Ticketmaster launches NFT Token-Gating feature for everyone
Non-fungible tokens, also known as NFTs, have been used for several purposes. One of them is to gain access to digital events such as concerts. That means the concept has been open for now; However, that is about to change with Ticketmaster trying to reach a larger audience with the new feature, NFT Token-Gating.
According to the announcement, NFT token-gating allows artists to give special priority to NFT holders who meet all the eligibility criteria. The special priority could be early access to an event or tickets with VIP features such as watching the action behind the scenes.
NFT Token-Gating was developed in collaboration with Avenged Sevenfold, a metal band who tested the function on their own NFT collection, Deathbats Club.
The community is now divided into two parts, with one part appreciating the move and the other part arguing that it works against the decentralized ethos of the NFT sphere. The first site has argued that artists don’t choose ticket providers, so they want more power now. The other side has countered that artists deserve a platform that prioritizes the creator-owned form of monetization.
One of the members has come out in support and said that Ticketmaster should rather underwrite the costs of the event to reduce the risk for the artists. Admittedly, the costs of producing an event are on the higher side.
The Ethereum NFT token gating feature is now live for artists to try out. It has so far worked effectively for Avenged Sevenfold, a scenario where the owners of 10,000 non-fungible tokens were given early access to purchase tickets for their future shows to be shown in June in Los Angeles and New York City.
Frontman Sanders said nearly 1,000 tickets were purchased using the NFT token gate feature. Sanders has described the process as incredible. He has also shed some light on how Ticketmaster works.
It first asks the user to connect to the wallet and verify ownership of the eligible token. After this, the process continues as usual except for minor competition fighting for a smaller pool of tickets.
Sanders has also said the process eliminates long lines — 1,000 people in this case — and gives robots the power to get work done right away.
The band’s Web3 team, known for developing artist-focused NFT projects, and Ticketmaster specifically developed the feature.
Sanders and David Marcus, who was EVP of Global Music at Ticketmaster, met the previous year at an NFT LA conference. The meeting planted the seed for a symbolic gateway function, and both ventures continued to work together.
Marcus has said that while the band used the feature to offer early access to tickets, there are many more ways NFT token gating can be used to offer a special experience to fans.
