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What is an NFT and How looks nft Events in 2022?

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NFTs or non-fungible tokens have taken the digital world by storm. People are getting crazy over them – spending real-world money to own one. As it gets more and more popular, NFT events are also becoming a trend within the community. But what is an NFT event and what does it look like?

Here at Rent For Event, NFT events have been one of the highlights of our showcases recently. In this blog post, we will share with you what NFTs are, a sneak peek of an NFT event, how it works, and how you can host one. 

What are NFTs?

Unless you’re living under a rock, you’ve probably heard about NFTs – whether you like it or not. While NFTs are abstract, the interest and investment in them are real. In fact, many people spend millions of dollars on NFT collections.

So what is an NFT in simple terms? Let us give you an example here.

Imagine buying a popular band’s poster. Basically, the poster will just be the same as thousands of printed copies in the market. However, if you get all the band members to sign on it, the poster will now become distinguishable and incomparable to other unsigned copies on the market. This is how NFTs work in a digital setup.

NFTs are unique and can’t be compared to other digital asset. After all, it’s called ‘non-fungible’.

Fungibility is a term in economics, which refers to the interchangeability of goods because they have the same face value. For example, a dollar to another dollar bill or a gold bar to another gold bar.

But NFTs are non-fungible, which means they can’t be interchanged nor have the same value as other NFTs.

Moreover, NFT exists in a similar space as cryptocurrencies: a decentralized Ethereum blockchain. Nevertheless, other blockchain technology platforms are also hosting their own NFTs.

Blockchain technology is a digital space containing a ledger where all transactions are processed. It’s connected to computer networks worldwide. In simple words, it’s like a digital logbook that’s impossible to tamper but everyone can access it online.

Meanwhile, Ethereum is a technology that powers the famous Ether (ETH) cryptocurrency. It’s the currency used by many to purchase NFTs and perform a myriad of other transactions. 

How are NFTs made?

Almost anything can become an NFT or digital asset. Pieces of art, video clips, and game items are the most popular. Meanwhile, the likes of real estate and lending contracts are also gaining traction.

Nowadays, the market is largely focused on collectibles. The most popular lately is the NBA Top Shot, with some of the cards having millions of dollars in price tag.

One of the earliest and most famous examples of NFTs is ‘cryptokitties’. These are digital cat representations within the Ethereum blockchain. Each cryptokitty has a corresponding Ether price and they can also reproduce by themselves, much like a typical virtual pet game.

In just a few weeks, cryptokitties have garnered $20 million in total worth of Ether spent. Some would spend as much as $100,000 per transaction.

All these non-fungible tokens are logged into a digital ledger, making sure that it’s unique and irreplaceable. It’s like a digital passport, wherein each NFT has a non-transferable identity that makes it incomparable to other NFTs.

So what’s with all the rage about non-fungible tokens? First of all, NFTs eliminate intermediaries, which means artists and creators will directly transact within the market. Brick-and-mortar businesses can also utilize NFTs within the supply chain or their face-to-face events. 

Are NFTs safe?

Non-fungible tokens are generally secure within the blockchain. This cryptographic asset serves as proof of ownership of a digital or real-life object. In short, it’s unlikely that someone can steal or claim your NFT.

But just like any digital or even physical space, NFTs have their vulnerabilities. Still, there are many ways to keep your NFTs safe.

Though NFTs are generally safe, it’s not 100% invincible from hacking. Also, if your chosen NFT hosting platform shuts down, you’ll lose access to all your stored NFTs.

With this, it’s best to use an established blockchain platform. This will give you some level of assurance that your NFTs are safe and you won’t lose access.

Also, it’s recommended to use two-factor authentication for both your crypto wallet and storage accounts. You can also use a link-checking website to ensure that the pages you’re accessing don’t contain NFT phishing scams.

Above all, never give away your private keys. If possible, you should use cold wallets (also known as hardware wallets). This storage option doesn’t connect to the internet, which greatly reduces the risk of theft. 

How can I purchase NFTs?

A large portion of NFTs can only be purchased using the Ethereum cryptocurrency. With that being said, you need a digital wallet like Coinbase, MetaMask, or Trezor One.

