To put it simply, nonfungible tokens (NFTs), are assets one can buy on the blockchain. In the arts administration space, the debate about the role of NFTs in our scope is alive and well. On one hand, there is the argument that NFTs are a new frontier for entrepreneurial artists because they allow for a decentralized avenue for art marketing and sales. The blockchain, in theory, is an extremely well structured platform for artists’ sales because it is managed by smart contracts, which allow artists, if savvy enough, to receive royalties from all future sales. Smart contracts are simply lines of code that program currency and legal transfers in relation to each NFT sale. They elegantly ensure integrity for artists’ rewards by removing any middlemen between them and what they deserve in exchange for their work. 

It is shockingly easy to “mint” an NFT, and by Web3 dictionary standards, minting means converting a digital asset, like a unique drawing, into a marketable item on the blockchain. This is another reason why we are hearing about NFTs in the arts sector. Popular NFT marketplaces like OpenSea use what’s called a “lazy minting” process that lets artists drop their digital goods off for purchase on their platform at no cost. OpenSea then puts the cost of their service on the NFT buyer, charging them an additional 2.5% of the NFT’s market price. This is similar to what a small business may do to their customers using credit cards when they charge an extra processing fee. 

As seen in the image above, NFT trading volume on OpenSea rose from the winter of 2021 to the beginning of 2022, peaked in January of 2022, and began to decline into the rest of the year, while the public’s interest in NFTs followed a similar trajectory. If the NFT market is structured to benefit artists, one could argue that this is a prime time for more artists to improve their NFT-selling strategies and increase this volume. However, there are two sides to every story, and the NFT market is not as easy to navigate in practice as in theory. There are many complexities involved in building a successful NFT brand. For example, setting up a strong smart contract involves collaboration between an artist, a development team, and ideally a lawyer. Lawyers can be crucial in advising smart contract line items for artists like the ability to sell their NFTs off of the blockchain and receive rewards in perpetuity for future sales. Essentially, digital artists have a lot to learn before entering the NFT market, and it will take a plethora of resources for them to create sustainable and smart personas on the blockchain. 

The promise of a decentralized marketplace and autonomy over commercializing art has drawn over 10,000 collections of NFTs to OpenSea. This has created a massive NFT supply, yet not all of the artists who lazy mint on the platform are well equipped with the skills to stand out in the market. This brings up a couple of questions worth exploring. What types of artists can and do succeed in the NFT market in 2022? What type of person is buying NFTs in the current market, and why? As it turns out, the average popular NFT consumer is paying a high price for this digital asset, and they are buying because of factors beyond the NFT’s art itself. A look into OpenSea’s current top 50 most successful NFT art collections will illuminate this. 

Successful NFT Collections – OpenSea Captains

To understand what a “successful” NFT collection looks like on OpenSea, we can examine which collections have earned the highest “volume”, or largest sum, of cryptocurrency to date in Ethereum (ETH.) As of the spring of 2022, the statistics for the top 50 NFT collection sales are as follows. This data was scraped from OpenSea’s Developer API, and the below averages are per collection out of the top 50.

These values show that the range NFT prices in successful OpenSea collections is vast, but that ultimately, popular purchases are concentrated in the multi-thousand-dollar range. Since we have defined successful NFT collections here in terms of their accumulated wealth, we can say that the wealthy portion of the NFT market is making their gains through contributions from individuals who can afford to spend large sums on each individual NFT. One of the most expensive NFTs ever sold was Everydays: The First 5000 Days by the artist Beeple at 69.3 million dollars. So, there are collectors in the market who are so interested that they will even spend millions. From looking further into OpenSea’s popular collections, it is apparent that they have anywhere from 52 to 212,072 individual owners contributing to their sales. This range shares that there are hundreds of thousands of individuals who want a piece of the NFT market as well. For artists’ sake, arts managers should understand this type of collector, who they are, and why they buy.

As one high-value NFT owner stated, his NFT is a status-symbol and one of his most prized possessions. Some large companies like Adidas and Taco Bell have started casually experimenting with NFT purchases to convert them to physical artwork and Web3 real-estate as well. Another reason that big companies and individuals alike invest in NFTs is that these digital items come with extra benefits beyond the ownership of art on the blockchain. In fact, it’s debatable as to whether artistic value is even of consideration for buyers. A dive into NFT benefits and gamification can explain this further. 

NFT Benefit Models to Watch

Play-To-Earn

Video-gamers can now sell NFTs in virtual universes and make actual money, hence there is an incentive to play games with blockchain components to make a tangible profit. Gone are the days of art for art appreciation’s sake with NFTs when this new “play-to-earn” gaming model is readily available. However, there are some positive outcomes of the advent of the play-to-earn model. For example, trading NFTs is a major component of playing games on the blockchain. This means that smart contracts behind the scenes in the games give participants partial ownership of the game, and in some rare cases, a say in its future development. 

