Events get NFT tickets: Belong joins Cointelegraph Accelerator

Belong, an app providing token-gated access to events, content and physical doors, has become the latest participant of Cointelegraph Accelerator.

The event industry, vital for fostering connections, culture and education, faces ongoing challenges that impact its efficacy and reputation. Issues like ticket fraud remain to be solved while ticket-related scams double in 2023.

Another pressing challenge is the struggle to cultivate meaningful engagement with attendees. In an era where digital interaction and content consumption habits are rapidly surpassing traditional alternatives, many events fail to capture and sustain the attention of their audiences. This engagement deficit is particularly evident in the difficulty of creating compelling pre-event anticipation, maintaining live interaction and extending the conversation post-event.

Digital consumption is expected to nearly double traditional consumption by 2025. Source: Statista

Compounding these issues is the inefficiency embedded within traditional ticketing systems, often marked by a lack of flexibility and slow response times, as highlighted by Vox. The result is a frustrating experience for users, characterized by cumbersome purchasing processes, entry delays and a one-size-fits-all approach that fails to meet the diverse needs of today’s event-goers.

The integration of blockchain technology could solve traditional ticketing problems by speeding up response times, enhancing flexibility and offering personalized experiences.

Giving NFTs main-stage access with token-gating

Belong, an app that provides access to events, conferences and content utilizing token-gating, introduces a solution that leverages the power of nonfungible tokens (NFTs) to reimagine access to a wide array of experiences. Belong’s approach introduces token-gated access, a mechanism where event organizers can sell NFT passes (for both fiat and crypto) that serve as keys to various exclusive offerings.

NFTs grant users access to online content and physical events in token gating. Source: Belong

Organizers can issue these passes as NFT tickets, providing a verifiable solution that curbs ticket fraud and unauthorized duplication, as blockchain’s inherent transparency and immutability ensure that each ticket is unique and non-replicable. It also reduces the risk of counterfeit tickets infiltrating the market, restoring trust and confidence among participants and organizers.

NFT tickets to enhance social engagement

Beyond bolstering security, Belong’s platform amplifies attendee engagement by integrating features such as private chat rooms, personalized event schedules and community connectivity, fostering a sense of belonging among event-goers. Belong’s social features provide engagement beyond the event’s physical and digital boundaries, creating an interactive participant experience that traditional ticketing systems have struggled to provide.

Belong streamlines the entry process for physical events with NFTs. Source: Belong

For organizers, Belong imposes a minimal 2% fee on ticket sales, enabling instant payouts and fundraising opportunities. Tokenized access also enables increased profitability through royalties from secondary sales, data for enhanced marketing efforts, loyalty rewards and the seamless integration of modern technology.

Belong joins Cointelegraph Accelerator

Belong has joined the ranks of the Cointelegraph Accelerator program, a catalyst designed to boost promising Web3 startups using Cointelegraph’s extensive media reach. The decision to include Belong in the program was driven by the app’s innovative solution to challenges plaguing an industry projected to reach $2 trillion by 2028.

Currently accessible on iOS and the web, Belong plans to expand to Android. The platform displays 50% month-over-month growth and has already garnered 20,000 users and over 1,000 communities. Belong aims to replace conventional keys, tickets and memberships with unforgeable, social and collectible NFTs that reward creators and cut out speculators.