One of the most interesting opportunities with NFT ticketing is the concept of ticket staking, especially in the context of free events. But what exactly is ticket staking, why does it matter, when might you use it for your event, and how can you use Unlock Protocol to implement it? Read on!
Staking is a commitment mechanism
At its core, ticket staking is a commitment mechanism. In the context of event management, ticket staking translates to attendees depositing a nominal amount of funds to guarantee their presence at an event. If they show up at the event as they indicated they would, the staked amount is returned to them. However, if they sign up and are a no-show, they forfeit the amount they staked.
This seemingly simple concept is important in event management for several reasons.
- Commitment reinforcement: By requiring attendees to stake funds, the commitment to attend is no longer just verbal or digital. It’s financial. This “skin in the game” ensures a higher likelihood of attendance.
- Mitigating the no-show dilemma: Free events often grapple with the unpredictability of no-shows. Staking acts as a deterrent to signing up and then not showing up, ensuring that only those genuinely interested in attending will register and stake.
- Streamlined logistics: With a more accurate gauge of potential attendees, organizers can optimize everything – from seating arrangements to food and beverage provisions.
- True fans commit: Staking ensures that those who genuinely wish to attend can secure their spot, preventing their tickets from being claimed by individuals who register without a genuine intention to attend.
Implementing ticket staking with Unlock Protocol
EVENTS by Unlock Labs, powered by Unlock Protocol, offers a comprehensive and user-friendly platform to integrate staking into your event management process. Here’s how to do it:
- Setting the staking amount: Set a staking amount, which will be represented as the event ticket price, using an Unlock Protocol smart contract. A nominal amount, such as 0.01 ETH, usually suffices. Communicate to prospective attendees that this “price” will be refunded when they check-in at the event.
- Ticket distribution: Next, you need to direct attendees to a way to stake and get their tickets. You can send attendees an email containing a purchase link, or otherwise direct them to a website that links to the checkout for the tickets. This purchase link should direct attendees to a checkout experience, where they can stake the specified amount to claim their ticket. The attendees will then receive an email that contains their digital ticket, complete with a unique QR code for event-day verification.
- Event check-in: As attendees arrive at the venue the day of the event, use smartphones equipped with the Unlock Labs verifier mobile browser app to check them in. A simple scan of the QR code will check them into the event and verify their attendance.
- Gathering post-event data to refund the stake: Once the event concludes and the dust settles, it’s time for some data collection. Head over to Unlock’s Dashboard and download a CSV file with the registrants. This file will list all users who went through the ticket claiming process, and will include everyone who claimed a ticket.
- Refunding the stake: This step is crucial. Filter the downloaded CSV to identify attendees who checked in at the event and extract their digital wallet addresses. Now, using an app like Disperse, you can refund the staked amount to everyone who attended.
- Addressing no-shows: The beauty of this system lies in its self-regulation. Attendees who staked but were absent will automatically lose their staked funds. This not only manages potential logistical issues, but also reinforces the importance of commitment and attendance
Staking is a feature of event management that is uniquely enabled by blockchain technology. This particular mechanism benefits both organizers and attendees.
Staking provides event organizers with a tangible mechanism to ensure attendees are genuinely committed, reducing the unpredictability of no-shows. This not only helps in logistical planning, but also results in a more engaged and accountable audience, enhancing the overall event experience.
Similarly, staking offers attendees a structured way to demonstrate their genuine interest in an event, ensuring they secure a spot in often limited-capacity gatherings. Additionally, by promoting a culture of commitment, it enhances the overall event quality, ensuring a more engaged community and a richer experience for those in attendance.
Learn more about ticketing your event with EVENTS by Unlock Labs.