Web3 has radically changed the way we have known entertainment and socialization. It capitalizes on NFTs, cryptocurrencies, AR, VR, and AI-enabled environments to shrink the world into our palms. NFT events, although relatively new to the market, have played a key role in uncovering the potential of these emerging technologies to the masses.
In this article, we analyze the relevance of NFT events and how they are set to gain momentum in the coming years. But before that, let’s get the basics right.
What are NFT events
NFT events are virtual or real-world events that are only accessible using NFT passes. As you know, NFTs are known for their immutable record of transactions. They bring more transparency to events by eliminating the loss of revenue from resale and scalping. All NFT ticket transactions are recorded on the blockchain.
Unlike traditional tickets, they can’t be transferred more than a few times if the smart contract says so. It limits secondary ticket sales and gives more control to event organizers and the audience. While NFT events can be prone to the ups and downs in gas fees, the problem can be resolved to a great extent by using layer-2 solutions or energy-efficient blockchains.
A closer look at the best NFT platforms for exclusive events
Here’s our detailed review of the above-listed projects based on their vision, market relevance, core features, and project execution. Let’s dive in!
Cocky – Overall best platform for exclusive musical events
Cocky secures the first position on our top list for its unique vision and value propositions that can potentially revolutionize the music industry. Cocky can be best referred to as a lifestyle club that offers exclusive access to world-class music events. It gives NFT holders unique experiences that money can’t buy – but only ownership can.
Virtual and real events
The key distinguishing feature of Cocky is that it expands the utility of NFTs beyond virtual events. It integrates the advantages that come with NFT passes to real-world events as well. While virtual events mostly occupy Cocky’s schedule, you can attend two to four in-person musical events every year using Cocky NFTs. The virtual events are published as live streams, exclusively accessible to NFT holders.
Cocky events solely focus on electronic music. The virtual events are immersive, and the event locations are carefully picked so that the audience has a second-to-none experience.
Another interesting factor that sets Cocky apart is its choice of unconventional venues. The theme and ambiance of each event take inspiration from the landscape, history, and culture of the locations.
Due to the geographical and event capacity restraints, the team has created a system to make sure all holders have a chance to access the events. However, the volume of tickets issued depends on the location and venue capacity, so Cocky holders must register their interest early.
If a holder receives a ticket and cannot attend, they have the opportunity to sell their ticket on their custom-built, second-hand market. Only Cocky Token holders are eligible to purchase a ticket on the second-hand market – providing holders with additional utility.
Cocky features a randomly-assigned tier system that gives NFT holders access to a range of perks and privileges. For example, your tiers may get you subsidized transport, accommodation, additional invitations, bar tabs, exclusive merchandise, and more.
Cocky introduces a unique feature called mutations, which are activated by attending events hosted by the platform and engaging with the ecosystem. They can be compared to stamps that you collect on your passport as you travel internationally.
As a Cocky NFT holder, you have the opportunity to register your interest in events hosted by Cocky. However, the volume of tickets issued depends on the event location and venue capacity. This essentially means that Cocky NFTs don’t guarantee access to all in-person events.
The project’s goal is to steadily build a global community that has access to exclusive experiences that we can’t put a price on.
What we like
- Expands the utility of NFTs to real-world events
- Musical events in the metaverse
- Second-hand ticket market for Cocky Token holders
- Immersive experiences
- NFT mutations
- Focus on the geography, culture, and history of venues
- A long-term, realistic vision
Decentraland – Where brands meet virtual audience
Decentraland needs no introduction. It is one of the earliest projects to popularize the idea of the metaverse and virtual events. Over the years, the pioneering metaverse platform has hosted an array of virtual events ranging from live music concerts to conferences and fashion shows.
In fact, Decentraland was the venue for the world’s first metaverse fashion week, held in March 2022. The glittering event marked a major milestone for both the fashion and Web3 industries. Although held virtual, it had it all, including shows, presentations, public talks, and DJ parties.
Decentralized is a virtual social media platform that runs on the Ethereum blockchain. The platform gained popularity during the pandemic as everyone was shut inside their houses with little to no opportunity to get outside. This was also when (probably for the first time) the music, sports, and allied performance industries had a hard time getting their business moving. A significant share of their revenue comes from the sale of tickets. When the government wouldn’t allow you to open stadiums, theaters, and concert halls, how do you stay relevant?
Decentraland offered a great solution by allowing brands, clubs, and bands to host their performances virtually. For example, Tennis Australia partnered with Decentraland early this year in January to host the Australian Open (AO), which marked the first official tennis grand slam in the Metaverse.
The event featured a virtual recreation of Melbourne Park, including the Rod Laver Arena and Grand Slam Park. Interestingly, it offered exclusive content for virtual visitors, like behind-the-scenes footage from over 300 cameras around Melbourne Park. The move went a long way in driving more attention to the platform and creating exposure around virtual events.
