Ticketmaster hopes to disrupt the live-events industry by incorporating collectible NFTs (non-fungible tokens) and blockchain technology into its services.
What Happened: The West Hollywood, California-based company announced the launch of new capabilities to issue digital collectible NFTs to fans before, during or after events. The announcement follows Ticketmaster’s entry into NFTs over the past two years that now appears to be ramping up.
“Event organizers who sell live events tickets on Ticketmaster now have the ability to issue NFTs before, during and after live events,” the company said.
Ticketmaster, a unit of Live Nation Entertainment (NYSE: LYV), is offering over five million NFTs for event organizers on the Flow (CRYPTO: FLOW) blockchain. Flow is best known as the blockchain used by Dapper Labs, parent company of NBA Top Shot, NFL All Day and UFC Strike.
The new offering could extend the event experience with digital keepsakes that can be shared online or used to offer loyalty rewards and engagement opportunities.
“Event organizers who choose to offer fans an NFT with their ticket have a real opportunity to make this new technology relevant and relatable at scale,” Ticketmaster EVP of Enterprise & Revenue Brendan Lynch said.
Related Link: Is Live Nation The Ultimate Reopening And NFT Play?
Why It’s Important: Flow is known for delivering “consumer-scale experiences” and being the blockchain of choice for sports organizations and leagues.
“Our partnership with Ticketmaster will enable millions of live event fans to immortalize, share and enhance their IRL experiences through digital collectibles,” Dapper Labs SVP Partnerships Mickey Maher said. The partnership can offer “greater value to fans through the benefits of blockchain,” Maher he added.
Ticketmaster, which processes 500 million tickets per year, has partnered with the National Football League (NFL) to offer tickets on several occasions last season, including 70,000 commemorative ticket NFTs for those in attendance at Super Bowl LVI. Ticketmaster will offer NFTs minted on Flow for over 100 games in the 2022 season for the NFL.
While many question the use cases for NFTs, ticketing has been one of the sectors that could be disrupted by the emerging technology created by the blockchain. Similar to tickets shifting from paper to digital, a shift to NFTs could see tickets becoming digital collectibles that are easily transferrable and verified to prevent scams and also serve as collectibles for sports and music fans around the world.
Ticketmaster’s partnership with the NFL and use of Flow could make it a unique case study in the adoption of NFTs in the ticketing sector.
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