Once you have a crypto wallet, you will connect it to an NFT market like OpenSea. From there, you can start looking for options and buy the NFTs you like.

After purchasing an NFT, you need a digital place to store it offline. These are called ‘cold storage’, which are physical hardware wallets that let you store cryptographic assets. It’s secured by a digital key to keeping your NFTs safe from hacking.

Overall, NFTs are fairly new assets and the blockchain space is barely a decade old. It’s a promising investment, though buyers should be aware of price volatility. 

What is an NFT event?

An NFT event is a type of hybrid event that aims to increase the exposure of various artists and creators in the community. Here, the NFTs will be on full display and attendees can check them out. All the collections and pieces are showcased for everyone to see.

Depending on the setup of the event, you can also buy or sell NFTs. Most of the time, NFT events have a theme. It can be a party, a corporate gathering, a workshop, a conference, a simple exhibit, and more.

Overall, the goal of these events is to engage the audience and deepen their knowledge about NFTs. It’s like having a modern-day museum, but instead of oil paintings, you will showcase digital art. It involves the use of state-of-the-art displays, lighting, and AV production in which Rent For Event specializes.

Aside from the on-site activities, NFT events can also have a live stream and access in different venues nationwide. For this part, we provide live streaming services for a full-service NFT event production experience.

Overall, an NFT event is a visual spectacle. It features unique digital installations and eye-catching audiovisual elements.

In addition, NFT events can range from small, private gatherings to festival-sized conferences. It can also stretch for several days to showcase resource speakers, activities, and more batches of NFTs. 

How are NFTs used in events?

Aside from being the focus of an event, non-fungible tokens can also be integrated as elements of a different event. This makes NFTs borderless in terms of industries where they can be utilized.

Here are the most common ways in which NFTs can be part of any event: 

1. NFT tickets

NFT ticketing is the most convenient way to integrate this digital file into any event. It also prevents fraud since NFT tickets can’t be duplicated like physical tickets. Aside from that, it will block scalpers from hoarding tickets and selling them for inflated prices.

Moreover, it will be easier for event organizers to update attendees about any changes to the event. It saves organizers time and money from traditional announcements and marketing efforts.

NFT tickets can also be maximized for gamification during the event. It’s transferrable, allowing attendees to pass their slots to someone else easily. 

2. NFT event gamification

Gamification is an effective marketing approach, which can be paired with an NFT element. For example, attendees can use their NFT tickets to unlock exclusive experiences during the event.

This promotes further engagement in hybrid events. You can also add an NFT prize for someone who will finish or win the game. 

3. NFT prizes

Prizes never fail to attract attendees to any event. But aside from cold cash or physical items, you can also try NFTs as a reward to your attendees.

This approach works well for tech-related events where attendees have knowledge or interest in non-fungible tokens. It can be an NFT art or a collection – the more unique it is, the higher the audience interest will be in your event. 

4. NFT experiences

NFTs appeal to people mainly due to their status. It has a sense of exclusivity that only select people can acquire. This same nature can also be used for your next event.

For example, you can release a limited batch of NFT tickets with meet-and-greet access. This exclusivity gives select attendees the motivation to go to your event.

As mentioned, these NFTs can also be used for gamification strategies within your event for added engagement. 

5. NFT swag bags

Lastly, you can create NFTs that can be exchanged or redeemed for physical items. This can be merchandise from your event, food, drinks, or cryptocurrency.

However, try not to create NFT swag bags using sponsor logos. While this may seem like a good marketing technique, the NFT won’t have much value once the event ends. You should aim for an NFT swag bag that has decent name recognition. 

How to plan an NFT event in 2022

NFT events are not your usual social gatherings. This makes event planning challenging since you have to refine the digital and visual aspects.

If you’re planning to host an NFT event soon, here are a few essentials you should keep in mind: 

1. Set your goals

While NFT events focus on NFTs per se, you should also have a defined and detailed goal. Do you want better brand participation? In-person connection? More blockchain users?

You can create a list and develop your event around it. Your goals will be your guidelines in creating an event program, selecting NFTs you want to showcase, and what activities you want to offer. 

