Live Nation Entertainment (LYV) – Ticketmaster Unveils New NFT Features: Will It Catch on with NFL and NBA Fans?
Ticketmaster hopes to disrupt the live event industry by incorporating collectable NFTs (non-fungible tokens) and blockchain technology into its services.
What happened: The West Hollywood, California-based company announced the launch of new opportunities to issue digital collectibles to fans before, during or after events. The announcement follows Ticketmaster’s entry into NFTs over the past two years which now appears to be increasing.
“Event promoters selling live event 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 LIEoffers over five million NFTs for event organizers on Flow FLOW/USD blockchain. Flow is best known as the blockchain used by Dapper Labs, the parent company of NBA top shot, NFL all day and UFC strike.
The new offering can extend the event experience with digital mementos that can be shared online or used to offer loyalty rewards and engagement opportunities.
“Promoters 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 so.
Related Link: Is Live Nation The Ultimate Reopening And NFT Play?
Why it’s important: Flow is known for delivering “consumer experiences” and being the blockchain of choice for sports organizations and leagues.
“Our partnership with Ticketmaster will enable millions of live event fans to capture, share and enhance their IRL experiences through digital collectibles,” Dapper Labs SVP Partnerships Mike Maher so. The partnership could offer “greater value to fans through the benefits of blockchain,” Maher added.
Ticketmaster, which processes 500 million tickets per year, has partnered with National Football League (NFL) to offer tickets on several occasions last season, including 70,000 commemorative NFTs for those in attendance at Super Bowl LVI. Ticketmaster will offer NFTs minted on Flow for over 100 games in the 2022 NFL season.
While many question the use cases for NFTs, ticketing has been one of the sectors that could be disrupted by the new technology created by blockchain. Similar to tickets shifting from paper to digital, a shift to NFTs could see tickets become digital collectibles that can be easily transferred and verified to prevent fraud and also serve as collectibles for sports and music fans worldwide.
Ticketmaster’s partnership with the NFL and use of Flow could make it a unique case study in the use of NFTs in the ticketing sector.
