Belong: Revolutionizing Event Access with Blockchain Technology and NFTs
Summary:
Belong, an innovative event access app, uses token-gating to provide unique solutions to prevalent event industry issues such as ticket fraud, slow response times, and the struggle with attendee engagement. Powered by non-fungible tokens (NFTs), Belong creates a secure and flexible ticketing system, enhancing user engagement and fostering a more personalized experience. The app, which shows promising growth, has joined the Cointelegraph Accelerator program aimed at boosting Web3 startups.
The event sector, an essential pillar for social connections, culture, and education, battles persistent obstacles affecting its effectiveness and standing. Unresolved facets like ticket counterfeiting and a doubling of ticket scams in 2023 continue to plague the industry. Additionally, fostering authentic interactions with participants is proving challenging. As digital engagement and content consumption habits outpace conventional methods, many events struggle to hold and keep their audiences’ interest. This engagement gap is most noticeable when stimulating pre-event excitement, preserving real-time interaction, and prolonging discussions post-event.
Forecasts suggest digital consumption will outstrip traditional consumption nearly two-fold by 2025, as per Statista. Compounding these concerns is the inherent inefficiency within conventional ticketing systems, often plagued with inflexibility and sluggishness, as pointed out by Vox. The outcome is user dissatisfaction, typified by complex buying processes, entrance holdups, and a one-size-fits-all model that cannot meet the varied needs of present-day spectators.
Adopting blockchain technology could provide a remedy to outdated ticketing issues by accelerating response times, boosting flexibility, and creating customized experiences.
Belong, an application that gives its users entry to events, conferences, and content using token-gating, brings forward a solution that harnesses the potential of nonfungible tokens (NFTs) to revolutionize access to different experiences. The approach adopted by Belong introduces token-gated access, wherein event planners can offer NFT passes, which can be bought with either fiat or crypto, to unlock various exclusive offerings.
Event organizers can distribute these passes as NFT tickets, furnishing a verifiable answer to ticket scams and unauthorized replication— thanks to blockchain’s intrinsic clarity and permanence. The technology makes every ticket unique and impossible to counterfeit. The approach mitigates the threat of fake tickets entering the market, reinstating trust and assurance among attendees and organizers.
Beyond enhancing security, Belong’s platform promotes attendee engagement by incorporating attributes such as private chat forums, tailored event agendas and uniting communities, fostering a sense of inclusion among spectators. Belong's features extend engagement past the physical or digital scope of the event, providing an immersive experience that traditional systems struggle to deliver.
For event planners, Belong imposes a nominal 2% fee on ticket transactions, which allows instantaneous payouts and fundraising possibilities. Token-based access also promises increased gains via royalties from secondary sales, marketing data, loyalty bonuses, and the smooth integration of up-to-date technology.
Belong has entered the Cointelegraph Accelerator program, a platform purposed to propel promising Web3 startups using Cointelegraph’s broad media influence. The program’s decision to accept Belong was motivated by the application’s novel solution to the complex issues burdening an industry projected to hit $2 trillion by 2028.
Belong, presently available on iOS and online, aspires to extend its reach to Android. The platform registers a 50% month-to-month growth, and has already accumulated 20,000 users and over 1,000 communities. Belong aims to swap traditional keys, tickets, and memberships with non-counterfeit, interactive, and collectible NFTs that benefit creators while eliminating speculators.
Discover more about Belong.
Published At
2/19/2024 5:30:00 PM
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