Technology / 05.11.22
Afterparty Has Big Plans for NFTs
Los Angeles Business Journal (05/09/22) Chiland, Elijah
Los Angeles-based company Afterparty intends to transform the event-ticketing industry using non-fungible tokens (NFTs) through a platform developed to benefit artists and creators. Its ticketing service, launched on April 22, replaces conventional paper or digital tickets with NFTs, and was tested at a March music festival in Las Vegas; attendees used NFTs issued by Afterparty for admission. Afterparty CEO David Fields said blockchain technology allows the NFT tickets to be used for multiple events, adding that ticketholders for an upcoming concert in LA will be able to access exclusive events and the opportunity to reserve passes for later festivals. This incentivizes fans to try out the technology and fully buy into Afterparty's offerings. "Afterparty is also betting that blockchain technology can benefit musicians and event organizers by allowing them to better control the ticket resale market," Fields said. "Artists and venues make 0% of secondary [ticket sales]. All of that is going to third parties." Digital contracts tied to NFTs could enable artists and venues to collect a cut of ticket resales, and Afterparty is also considering using NFT ticketing for sports and other events. "There's a lot of excitement around this technology," Fields commented. "All these different groups just want to figure out the best way to utilize it."
Read the full story at the Los Angeles Business Journal.
Tags: Technology , NFTs