Cointrust (06/20/22) Cromley, Kelly

French government official Michel Cadot has proposed implementing blockchain-based non-fungible tokens (NFTs) as ticket substitutes in top sporting events in the coming years as a measure to prevent ticket counterfeiting. As an example of the kind of disruptions that NFT tickets could prevent, he cited the postponement of the start of a game between the English soccer club Liverpool and a Spanish soccer club due to widespread ticket forgery. A probe determined that 1,500 of the 15,000 tickets that had been distributed for the Liverpool team had been counterfeited, and Cadot pointed out that NFT technology would make it possible to eliminate fraudulent ticketing and associated disruptions. Moreover, NFTs have the potential to clear a path for the official ramping up of ticket prices and help the sports industry to surmount the long-term ticketing problem.

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