taken the leap. In this case, Gucci stood out as part of a 10-day event on Roblox. It was an opportunity to celebrate the release of the artist Achille Lauro’s latest album. For this, three virtual concerts were organized in February 2022.

The other striking example is Warner Music Group. The record giant has launched a theme park dedicated to this area. The group has entered into partnerships with The Sandbox (SAND), Splinterlands (SPS) and will be able to produce artists on virtual stages.

NFTs for more engaged participants

Blockchain has several uses, including NFTs. They are powerful communication tools that allow a direct channel between companies or creators and their communities.

Thanks to NFTs, participants benefit from exclusive experiences within the framework of an event, such as VIP access to a concert, or even benefits during a fair, such as unlimited access for the duration of the fair.

The possibilities are therefore almost endless in Web3. Gone are the days of a pen and a notebook for event attendees, and now they have access to exclusive content that multiplies their experience tenfold.

In this sense, NFTs are a real added value. In addition, they also make it possible to ensure follow-up to an event using the Proof-of-Attendance Protocol (POAP), or proof of presence at an event.

It is a certificate of participation represented in the form of an NFT. Specifically, they are ERC-721 tokens based on Ethereum. It is very useful for conferences, educational programs or even concerts.

Participants can thus keep them in their wallets as souvenirs. Since they are collectibles, it is not out of the question that these NFTs will increase in value.

In addition, event attendees can receive NFT when purchasing their tickets or event-related items such as art. Holders of these NFTs have the opportunity to monetize them subsequently.

We especially remember Dom Pérignon and his pop-up shop in collaboration with Lady Gaga. The LVMH brand allowed its customers to get an NFT and a bottle against the purchase of an NFT in 2021. Recently, Prada launched a collection of 100 NFTs on the occasion of the issue of its article Timecapsule last June. The purchase of a shirt designed with the artist Cassius Hirst was eligible for an NFT.

To conclude

The Covid-19 pandemic has accelerated the adoption of Web3 in events. The inauguration of virtual events has opened up new opportunities for this sector, the boundaries of which are still unexplored. In fact, the spectrum it covers is much wider. Web 3.0 also offers the advantage that it is still in its infancy. For now, blockchain, metaverse and the NFTs are in pole position when the term Web3 is mentioned in events. The technology thus redefines the codes of the sector. A few players have decided to respond to the challenges of our digital age. This is the case for the sports, music and luxury industries, which are at the forefront of the digital event revolution. If you also want to dive into this new era, you can start by getting your tickets to the event NFT betting.

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The Cointribune Editorial Board

The Cointribune editorial team unites their voices to express themselves on topics specific to cryptocurrencies, investments, the metaverse and NFTs, while striving to best answer your questions.

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