Christopher BarrettThe operators of independent festival Lakefest are working with Steve Jenner’s blockchain and NFT specialist services operation MetaFests to use NFT technology at the 2023 event.
The festival is due to take place at Eastnor Castle in Herefordshire on 10-13 August, with tickets going on sale next month.
Lakefest’s founder and director Lee Martin said the aim of adopting NFT and blockchain technology is to streamline operations and harness new revenue streams as the team works to expand the event’s capacity from 12,000 to 20,000 next year.
“It will allow more effective connections with our audience, offering enhanced value to visitors, partners and artists,” he said.
All Lakefest ticketholders will receive an NFT wallet containing a digital collectable that organisers said would be “something of genuine value that can be traded amongst collectors long after the festival has finished.”
Event-goers will be able to use the NFTs to redeem on-site perks such as VIP upgrades, merchandise, food, drink, or meet-and-greets, while the use of blockchain technology combats ticket fraud.
Jenner said, “We’re thrilled to be working with Lakefest on this next chapter of their journey. It’s a testament to the visionary spirit of the UK festival industry that an independent, family-run event, leads the digital evolution of our market. Harnessing new NFT superpowers will make a real difference to their financial profitability and growth going forward.
“We are excited preparing to support the industry into a new Web3 age of greater stability and progress.”