Ticketmaster, one of the largest ticket sales and distribution companies with worldwide operations, has made it official that it will begin using tickets in NFT formats for all types of events.
A few days ago I made an article in which I talked about the possibility that tickets to various events are delivered in NFTs format and consequently, to solve some problems such as duplication of tickets or even the resale at exorbitant prices and counterfeiting of the same. Not to mention the scams that appear in secondary markets.
Ticketmasterthe event ticketing giant has announced that it will adopt NFT technology to solve many of the problems that have arisen over time with the digitization of tickets, especially in the wake of the COVID-19 pandemic.
In addition, Ticketmaster confirmed that the blockchain it will use to mint the NFTs will be Flow from Dapper Labs.
NFTs – unique non-fungible tokens that in the blockchain signify ownership power – will function as collectible digital keepsakes, but will also do so as proof of attendance for the purpose of sharing and triggering access to experiences and rewards.
As a result of the partnership, Ticketmaster incorporated a wallet and marketplace feature on the official Ticketmaster site. Users will be able to view and trade the NFTs they receive as a result of the partnership between the two companies.
Dapper Labs and the Flow blockchain are recognized worldwide for their NFTs from the NBA Top Shot project where more than 21 million transactions and $1 billion in total traded volume have been recorded.
In addition, Flow was the blockchain chosen by Mark Zuckerberg to spread and expand his project to implement NFTs in the most used social networks in the history of the Internet, Facebook and Instagram. In NFTexpress we have made an article full article on this news.
Going back to Ticketmaster and their goal of using technology that comes from blockchain and NFTs, they have already made it official that there will be more than 100 NFL games, in Spanish the National Football League, the largest professional soccer league in the United States, that will have the ability to release tickets in non-fungible token formats.
However, Ticketmaster has communicated that the NFTs launched to enter the events will not be one hundred percent tickets, since a ticket purchased with a barcode or QR code must still be shown to enter, but they can be saved and used as souvenirs and experiences that fans will carry in their wallets forever.
What is Ticketmaster?
It is one of the world’s largest ticket marketplaces and a leader in live event ticketing products and services. They have partnered with different official organizations located in thousands of venues to offer tickets to festivals, performing arts centers, theaters, sports teams, and artist shows such as bands and solo singers. Ticketmaster has processed 500 million tickets per year in over 30 different countries and is part of Live Nation Entertainment.
Moreover, Ticketmaster already used Flow’s blockchain in a “pilot test” to distribute 1:1 virtual commemorative ticket NFTs at the last edition of Super Bowl LVI and it has been a success with more than 70,000 non-fungible tokens created and distributed to different users.
After this experience and especially the success it has had, Ticketmaster has made it official that they have already minted more than 5 million NFTs for event organizers, who have every reason to issue the non-fungible tokens and use them for their users and fans to unlock VIP participation opportunities, loyalty rewards and unique digital memories of the events they attend.
Mickey Maher, VP of partnership at Dapper Labs was very happy about their strategic partnership with Ticketmaster, as, he believes the ticketing company quickly became a leader in this industry and they feel the need to support this work to empower event organizers and fans as well with the goal of everyone taking away benefits and exclusivities through blockchain technology and the NFTs ecosystem.
FLOW AND ITS GROWTH IN THE BLOCKCHAIN INDUSTRY
Ticketmaster has chosen it with confidence that Dapper Labs will continue to develop the Flow blockchain for the next generation of people. They believe it is meant to create digital experiences on blockchain that are more efficient, scalable and above all providing security to its users.
Flow, has its own cryptocurrency, which is in the Top 30 of the top cryptos on the market according to. CoinMarketCap. It has a market capitalization of over $2.1 billion at the time of writing this article. Moreover, if we talk about energy levels, Flow is one of the most efficient blockchains.
Finally, as we have already mentioned, it achieved alliances with NBA Top Shot and Meta (formerly Facebook), but it also has other successful projects such as, for example:
RCRD SHPa platform for the secure trading of music and digital collections.
GENIESthe Avatar company that aims to create virtual identities in the digital world.
BALLERZa set of non-fungible, regenerative, basketball-inspired tokens with total sales of more than $10 million.
Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.