Axie Infinity is widely known as one of the most popular play-to-earn games on the market, and it refers to itself as a “player-owned economy” because it is taking revolutionary steps to give control over its future development to its players. The game has a public, multi-year development roadmap for how they plan to incorporate players’ interests into game development. Their desired communal structure for player power is described below. From sales within the game’s NFT marketplace, players can earn “AXS” currency, of which a portion gets added to the game’s “Community Treasury.” The amount of AXS a player accumulates in the Treasury dictates their stake in future development decisions and ultimately provides them with additional rewards. In theory, this structure creates a democratic and meritocratic culture within the Axie Infinity Game Universe that entices users to play by giving them the chance at voting power over its future.

The Avatar Movement

Imagine getting to start from scratch again when creating your digital identity and online presence. It has been decades now since we have been able to do this, and the thought sounds exciting and foreign given the seemed permanence of everything we’ve posted online. However, the Avatar Movement uses “algorithmically generated” NFTs to give buyers a chance at a unique identity in the digital world’s next universe: the metaverse.

The digital artist of a specific avatar collection can create a list of possible features for persona NFTs, give them empowering descriptions, and then combine them to create unique characters that give buyers the chance to adopt a new online identity. Sotheby’s Auction House hosted an NFT avatar collection auction called Queens+Kings in 2021, and some of the avatars from this event are now on OpenSea where collectors can re-mint and rearrange them to create new identities at each sale. Beyond providing creative metaverse identities, NFT avatars are also appealing assets because they can generate passive income for their human owners in the metaverse. They can even have their own agents like some celebrity avatars have had for years now. If the metaverse grows in popularity, the Avatar Movement should grow in tandem as the public joins the bandwagon in making new identities for themselves in the digital frontier.

Exclusivity

Another draw of buying NFTs in the current market is that they typically come with an invitation into an exclusive community. For example, Sotheby’s first NFT auction sold avatars that mimicked players from the Liverpool FC  team, and in return for their purchase gave collectors “access to a members-only LFC Discord community chat channel, virtual hang-outs, competitions, guest appearances, updates from the LFC Foundation, and LFC retail discounts.” Luxury brands are also taking advantage of NFT collections as alternative revenue streams. Louis Vuitton gamified their company’s history by creating an environment where shoppers can learn about the brand’s origins while receiving luxury NFT drops as random rewards. According to crypto.news, “blockchain-based gaming will completely eclipse the entire gaming industry.” It seems as well that block-chain-based NFT sales and gamification will disrupt industries from football to fashion by creating new exclusive benefits for fans.

Miscellaneous

Time-Sensitive and Outcome-Based NFTs

Time-sensitive and outcome-based NFTs – Artists can program NFT purchases to host an element of surprise by revealing their art based on a time or event like the result of the 2020 election.  Coachella 2022 decided to go with a flower theme for their ticket-holder NFTs, and these items were programmed to appear as seeds until the festival began and they grew into different types of flowers, each denoting a unique exclusive deal.

Raffles/Other Surprise Elements

The BitCoin Angel project did well in the NFT market partially because it sold smaller pieces from artist Trevor Jones for a chance at 1/1 ownership of one of his original works. This project turned Jones from a struggling artist into a multimillionaire in a single day.

Takeaways for the Arts Community

One beautiful aspect of the arts is that they prevail through, and react to, the changing world around them. The NFT market and the metaverse space is the next economic frontier for art to infiltrate and revolutionize, but this market is both promising and elitist. Therefore, it’s worth paying attention to as artists and managers alike. To stay abridged to the market, it will be important that the arts and culture sector monitor its trends.

With the rise in play-to-earn gaming and metaverse developments, now is an apt time for artists and arts managers to research and educate each other on minting, smart contracts, and collection gamification best practices. Before entering the market, it is also vital to research both prominent NFT development teams and legal resources to plan for a value-centric and secure benefit strategy and launch. There have been many copyright issues around NFT sales and confusion over what a buyer can do with their NFT once they purchase it. Each of these issues warrants its own in-depth study, and the examples of successful NFT collections above are only the tip of the iceberg in cases for the NFT market’s potential moving forward. This NFT phenomenon may be about more than just buying and selling digital art, but it is surely a robust and decentralized outlet for artists, nonetheless. The NFT market is a playground, colorful and treacherous, for entrepreneurial artists and innovative arts institutions. 

