In the last few months, we have witnessed crazy hype around Non-Fungible Tokens (NFTs). While NFTs were initially seen as digital images of apes and pixelated avatars, NFTs are much more than that. Other than image NFTs we can use as profile pictures (PFPs), there exist music NFTs, video NFTs, collectible NFTs, and finally, the renowned game-based NFTs.
But the growth of NFTs doesn’t stop there. With the rise of the metaverse and virtual events, NFTs are gaining traction again. NFTs are en route to disrupting the online virtual events ecosystem.
In this article, we will talk about how NFTs can be merged with virtual events.
How NFTs Can Be Merged With Virtual Events
Since NFTs have a variety of use cases, they can be merged with virtual events in multiple ways. Some of the most prominent use cases of NFTs in virtual events include
Since NFTs are non-fungible, they cannot be duplicated on-chain; they become the ideal tickets for virtual events. Events can create non-transferable tickets that provide security and create event hype. Different NFTs can be clubbed as ticketing tiers, offering users different levels of rewards. These NFT tickets can also be clubbed with premium offerings.
Merchandise And Collectibles
With the increased penetration of brands, NFT-based merchandise and collectibles of real-world items can be a great way to merge them with virtual events. Imagine going to a Taylor Swift concert and getting an NFT t-shirt as memorabilia. Moreover, these NFTs can also be paired with real-world items, making the overall experience even better. Non-transferrable NFT-based collectibles can also be used to create longer retention for brands and events.
Participation NFTs are a common and effective way to add NFTs to online virtual events. These participation NFTs can be non-transferrable, creating digital mementos. We are already seeing many such participation NFTs, the biggest example of which is POAP, which terms itself as a gift from an issuer to collectors in celebration of a special shared memory.
Another great way to add NFTs to virtual events is by allowing users to customize their avatars and enabling them to add NFT-based outfits. Users can get certain customization options through their ticketing tier, and the rest can be purchased. This also allows events to add another revenue model via NFTs.
NFTs can be used for gamification of the event. Users can participate in lucky draws, games, and more competitions throughout the events, at the end of which they can win NFT-based rewards. With gamification, you can also drive more engagement towards your event, resulting in an overall favorable experience.
VRJAM — The Multiverse Platform For Creators
VRJAM is changing the future of virtual events through NFTs. The platform connects artists, labels, venues, and viewers. Built to enable artists to monetize their work while leveraging NFTs and the metaverse, VRJAM also offers brands and venues to be a part of the virtual event ecosystem.
Taking NFTs to the next level, VRJAM combines digital humans, online events, and NFTs. The platform offers exciting features such as event playback to relive an event, NFT rentals to earn rewards, and the VRLife mission to help solve the climate crisis. The platform and its feature can be used through VRJAM Coin, the platform’s native token. Artists, creators, and record labels that join the platform’s content guild will receive an initial allocation of the VRJAM coin, providing them a foundation for initial monetary support on the platform.
The closed beta of VRJAM is already live, with weekly events being hosted to showcase the top features of the platform. It might be safe to say, VRJAM is the ideal platform for creators, platform owners, and brands to create inspiring immersive experiences that get etched in the attendees’ minds.
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