Event Tech

Dealing In Cryptocurrencies: How Will The Trend Sway Business Events and Conferences?

Eventually Learning Team

"The future of money is digital currency." - Bill Gates

The sweeping blockchain events and cryptocurrency events of 2022 like the IEEE International Conference on Blockchain and Cryptocurrency, Shred the System: Driving the Crypto & Blockchain Revolution, European Blockchain Convention 2022, Blockchain and Internet of Things Conference, SmartCon 2022 and the Sustainable Energy: Blockchain and Cryptocurrency - are an existent proof that the cryptocurrency crazy is catching on.

Infact the Bitcoin, Miami event held in 2021 that hosted approximately 12,000 attendees hit the 35,000+ attendee mark in 2022 at the famed Miami Beach Convention Center. And at the Bitcoin 2021 event, El Salvador declared publicly that it would accept cryptocurrency as a legal tender with open arms!

Here are some Cryptocurrency advancements & predictions for those, who want to boost the adoption of this safe & efficient management of electronic cash transactions technology in the event industry.

What is Cryptocurrency?

Cryptocurrency has zero intrinsic value.

Having no physical form, its existence is only in the decentralized network. But where is cryptocurrency used?

Crypto turns into reality the buy and sell of digital assets traded on the crypto exchanges with market cap in excess of 1 trillion USD, helps sell non-fungible tokens (NFTs) for music album releases, brings out automation of insurance contracts and gets central banks to devise their own e-currencies. Cryptocurrency that utilises blockchain technology, is thus a major deviator from the traditional business models and removes the necessity of intermediaries.

There are various types of crypto currencies in circulation - Bitcoin, Litecoin, Ethereum, Cardano (ADA), Polkadot (DOT), Stellar (XLM) and Binance Coin (BNB) -  to name a few! Also, some top cryptocurrency exchange softwares or platforms that are fast tracking the technology are Unicsoft, Aspired, SoluLab, Cubix, Labrys, Idealogic and Quytech.

If you're wondering how the crypto trend will make a dent in the event’s industry - here’s a quick read.

How Cryptocurrency Can Find Its Place in Event Planning, Execution and Marketing

Cryptocurrency is intertwined with metaverse since long and hence there is now an increasing probability that, event audience will want to plug-in from the comfort of their homes, over attend in-person, face-to-face events. Also, the younger generation and Gen Z millennials are more intent on the bigger scale adoption of these digital monies. Other cryptocurrency fuelled implementations in the event industry would be:

Adding Cryptocurrency As A Payment Method, During Event Ticket Sales

Many companies around the globe are encouraging cryptocurrency payments enabled by the blockchain technology. With PayPal, if you have sufficient cryptocurrency in your PayPal wallet, you can select the Checkout with Crypto option and make payment with Bitcoin, Ethereum, Litecoin (LTC), or Bitcoin Cash (BCH). Even coffee shop retailer giant Starbucks has made a deal with 3rd party payment app Bakkt, to facilitate payments for your morning cuppa of coffee to Starbucks using bitcoins.

In the same way and mode, event professionals can now look forward to adding cryptocurrency as a safe payment option to sell out their event tickets using event tech platforms.

Also, given the volatility in cryptocurrency, attendees are well-aware that event ticket costs may fluctuate if not bought there and then. This FOMO creation is good for the event business. For example, with cryptocurrency, an event that was costing $5,000 dollars last month may cost $10,000 dollars this month!

A Form of Personalization

If there is another trends that’s as actively doing the rounds as Cyrptocurriences - it is Personalization! 

Crypto acceptance is a form of giving event audience a tailored choice. Cryptocurrency transactions will see growth as event organizers will provide event attendees crypto options for hotel transactions, buying on-site food and beverages at events and more.

Also, the cryptocurrency events and crypto conferences that were earlier full of coders and cyberpunks will see more of influencers and companies who are yet to use Bitcoin, as well as politically-inclined audience demographics, as crypto establishes its foothold.

There Will Be a Boom in Cryptocurrency Events

Some types of events and conferences have been speedy acceptors of the Cryptocurrency tools the likes of pharma events, large technology conferences and transaction-based trade shows.

Infact, the crypto companies are striving day by day to build and promote more simple and user-friendly crypto market operations. With the varied types of crypto currencies already doing the rounds and with the professionals eager in novel investment opportunities, the crypto-based events have found a new segment of interested audience.

A host of cryptocurrency events have been launched in 2022 and will continue to do so in the future, as crypto traders will seek expert advice for better decision making.

Going Ahead On the Cryptocurrency Journey

Event industry has faced a lot of challenges and complexities during the pandemic period. Cryptocurrency is just what the event organizer’s need to simply their event processes and give themselves the much needed competitive advantage. Welcome to the futuristic e-currency, cryptocurrency world and get ready to raise your event ROIs!

Frequently Asked Questions

Name some sources where I can learn more about Cryptocurrency.

Some sources wherein you can learn more about cryptocurrency are:
  • PwC’s open source information on Cryptocurrency – Crypto Center
  • Understand the strategic possibilities of cryptocurrency at the ’10 questions every board should ask about cryptocurrencies’
  • Listen to the podcast on the terms - cryptocurrency, digital assets and accounting here

How can blockchain technology be used in event management?

Blockchain technology can be used for event management in the following ways:
  • Assistance in better managing audience identities
  • To prevent buying of event tickets in unethical ways
  • Preventing and detecting event ticketing frauds
  • Boosting audience participations with themed souvenirs or artefacts

What companies offer Blockchain or Ethereum-based event ticketing?

Some companies embarked on developing Blockchain or Ethereum-based event ticketing are BlockTix, Citizen Ticket, Lava, CryptoTickets and HelloSugoi.

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