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Blockchain, while a relatively new concept, is becoming more common to hear about in the media and news. You may have heard recently Snoop Dogg revealed himself as the Twitter-famous NFT influencer, Cozomo de’ Medici or Tesla started accepting Dogecoin payments for some of their merchandise, but most people are still wary of this technology and how is it applicable to Broadway? “Broadway” is considered the home of the American theater industry and is located between 42nd and 53rd street, including Times Square, in New York City. The Broadway industry contributes $14.7 billion to the economy of New York City, on top of ticket sales, and supports 96,900 local jobs. In the 2018-2019 Broadway Season, attendance reached 14.77 million people, with many people seeing more than one show. Broadway greatly vitalizes the economy of New York City and the millions of audience members who visit a show annually, so how is this artistic giant entering the technological space of blockchain, cryptocurrency, and NFTs? With the pandemic shutting down Broadway, very few theaters with plans to explore this technology were able to proceed, yet as Broadway reopens, we are mostly seeing Broadway utilizing blockchain for ticketing services.

What is Blockchain?

Before going into detail about how this technology is being invested in by the Broadway industry, lets define blockchain and why it is so popular. Blockchain is a public ledger of digital information, i.e., it is a secure network on top of the internet. Information in blocks can be anything; a transaction, contract, ownership, identity, money, agreement, or anything that has some value. As each transaction occurs, information gets recorded as a “block” of data, with each block being connected to the block before and after it. Transactions are linked together in an irreversible chain, aka blockchain. Some characteristics of blockchain include:

• “It is immutable – it cannot be modified but one can append the block in the chain
• Data is encrypted and stored in a decentralized manner
• No redundant data
• No central authority
• Anyone in the network can see it using public/private keys
• No transaction cost
• Recorded with timestamp”

Many industries are turning towards blockchain due to the greater trust people have in the technology, the greater security it offers its users, and the efficiencies it offers businesses.

Broadway and Blockchain

The largest Broadway theater landlord, The Shubert Organization, announced its pilot program to utilize blockchain technology “to sell Broadway tickets on their website, telecharge.com”, in 2019. There are many reasons why the Shubert Organization might want to implement blockchain technology, yet two stand out and they both lead to greater profit for the giant theater owner. According to Lee Rodriguez, author of “Shubert Organization set… thwart secondary ticket brokers,” these two reasons include:

“First, is that it may help to eliminate secondary ticket brokers. For a ticket to be used electronically, the blockchain would have to be updated due to the security measures inherently within this technology. This data would ultimately give The Shubert Organization exclusive data about the true value of Broadway tickets and how many are resold after they initially sold the ticket. This data would then allow Shubert to adjust their own prices to reflect true market value by cutting out the ticket brokers profit, essentially bankrupting them. The second way The Shubert Organization could monetize the use of blockchain is through the data they would store and collect on the blockchain from their audiences. They could use the data to market directly to those customers or similar customers again, cutting out the middleman marketing agency.”

Data that Lee Rodriguez states can be stored includes:

• “Original ticket price, show, location, date, and time
• Who bought the tickets and at what price
• Subsequent ticket sale prices and buyer’s details
• Previous transactions, including buyer information and sale price
• Whether or not the buyer actually attended the show or was a no-show
• Fingerprints and/or picture of the ticket owner (and past owners) to identify theatregoers at the theatre entrance via facial recognition
• Data about the current owner, including age, race, height, sex, and Broadway ticket purchase history”

By using blockchain for ticketing, this eliminates the threat of being scammed by fake tickets. While concert tickets have about 12% fake tickets circulating at any given time, research has shown this is not as much of a threat for Broadway tickets. However, organizations can market their use of blockchain as an extra security measure for audiences. While COVID slowed down the trial of this technology for Shubert, there are some other considerations they may need to review before completely implementing blockchain. Lee Rodriguez continues his article to list considerations, such as:

• “Following an internal review, the other primary Broadway ticket vendor, Ticketmaster, is not planning to use blockchain technology. However, Ticketmaster is looking into it for NFL tickets, where the number of fake tickets is extremely high
• Ticket buyers may not want their data stored in the blockchain and have privacy concerns
• Secondary ticket brokers will have a tough time buying into this technology, if it is used to hurt or close their business
• Eliminating ticket brokers would actually raise the original price of Broadway tickets
• The secondary ticket market brokers often drive Broadway ticket sales. Without them a good piece of the total marketing effort is gone. This may ultimately lead to loss of demand for Broadway tickets”

Another Broadway theater, Roundabout Theatre Company, successfully launched the use of 22,000 blockchain-enabled, secure, contactless digital tickets this year by being the first Broadway client of a service called True Tickets. True Tickets is a “secure contactless digital ticketing service that can be tailored to a venue’s specific needs.”