You can check out the upcoming events on Decentraland from the official website. It also has a fast-growing Discord community channel where moderators share information about the latest events. Decentraland’s head start and the massive exposure that it has built over a short space of time make it one of the best platforms for exclusive events.
However, the cost of transactions and metaverse tokens (MANA) raise the barrier to entry. If Decentraland doesn’t take an active initiative to make the platform accessible for more users, it is likely to phase out in the coming years.
What we like
- Pioneering vision
- Brand and business collaborations
- Tools and resources
The Sandbox – Virtual events in a few clicks
The Sandbox is the next popular metaverse destination for virtual events. The Sandbox, launched as a simple gaming platform in 2012, has evolved over the years to integrate the latest technologies. After the brand was acquired by Animoca Brands in 2018, it integrated blockchain, cryptocurrencies, and NFTs to feature a 3D open-world game.
The platform’s latest initiatives are aimed at turning it into a virtual world. For example, Sandbox recently partnered with RLTY (metaverse events company) to integrate its toolkit and event architecture. It will allow brands, artists, and businesses to launch virtual events in The Sandbox in a few clicks. The goal is to use the suite of event-building tools and architecture from both brands to create immersive experiences for communities.
For this, RLTY has bought a 6×6 plot of LAND on The Sandbox, which will host an array of events like festival celebrations, art exhibitions, conferences, fashion shows, and more. As more features and functionalities enter The Sandbox, it will empower brands to take their dive into Web3 and host virtual experiences for communities.
There is a lot underway, including NFT tickets, sales and distribution, access control, Web3 marketing tools, NFT monetization tools, and more. The key distinguishing feature of the platform is its focus on customization, rather than ready-made events. However, The Sandbox largely remains a gaming platform. We can’t predict how its diversification to NFT events and social experiences will impact the gaming developments.
What we like
- Gaming events
- Global partnerships and collaborations
- Robust infrastructure
Metaverse Club – 3D online metaverse events
The next popular NFT event platform we introduce to you is Metaverse Club. It hosts business, investment, technology, and Web3 conferences for a global audience. Metaverse Club recently hosted the much-acclaimed Asia Metaverse Conference 2022 which raised awareness about the importance of new educational and interactive metaverse initiatives.
The upcoming event from the Metaverse Club is Global Metaverse Carnival 2022. It is scheduled for later this year and expects more than 2000 participants from around the world. It will host brands, tech companies, investors, Web3 projects, journalists, and other service providers from Asia, North and South America, Europe, Oceania, and Africa.
The central goal of the event is to discuss important events that have happened in the sector in the second half of 2022. The topics covered include policies and regulations, investments, solutions, and networking. As expected, Metaverse Club focuses on hosting events virtually that users can access using their unique digital avatars.
In the current scenario, Metaverse Club is at the forefront of taking global metaverse initiatives from a business and investment aspect. However, its lack of focus on entertainment makes it less appealing to the masses.
What we like
- Investment, technology, and Web3 conferences
- Global audience
GUTS Tickets – Promising NFT ticketing platform
We wrap up this list with GUTS, an NFT ticketing platform that provides an efficient solution to tackle unfair secondary market prices and ticket fraud. To make things interesting, digital tickets issued by GUTS are integrated with perks and privileges for participants as well as organizers. The platform runs on the GET protocol (Guaranteed Entrance Protocol).
GUTS aims to enable the creation and validation of any type of ticket. Let’s say you are an event organizer. The platform allows you to create digital smart tickets for several channels on the primary market. Later, if a participant chooses not to attend the event, she can resell it on a controlled secondary market. Since the transactions are recorded on the blockchain, the chances of fraud are mitigated. Moreover, the tickets show real-time data regarding ownership and activities.
The app is available for download on Google Play and App Store.
What we like
- Inventive use case of NFTs
- Fraud mitigation
- Virtual and real-world NFT events
Why NFT events
NFT events solve some long-standing problems faced by event organizers and participants. Highly anticipated events, whether online or offline, are often hijacked by secondary market sellers. This leads to a dramatic surge in secondary market prices. Fans without a fortune to spare end up not getting into the events. The issue has to be addressed if artists, performers, and event organizers are to maintain a healthy community.
Luckily, NFTs offer an excellent solution tapping into the trustless, transparent nature of blockchain technology. As you learned from the above projects, NFT events are not limited to virtual platforms. They have a broader vision to democratize event organization and participation.
We took you through some of the most promising platforms dedicated to NFT events, analyzing their unique visions and core features. While projects like Decentraland and The Sandbox have an obvious head start in the industry, their broad approach to the metaverse limits the scope of expansion to NFT events. Metaverse Club, on the other hand, focuses only on 3D online business events. GUTS tickets stand apart with a unique vision to bring more transparency to event ticketing.
But if you’re looking for the best NFT project dedicated to exclusive events, it is Cocky. Despite its bizarre name, the platform puts forward some compelling value propositions that can modernize the music performance industry. The exclusive club has the potential to penetrate the masses in the coming years with immersive musical events.