March 3, 2022
Between access to fully virtual events and a focus on personal development, event engagement boomed during the pandemic years. As event planners look for ways to continue that trend both for in-person and hybrid events, new technologies could be the tool they’ve been looking for.
Event NFTs are not only a way to add modern technology to your association event, but they’re already gaining popularity in the non-profit sector as a means to raise funds.
So what are they, and how do you use them? We have the answers.
Non-Fungible Tokens, or NFTs as they’re better known today, are virtual assets secured by blockchain technology. They’re widely used for things like images or video clips but can also be used for items in both the “metaverse” and the real world.
So what does that mean for events?
Most importantly, integrating NFTs into your association event is a matter of driving engagement.
While the uses of event NFTs are still in their infancy, there are many events exploring the limits of this new technology.
Partnering with Night After Night, Kings of Leon released their When You See Yourself album, both physically and as an NFT, the first band ever to do so. Die-hard fans were able to bid on exclusive content and “Golden Ticket Experiences,” which got them access to front row seats for life.
For many associations, their members are their biggest assets and “fans,” meaning unique launches and added experiences can be created as event NFTs, leveraging an already existing community.
Consensus is an annual event focused on “the centralized world,” which focuses on blockchain, crypto and more. In 2019, they gave attendees virtual swag bags that included NFTs that could be exchanged for physical items along with CryptoKitties.
According to Eileen Wennekers in an article for Event MB, “given that the average price of a CryptoKitty in 2019 was about $65, and in 2021 was $256, it’s evident that swag-bag NFTs can sometimes become collectibles that increase dramatically in value over time.”
Not only does this help events drive engagement with NFTs, but in many instances, those digital assets can add value for your attendees as well. Organizations can purchase NFTs as a giveaway or mint a limited number specific to their event.
Ahead of our digitalNow conference in 2021, we released an NFT. Not only did it allow our members and attendees to understand and experiment with this new technology, but it also helped us showcase Nashville, the host city of our event.
The takeaway is that the local community can be an integral asset for events. Not only can you work with local artists and creatives, but also you can help support programs in the area – a win-win for the organization and host city.
The answer is – it depends. For starters, creating one takes work, and there is also a barrier to purchasing an NFT, which can be a roadblock for some of your members.
However, there are plenty of ways it can improve your event as well, boosting engagement, streamlining ticketing and allowing members to gain access to their education credits all while remaining completely secure on the blockchain.
Best of all, event NFTs can quickly become a tool for engagement. Whether you’re minting a limited number of tokens as an incentive to attendees or leveraging the local community, there are plenty of ways to integrate new technology for your next association event.
Jose Triana joined the Sidecar team as the Content Manager in 2021. He is a writer and creative focused on helping purpose-driven organizations learn and find value online. When he isn't working on content, you can catch him going for a run or resting with a good book.