Taking the lead in the events industry, Scarabeo, minted their first non-transferable NFTs as they stepped into web3. Through these lifelong passes granted to the Scarabeo community, they were able to pave the way for non-crypto-savvy people to explore web3. As industry leaders, we collaborated with the Scarabeo team in order to bring their vision to life and make NFTs accessible to the community in the most straightforward way possible, without requiring cryptocurrency ownership.
Sixteen years after opening their doors to host artistic exhibitions and live performances, the Scarabeo team has decided to step into web3. As talent promoters actively engaged with their community since 2005, the Scarabeo team is holding onto their core mission to make a better world through arts and expanding their presence to the digital world, while paving the way for their community to follow.
From bringing together the guest participants of the International Convention on creativity innovation and technology of both Granada and Madrid, to organizing their own contests and exhibitions, and winning the most original bar award by the Stoli Awards Cyprus, the Scarabeo team has successfully created a community for artists in Europe.
As the buzz around NFTs spread onto the event industry, how could Scarabeo ride the wave?
In the realm of technology, NFTs have become a phenomenon, and their rapid expansion shows no signs of slowing down anytime soon. After NFTs enabled a market for digital art, their popularity exploded. The use of NFTs is extending beyond digital art to other collector markets and asset industries as more investors become interested in their potential worth. The majority, however, are affiliated with well-known businesses or celebrities. In 2019, Nike, for example, introduced CryptoKicks to tackle the counterfeit shoe market. In February 2021, the market value of the NBA’s TopShots, a marketplace for collectible digital films of great basketball moments, had surpassed $230 million.
Non-fungible tokens have caught the attention of businesses across the board, who are looking for ways to use them to benefit their customers, increase brand recognition, and generate new revenue streams.
As technology becomes a more integral part of the overall events’ experience, there’s a growing interest in incorporating NFTs into the array of features that can boost attendee engagement on digital platforms both during and after events.
So how could Scarabeo capitalize on the momentum?
In order to widen the Scarabeo community, while enhancing loyalty, and rewarding members, NFTs represented the optimal tool.
NFTs give businesses the opportunity to create one-of-a-kind event experiences that capture people’s interest and inspire them to participate. As the tokens create a sense of ownership, they become valuable to people. For example, while many event tech platforms already include sophisticated registration and profile-building tools, through NFTs, the Scarabeo team is realizing its new-age motto #PartyPlayEarnWin and is able to reward the loyal community members with lifetime free access to their events. An NFT for an exclusive experience gives the person with access a sense of industry recognition, connection, and involvement, not to mention the fact that the NFT can be kept as a keepsake when the event is over.
The team also launched NFTs collections that build loyalty by offering privileges, gifts and collectibles, to the owners and elevate the overall experience by granting NFTs in the form of QR codes as rewards to various competitions/games, namely its MoonWalker NFTs.
NFTs are also ideal to link the physical events to a digital experience. For example, the Scarabeo team rewarded guests at their events with personal photos taken at a photo booth during the event. These photos were then minted as NFTs and sent to owners by email or SMS, as keepsakes.
Through our simple and straightforward platform, we enabled the team to easily mint their assets and automate the whole process. Our versatility also allowed quick adaptability to any arising opportunity.
However, one challenge remained, how could we import a non-crypto-savvy community into web 3?
We collaborated closely with the Scarabeo team to develop the best system possible that offered value to Web 3.0 while also requiring little to no effort from the community members. We engaged with the members through pre-existing methods, such as their emails, Facebook groups, forms, etc. in order to ensure a smooth transition into web3.
We also assisted the Scarabeo team to have full control over their wallet address allowing them to update the open sea profile and opening a direct line of communication between them and their NFT owning community members, therefore smoothly replicating the Scarabero community within the digital world.
Through this collaboration, we were able to come up with ways to access these new technologies and contribute to building a better world through the arts.