Ticketmaster rolls out NFT Expansion – Billboard

Despite a cooling crypto market, Ticketmaster is going all in on NFTs. The world’s largest ticketing website will expand its NFT offering in partnership with blockchain platform Flow, allowing attendees to unlock unique experiences before, during and after major events.

Ticketmaster has already issued more than 5 million NFTs to attendees of live sports games and concerts. So far, these NFTs have largely been limited to commemorative NFTs after an event, similar to a digital ticket stub.

For example, Ticketmaster issued 700,000 NFTs to Super Bowl LVI attendees, immortalized with the ticket holder’s unique seat number. In other cases, Ticketmaster NFTs have unlocked rewards and extra VIP fans after an event.

However, the new rollout will give event organizers even more flexibility to create an enhanced experience before, during and after an event through NFTs. A Ticketmaster spokesperson says this could include access to exclusive discounts and food during the event, as well as merchandise and meet and greets.

Ticketmaster, which is part of Live Nation, believes this will provide a more powerful fan experience for live sports and concerts. “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,” said Brendan LynchTicketmaster managing director of business and revenue in a statement.

All Ticketmaster NFTs will be minted on an eco-friendly blockchain called Flow, which is best known as the home of NBA TopShots – an NFT collection that generated more than $700 million in sales in 2021. Created by Dapper Labs, Flow has since been go-to blockchain for major sports organizations and entertainment companies, including the NFL, UFC and Spain’s soccer league LaLiga.

Minting an NFT on Flow uses less energy than posting to social media, according to a study by Deloitte, and fees are much lower than larger blockchains like Ethereum. Dapper Labs claims this makes it an optimal solution for consumer experiences such as live events. “Our partnership with Ticketmaster will enable millions of live event fans to capture, share and enhance their IRL experiences through digital collectibles,” said Mike Mahersvp for partnership at Dapper Labs.

Live events have already proven to be a powerful, non-speculative use case for NFTs. For example, many in the crypto community already collect POAPs – Proof of Attendance tokens powered by NFTs – which act as a digital memory of a live event or experience. More than 5 million POAPS have been minted in the past 18 months. Meanwhile, NFT tickets have the ability to reduce fraud and capture secondary sales fees for the event organizer.