Planning & Promotion

Event Profs Are Tapping Into The Virtual Currency Market For Registrations In 2022

Eventually Learning Team

What Is The Catch In Using Virtual Currency In Exchange Of Attendee Tickets?

While in some parts of the world including China, Tunisia, Iraq and six more countries the cryptocurrency and transactions revolving around it are completely banned, over 89% of the world is relishing and celebrating the blockchain currency technology. After its global acceptance and certain government regulations, nearly 300 million users have started relying on investing and transacting with crypto.

Hmm but how does it affect our niche and people-oriented events industry?

The answer lies within the statement itself.

People are the crux of the industry and as people and their expenditure habits evolve, the industry has to modify. Cryptocurrency involved in events industry transactions solves impending issues like creation of an incorruptible environment, easier transactions and inclusion of the Gen Z. Corporates and individuals of the events sector who are gradually plumping for crypto, gloat about the different identity access management using distributed ledger technologies, fraud prevention and payment gateway security crises that the technology resolves.

But not everyone is ready to jump aboard the crypto ship as of now. Let’s take a look at the few risk-takers who have already begun the voyage.

Are There Any Big-Players Involved In The Virtual Currency Game Yet?

Virtual currency is already considered a promising payment method in the events industry with client payments, attendee ticketing and other transactions going the crypto way. And according to the researchers, the crypto payments are going to increase by 64%  globally. An event organizer claims that the registration and ticketing transactions will tip towards crypto largely by the end of 2022.

Xing Events have jumped on the crypto train by enabling Bitcoin payments for their events. The company has revolutionized the entire payment process by upgrading the traditional payment methods like instant transfer, PayPal, direct debit, advance payment, invoice, credit card, or cash payment, organisers can now offer their customers to use any payment method, adding iDeal, AliPay, WePay, Amazon Pay, as well as payment by cheque to the list. This has widened their audience with fast and secure payment as they can now reach beyond the 28 countries they were serving.

In addition to it, EXPO Convention Contractors, a full-service trade show contractor and exhibit design company based in Miami, announced its establishment of a corporate cryptocurrency wallet to begin accepting Bitcoin and Ethereum as additional forms of client payment.

Even the audio-visual and other requirement support provider vendor company, Absolute Production Company has used their collaboration with crypto-currency as a medium of showcasing their forward-thinking.

Are you thinking about joining the squad of visionaries? Here is how you can start implementing bitcoin transactions for your event.

How Can Your Event Adopt The Process Of Crypto-Ticketing?

Crypto transactions are safe, secure and digitized making the transactions extremely easy, non-tangible and simplified versions of traditional payouts. Go through these steps to create your own crypto payout gateway.
  1. Download a cryptocurrency transaction application or website to understand how it works.
  2. Install a cryptocurrency gateway for your event’s website. (See next section to know how you can choose one)
  3. You will receive an address which will act like your email-ID.
  4. Go through further registration and OTP processes. The crypto transactions are extremely transparent and therefore might require extra details like your address and more.
Choosing the right event payment platform can be a tall order. That is why we have mined a few for you in the next segment of the blog.

How To Choose The Right Virtual Currency Transaction Platform For Events?

While choosing a payment gateway or transaction platform for your event, think about the objectives and the target audience your event is going to tend to. It should ideally match with the platform’s values. For example: It needs to be simplified if the target audience is high-level corporates who have less time to donate for the transaction.
Here are a few of the most-trusted platforms for virtual currency transactions:
  • Microsoft
  • PayPal
  • Overstock
  • Etsy
  • Newegg

Gear Up For The Crypto Revolution In The Events Industry

Adapt the changes and your corporate shall survive the revolutions, this has been seen through the IT, Digital and the Social Revolutions. We think it is true for the Crypto Revolution as well. Update your payment methods and start giving the security value addition to convert more prospects into attendees.

Frequently Asked Questions

What are some ways in which crypto affects the events industry?

Cryptocurrency is pioneering the payment revolution in the events industry. It has created an upheaval as it is giving additional values and benefits to the organizers as well as attendees. Here are a few ways in which crypto affects the events industry:
  • Easy Transaction Processing and Preventing Fraud
  • Event Security
  • Identity Management

Are event organizers learning the virtual currency curve?

Yes, Event Organizers are constantly upgrading and learning about the crypto through events and other sources as it is stated to bring a payment revolution in the industry.

Who is heading the virtual currency curve in the events industry?

The Organizers and Vendors (specifically individual event organization companies and hotel venue industries) are pioneering the virtual currency curve.

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