Ticketmaster Goes Web3: Can you teach an old dog new tricks? | NFT CULTURE | NFT News | Web3 culture
First reported by our friends at decrypt, Ticketmaster has partnered with popular metal band Avenged Sevenfold to offer token-gated ticket sales for exclusive access to concerts and events for eligible NFT holders. The Ethereum NFT token-gating feature has been launched for artists, allowing them to offer special access to tickets for qualified NFT holders. Avenged Sevenfold’s Deathbats Club Ethereum NFTs were used to offer early access to purchase tickets to the band’s arena shows in New York City and Los Angeles in June, with approximately 1,000 tickets sold through the NFT gating feature. Ticketmaster’s feature asks users during the purchase process to confirm ownership of one of the eligible NFTs by linking to their wallet, simplifying the purchase process and eliminating competition from scalpers and bots.
Avenged Sevenfold, who have sold over eight million albums, are launching an NFT-based loyalty program on Polygon to allow fans a free ticket pass. Fans can access certain NFT gated pre-sales and other benefits with the free “Tier 1” pass. Band will offer more NFTs to upgrade the pass for more exclusive access and benefits. Deathbats Club NFT prices have more than doubled over the past month, with the floor price reaching an all-time high of $300.
The feature was developed in collaboration with Bitflips, Avenged Sevenfold’s Web3 team, which creates artist-centric NFT projects. The token-gating feature is available to any artist with their NFT collection or who has partnered with an NFT community, unlocking benefits for fans such as premium seats or special experiences such as sitting in on sound checks.
“Connecting to live shows creates a unique value, and we developed our token gate capabilities based on how artists want to connect their community to their concerts,” said David Marcus, Ticketmaster’s EVP of Global Music. “It’s really a blank slate for the artist to decide.”
The incorporation of NFT technology into Ticketmaster’s ticketing system marks an important milestone towards the mainstream adoption of blockchain technology. The token-gated ticketing feature could revolutionize the live event industry by creating a more transparent and fair ticketing process that benefits both fans and artists. Fans who own NFTs can now enjoy exclusive access to pre-sales and special events, and as NFT technology continues to grow and develop, we can expect to see more industries incorporating this technology into their operations.
Token Gated Fan Experiences
The future of Web3 may involve more token-gated events, which could create new and exciting opportunities for artists and fans alike. NFT technology enables a transparent and secure way to distribute tickets and access to events, ensuring that artists are rewarded fairly for their work and that fans can experience the events they love without interference from scalpers and bots.
However, as with any new technology, it is important to ensure that it is used in a fair and just manner. Ticketmaster’s history of monopolistic practices has made many wary of their new token-gated feature, and some are looking for alternative solutions that are more community-driven and transparent. Friends of NFTCulture Fan3 is working on a solution that seeks to democratize access to events, allowing artists and fans to connect directly and build stronger communities. With new innovations and collaborations on the horizon, the future of Web3 is sure to be exciting.
