Ticketmaster will enable organizers to issue NFTs connected to tickets on Flow, a Blockchain owned by Dapper Labs and sponsored by a16z.
Event organizers are planning to make NFTs accessible before and during the event and even allow customized experiences like loyalty incentives or meet-and-greets with celebrities— or provide mementos in an NFT format, according to the Live Nation subsidiary.
The Flow Blockchain is famous for providing web3 activities such as NBA Top Shot in gaming and sports.
— Altcoin Daily (@AltcoinDailyio) August 31, 2022
History of collaboration of Ticketmaster
Ticketmaster partnered with Polygon in November to provide NFL fans digital ticket stubs for the season’s remaining games. More than 70,000 individuals who purchased Super Bowl LVI tickets later that year were given Flow blockchain-based digital collectibles. This season, Ticketmaster and the NFL are extending their partnership, with the latter planning to distribute NFTs to fans of 100 selected games, including at least three home games for each of the league’s 32 clubs.
Since its Super Bowl debut, the company has generated over five million Non-fungible tokens on Flow via various partners.
Will the virtual tickets be used for entrance to the event as well?
Such virtual commemorative tickets, however, are not valid for entrance. For entrance, a bought ticket with a barcode system from Ticketmaster or Live Nation is still required. According to Live Nation, it chose the Flow Blockchain for its eco-friendliness, noting that establishing an NFT on Flow consumes less energy than performing a Google search or posting on Instagram.
The NFT ticket may be sent to others through email or QR code using accounts on the Ticketmaster/Live Nation website, which also supports wallet addresses. Ticketmaster quietly initiated a pilot test program for NFTs supplied as mementos for particular events six months ago.
Why are Dapper Labs chosen as its collaborator?
Dapper Lab’s collaborator on this initiative is well-versed in the Flow distribution model for sports-themed digital collectibles. In particular, it is well-known as the originator of NBA Top Shot, an NFT market where basketball enthusiasts may sell, buy and exchange cards from the game’s most significant moments and players.
In addition to working with Real Madrid to issue NFTs last year, the business has also developed markets catering to UFC and NFL fans. The Flow Blockchain has been used by many, including the Italian Serie A, Australian Football League (AFL), and the Spanish La Liga.
How will Ticketmaster deal with ticket fraud?
Ticketing frauds, commonly associated with Ticketmaster, are among the difficulties that Web3 startups like Yellowheart and GUTS attempt to address by providing blockchain-based tickets. Ticketmaster is using web3 as an experimental advertising tool or to evaluate the extent to which it inspires more fan interaction.
Ticketmaster is only considering NFTs for their collecting value rather than their potential application in anti-counterfeiting measures enabled by Blockchain technology. One may easily foresee further NFT growth, with Dapper as the most probable partner. That includes concert footage from the thousands of performances that Live Nation organizes.