“The data tells the story. Our audiences have overwhelmingly adapted to the experience of digital tickets. True Tickets allowed us to streamline our operations while promising to provide significantly more insights into who is attending our performances. True Tickets has been a seamless addition to the customer experience and has enabled us to take a big leap toward making ticketing a more strategic function. Moving forward, we can better understand and engage our audiences, explore the benefits and potential applications with additional distribution channels, and ultimately create an even better experience for patrons.”

Gabe Johnson, Director of Sales and Analytics at Roundabout

True Tickets also partners with the “Adrienne Arsht Center in Miami and the Dr. Phillips Center in Orlando”. True Tickets is able to seamlessly adapt into Tessitura, the ticketing software system used by many nonprofits, to ensure a consistent, positive experience for patrons. The Shubert Organization and Roundabout Theatre Company have varying degrees of success and positive reception to implementing blockchain into their ticketing services, however I do believe more theaters will shift as success becomes apparent and the technology becomes less elusive.

Blockchain and Other Ticketing Events

While we have learned that fake tickets do not seem to be roaming the Broadway circuit much, there is much higher likelihood of encountering them when purchasing a highly sought-after concert ticket or sporting event. The music industry and sporting industry have already experimented and implemented blockchain ticketing on a much higher level than the theater industry. The advantages these industries gain is no different than to the Broadway industry, Broadway is just known to be slower at adapting to technology. There are specific events that tend to have a higher need and greater success in implementing blockchain-enabled tickets, such as:

• The event is in high demand
• The event has a strong potential for ticket resale
• You want to control who can to re-sell tickets
• There is an active community of fans around your event

Another interesting aspect that ticket sellers can control with blockchain-enable ticketing is attaching a “smart contract” to your ticket. This would, in theory, allow an artist to set a price for an event and scalpers would not be able to change it by price gorging. How many times have you wanted to see your favorite artist in concert but it sold-out in minutes and the only available tickets are from third-party sellers with a 300% profit margin? Smart contracts would completely eliminate this issue for fans, as well as the potential of purchasing a fraudulent ticket. Ticketmaster is currently trialing this technology internationally; a successful run could completely change how ticketing systems work. “Ticketmaster is used by some of the world’s most renowned artists and high-profile events in the entertainment industry.” Many Broadway shows utilize Ticketmaster to sell their tickets, so if Ticketmaster decides to widely implement this technology, many theaters will have no choice but to follow suit.

Blockchain, and Cryptocurrency, and NFTs, Oh, My!

We already are seeing how this technology is taking shape with selling Broadway tickets, however there are some other forms of blockchain that may make their way to The Great White Way in the near future. Very few people are experimenting with these technologies currently, but there are some interesting uses. The producers behind Slave Play and Ratatouille: The TikTok Musical, Seaview, are bringing non-fungible tokens (NFTs) to Broadway. Seaview describes NFTs as, “Digital assets, including photos, videos, GIFs, tweets or digital designs, which are then sold and resold on the blockchain using cryptocurrency.” Seaview, in partnership with a few other companies, have created an online platform to sell Broadway memorabilia as NFTs. Now, fans can purchase their Broadway gifts and souvenirs in the form of NFTs, along with their typical t-shirt or tote bag. The Wrong Man, a new Broadway musical slated to open in 2023, will open its own NFT webstore that features collector’s items surrounding the musical. While physical souvenir stands in Broadway theaters are not going anywhere anytime soon, there may be more emerging NFT webstores for specific shows working in tandem with tangible merchandise. What these companies hope to accomplish by creating Broadway NFT marketplaces is “to develop an industry presence in the emerging technology space and to potentially provide another revenue stream for Broadway businesses“. Another interesting future includes the use of cryptocurrency to invest in Broadway-bound productions. Producers have to follow pretty strict laws to find accredited investors when looking for financial backing for a new production. This is to ensure security for both parties involved. While these laws are not established for accredited investors using cryptocurrency “assets”, this realm may need to establish guidelines as we may one day see cryptocurrency being used as funding by Broadway producers.

Conclusion

Blockchain technology is infiltrating many industries due to its many advantages, such as greater trust, greater security, improving operations, improving efficiencies, and greater opportunity for profit within businesses. While Broadway is on the slower side to adapt to innovative technology, the implementation of blockchain within their ticketing systems is prevalent and expanding. This tool allows greater control for theaters and producers to track their tickets, as well as gather data on their audiences. Blockchain-enable tickets completely removes the chance of purchasing a fake ticket, as well as attempts to control third-party price gauging. While there are many advantages to this technology, theaters should still consider how their audiences will respond in regard to their data privacy and if a greater control on pricing will negatively affect the Broadway economy. Blockchain has made its Broadway debut and will not be leaving anytime soon, so it is important to work out any challenges while it is still being integrated into common ticketing systems.

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