2. Hire a reliable audiovisual production company

Audiovisual production is a very critical aspect of an NFT event. Since all the NFTs will be displayed digitally, you need to partner with a company that has state-of-the-art AV equipment.

You need high-definition screens, LED walls, spectacular lighting, and high-powered speakers to set the mood. Your goal is to make your NFT event as captivating as possible.

Take note that the audiovisual provider can make or break your NFT event. You should only hire an experienced event production company that has done NFT events before.

If you want to get rid of the guesswork, you can partner with Rent For Event. We have produced successful NFT events such as Portal X by NFT Oasis, Praise Token, and NFT Gallery.

Our expert team of AV professionals will turn your vision into reality. We have everything you need to throw the perfect NFT event. All you have to do is watch your guests be amazed by the setup. 

3. Pick the right venue

NFT events can be held in a private residence or an entire hall. Make sure that you choose the best venue based on the size of showcases, the number of attendees, and your budget.

You should book your venue as early as possible, especially if the NFT event is during the peak season. 

4. Choose the NFTs you want to showcase

Next, you should the NFTs you want to showcase for the event. It can be a digital artwork collection that can be projected in a gallery or a massive LED wall.

In our experience, blockchain companies will choose to showcase NFTs that are exclusive to their platform. Some will also feature NFT artists and creators.

Whatever NFT you want to showcase, we can make it stand out. We have a large inventory of high-definition TV screens, LED walls, and projectors to achieve the visual quality that you like. 

5. Make a guest list

The success of your event relies heavily on your guest list. You must invite people who are actually interested in your NFTs and who will fulfill the goal of your event.

Moreover, you should decide if it’s an RSVP, an open event, or a ticketed system. This way, you can estimate the number of people you can expect.

You can also make special access to a segment of your attendees. For example, you can use NFT tickets with exclusive access that other attendees don’t have. 

6. Create an event program

To ensure that there won’t be a dull moment at your NFT event, you should create an engaging program. This can include resource speakers, activities, unique experiences, and afterparties.

Depending on your goal, you can plan a multi-day NFT event. You can dedicate one day to every kind of activity or NFT that you want to showcase.

Always aim to make the NFT event as interactive as possible. You should stay on brand and make sure that you also factor in your sponsors and partners.

Moreover, you can also book talents to perform at your event. It will add flair to the gathering and attract more attendees. Still, make sure that the act complements your brand. 

7. Spread the news

Another crucial part of a successful NFT event is marketing. You should spread the news to NFT communities, markets, and enthusiasts to ensure high attendee turnout.

Make sure that you boost your NFT event’s exposure on social media platforms, NFT Discord servers, and marketplaces.

For ticket-based NFT events, you should start selling tickets at least two weeks before the date. You can also schedule an earlier selling date to match your target attendees.

The final result of the ticket sales will allow you to gauge how big the event will be. From there, you can adjust aspects like dates and activities. 

8. Communicate with your attendees

Keeping your attendees in the loop before the date is an integral part of marketing your NFT event. This way, your event won’t be overshadowed by other things, especially if ticket sales opened weeks ahead.

Over the days leading to the NFT event, you can send reminders or newsletters to your attendees. You can also integrate gamification and offer unique experiences that the audience can access during the event.

Aside from that, you should provide an event FAQ. This should include specific details and common concerns that your guests may have in mind. 

Let’s plan a successful NFT event together!

Are you planning an NFT event? Rent For Event can be your perfect partner! We are experienced in NFT events and we can make yours gain buzz in the NFT community.

Our elite team of audiovisual experts is experienced in producing hybrid events. We also handled several NFT events in the past years. With this, you can count on us to bring your vision to life.

Just tell us your goals and our team will personalize them for you. We have all the equipment you need, starting from TV screens up to giant LED walls for showcases. We can pair this with stunning lighting systems to give your NFT event a futuristic vibe.

Aside from that, we can also do live streaming, custom content display, and more to make your NFT event interactive. Our team will handle all the technical aspects of your NFT event, so you can focus on other important matters.

Do you want to see our work? Check out this quick look at our full AV production for the Portal X NFT Event!

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