For Variety VIP+ subscribers: A guest column on how Web3 tokens can bring novel forms of value to fandom
Web3 tokens offer novel ways to verify and reward fans — and in turn build robust, highly engaged fan communities and loyalty or incentive programs., bots often buy up tickets then sell them on secondary marketplaces at a markup. Verifying tickets through Web3 services and blockchain-based transaction tracking can help to mitigate this problem by issuing ticket purchasers verified credentials to prove they’re real buyers, not bots.
For example, to get early access to tickets to an event, a vendor’s criteria could ask fans to prove prior engagement with a performer, such as having listened to an artist on Spotify or followed them on social media. Then fans signs into their social accounts via the verification service, which checks that they meet the criteria before issuing the credential that allows them to purchase a ticket early.
Once a fan has a verified credential, it can act as a trusted, universal identifier, acceptable online by various stakeholders’, venues or brand partners. This also means brand partnerships could be spun up easily, without building integrations. Tokenized fan credentials would not only be able to prove someone’s status as a fan but potentially allow them to receive additional value for being one. Tokens can enable any number and type of what’s commonly referred to as “token-gated” digital experiences, meaning consumers present their token to unlock something of value.
Membership tokens could also be issued for entry to fan clubs, communities, unique digital experiences, discounts or rewards provided by partners — or even channels for direct access to stars. For example, the band Avenged Sevenfold
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