In our last article, we discussed some creative ways brands use NFTs to establish their brand identity further. We looked at some projects we accomplished with our partners, which again showed us how technology can bridge Web2 and Web3, and it is what we at RE:DREAMER aim to achieve.
At RE:DREAMER, we strive to connect NFTs to real world experiences, rewards, and physical goods. We provide an innovative modular redeem protocol that validates and authorizes exchanges between blockchains and mainstream systems. In short, we aim to revolutionize the trading of digital and physical assets, opening up cross-brand collaborations to drive community engagement and business growth.
In this piece, we will discuss how digital items can be transformed into tangible offerings, while toying with some new ideas that might be in the future of NFTs.
Event tickets & passes
ASMeiR was the first NFT project that “Queen of Pop” A-Mei issued for her concerts. The NFTs were generated in real-time by combining the result of an online interactive ASMR and generative art. Concert-goers can mint her NFT for free on the website. By issuing NFTs on the Tezos chain, which significantly reduces the cost of transaction fees, organizers offer an excellent opportunity for fans to get started in the world of NFTs.
Free ASMeiR NFT redeemed with A-Mei’s concert ticket
The minting process of this particular NFT was designed so that only actual concert-goers could redeem it (they would need the sequence number on the physical ticket and a secret number provided on the day of the concert). Even though it was not designed as the concert ticket itself, it opened up possibilities as to how NFTs could function if they were tickets:
Prevent ticket scalping
Due to data transparency in blockchains, when event tickets are circulated on the market as NFTs, any unusual ticket hoarding or trading can be detected instantly. Price fluctuations can also be monitored, which is convenient for comparing prices. You can collect the ticket instantly on the chain — it will be difficult for scalpers to sell tickets at ridiculous prices at the gate in the future. To take it further, sellers can limit the transaction sum on the ticket’s smart contract to prevent scalpers from raising the price astronomically.
Collection value
If an event is iconic or significant, such as the first iPhone launch by Steve Jobs in 2007 (if there were NFT tickets back then), can you imagine how much the ticket would be worth now?
The design of a ticket (perhaps created by a famous artist or celebrity), long-term Utility NFTs, investment, etc., will also increase the collectible’s value.
Secondary income
Concert organizers can earn “secondary income” in two ways: the profit made from tickets pre-event, and collection value post-event. Both can help generate secondary income for the organizers through the NFT royalty system*.
*Royalty system: Project owners can continuously receive a percentage of the sale price each time your NFT is sold on a marketplace. For example, if John spends 1ETH minting an NFT on The REMADE’s site and sells it to Jane for 2ETH, The REMADE would receive a percentage of the 2ETH, which means John would not receive the full 2ETH. When Jane is ready to sell the NFT, she would also be required to pay royalties. The project owner can set the royalty percentage in the NFT smart contract. It currently ranges from 5% to 30%.
The tickets may be a fixed price, but circulation within the secondary market allows for free-market mechanics. For example, organizers might unexpectedly announce a renowned guest to appear in a specific show, which would increase the value of the ticket. Ticket holders might consider selling their tickets for profit. Organizers could receive another royalty when the transaction is made, creating multiple incomes from one ticket way before the show even begins.
Imagine if a ticket holds collection value, it would be continuously traded within the secondary market. Therefore organizers could receive royalty again and again.
Earning points
Humans love to collect. People are especially likely to flock towards it when there is instant gratification. Imagine if the organizer announces, “If you collect three tickets, we will airdrop a fourth NFT.” It would’ve been difficult to receive rewards like this in the past with physical tickets, but it can be easily done with NFTs, once again raising the value of old tickets with more and more transactions.
Rakuten Monkey NFT Club x RE:DREAMER
Launched by the Rakuten Monkey Baseball team, the NFT club aims to deepen fan relationships. While the NFTs are collectibles and can unlock various rewards, a partnership with us opens a new avenue of experience. Smart vending machines embedded with RE:DREAMER protocol allow holders to scan the NFT and redeem Rakuten merchandise. This collaboration created a new incentive for game-going by offering a different engagement experience — imagine supporting your favorite cheerleader by buying their NFT!
Crowdfunding
Crowdfunding platforms usually offer early birds a cheaper or limited edition product. Once it’s shipped, it merely becomes a transactional relationship.
Buying a Utility NFT can be perceived as participating in Web3 crowdfunding, because what you’re purchasing is a commodity, a service or even a vision that will be delivered in the future.
Bringing the concept of OG collectors to NFT crowdfunding project would mean giving early birds an exclusive status and allowing them to own long-term benefits of a brand, such as options to attend new product launches, discounted rates on consumable goods, or a right to share profits, etc. The reason why we used the words “options” and “rights” is because you already have certain privileges when you own OG NFTs, even if the owner is no longer the original owner. Therefore, this creates a secondary trading market for a particular NFT, and royalties from ongoing transactions also provide the motivation (and restriction) for brands to continue their operations.
Educational purposes
We’ve been thinking about the possibilities of NFT application within our education system if we put the entire compulsory education process on-chain. First-grade students could obtain a “learner account” as soon as they start school, get a POAP (Proof of Attendance Protocol) once they finish a course, and get an NFT certificate when they pass an exam. After each milestone, the data would be automatically uploaded onto the blockchain, making it easier to look up and integrate information across cities, schools, and even countries.
For example, a seventh-grade teacher could look up a transfer student’s courses in their previous school (through NFT or POAP). University admission officers reviewing applications could also identify applicants’ education and activities, assuring it couldn’t be faked. The Ministry of Education or people interested in our current education system could instantly obtain on-chain information and produce all sorts of graphs and statistics. The same approach could be applied to the job market, academic research, etc.
These are only a few ideas of what the future of NFTs might hold, though it is undeniable how greatly it could impact our realities. At this point, we must ready ourselves to join the ecosystem, which is where RE:DREAMER comes in.
If you’re curious about how blockchains and NFTs will influence our future, don’t forget to stay tuned to learn more and leave us a comment!
About RE:DREAMER
Enable anyone to do phygital business anywhere! Re:DREAMER bridges Web2 and Web3 with payment-like API/SDK, connecting NFTs to real world experiences, rewards, and physical goods to drive community and business growth.