Blockchain Makes Its Broadway Debut: Now It’s Easier Than Ever to Buy Tickets at Blockchain

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2. Blockchain Makes Its Broadway Debut: Now It’s Easier Than Ever to Buy Tickets

Theatrical productions on Broadway are some of the best in the world because they illustrate unmatched talent, address historical events and social issues, and evoke powerful emotions that create persistent memories, so it’s definitely worth going when visiting New York City. Securing coveted seats to the latest musicals, plays, and other live shows can be tricky. Still, with a bit of planning, it’s more accessible than ever to get Broadway tickets and take full advantage of what NYC’s stages have to offer. 

There’s growing interest in leveraging blockchain technology in live theater, one of the oldest and purest forms of entertainment. The Shubert Organization, which owns and operates 17 Broadway theaters, 6 off-Broadway venues, and the Forrest Theatre in Philadelphia, is giving the groundbreaking technology a try to enhance the ticket-buying experience for millions of fans and spread the joy of live entertainment. If the show you want to see is a big hit, book online in advance to find excellent seats. 

The Shubert Organization, Together with True Tickets, Reshapes Access and Experience 

Buying tickets for a live performance on Broadway involves unnecessary drama. The interest in Broadway shows and the prestige of some theatrical productions creates a high demand for tickets that aren’t sent until closer to the performance date. Theaters have a fixed number of seats, meaning supply can’t increase. And finally, staging a Broadway show involves many costs (cast, crew, theater rental, scenery, lighting, costumes, etc.), so ticket prices won’t ever get cheaper. It’s no wonder some of the industry’s most prominent players are looking for ways to improve the ticketing experience. 

Ticket scams are rare, but they exist, so buying Broadway tickets on secondary marketplaces isn’t a good idea because no one can guarantee the experience will be fraud-free. Where you buy matters because it can make the difference between sitting the show out and giving a standing ovation, so never purchase from unofficial sites or scalpers on the street (or near the venue). Blockchain technology can eliminate the fraud associated with ticket resales by facilitating real-time monitoring by offering access to transaction records across the network. 

The Shubert Organization joined forces with True Tickets, which supplies digital customizable rights management for contactless digital tickets, to bring secure mobile ticket delivery to Broadway. True Tickets’ platform is built on the IBM blockchain, which provides real-time visibility into the movement of goods across the supply chain. The ticketing service integrates into the Shubert Organization’s operation, including Telecharge, Broadway Inbound, and many other distribution partners. If you want to get the tickets on time, True Tickets delivers them right to your phone – there’s no waiting in line.

The Spotlight on Blockchain Technology: How It Can Help Broadway Shine 

Broadway, renowned for its dazzling performances and captivating storytelling, sees a lot of innovation. The integration of blockchain technology opens up new avenues for the industry, providing seemingly infinite possibilities in terms of scale, audience development, and artist innovation, and the impact could be much larger than we thought. The blockchain is tamper-proof because it’s decentralized, so it guarantees that once a ticket is made available, it can’t be duplicated or manipulated. Plus, it guarantees access to events at a lower cost, with monetary benefits to the original creators and contributors to the event. 

NFTs Can Be Used to Solve Some of The Ticket Problems 

Standard ticketing systems pose challenges, such as inconvenience, the lack of personal interaction, and the perception of inefficiency, so NFTs can be developed to mitigate the risk of counterfeiting and double-booking and ensure revenue opportunities. Creating Broadway tickets as NFTs warrants every ticket is unique, can’t be reproduced, and provides access to add-ons (e.g., discounted ticket prices or the first choice of seats). While Ethereum is a great place to start, Bitcoin offers a means for creating NFTs via Ordinal Inscriptions, where data is inscribed within the network. The Ordinals Magic Eden marketplace allows those interested to browse, find, and buy NFTs. 

Information is stored and managed on the blockchain, ensuring greater permanence and reducing the risk of relying on external links. A maximum price can be set to eliminate the temptation to purchase as many tickets as possible at face value and resell them for maximum profit on secondary marketplaces. Bitcoin Ordinals are one-of-a-kind, so they can’t be traded with any other NFT or cryptocurrency and can be designed to offer post-event utilities, such as discounts or exclusive offers for the next Broadway show. Once inscribed on the blockchain, they can’t be edited or deleted. 

Digital Collectibles Can Unlock the Magic of Live Theatre 

On occasion, tickets can act as digital memorabilia as they hold lots of nostalgia and are easy to show off, so just as collectors store mementos in scrapbooks, photo albums, or show boxes, NFT collectors can store their collectibles in a digital wallet. Blockchain technology can help create a more sustainable future for live theater that benefits everyone fairly. If you want to get your hands on a piece of your favorite show and build a stronger connection with the artists you love, start collecting NFTs – browse and find unique virtual items to make yours.  

Countless NFTs are available on the market today, and part of what makes them possible is that they’re relatively easy to create. The Ordinal inscription process can turn out to be highly technical and complex, but the good news is that it’s not necessary to run a Bitcoin node to mint an Ordinal NFT – not only can you buy and sell Ordinals on marketplaces like Magic Eden, but you can also create Inscriptions that promote collaboration among different organizations. For blockchain systems to thrive, more and more theater industry players must get in on the action. 

Wrapping It Up 

Blockchain is a revolutionary technology that has the potential to solve many of the fundamental challenges Broadway faces today. As far as disruptive technology is concerned, there are two possible choices: be the disruptor or be disrupted. Change is inevitable, so what side are you going to be on?