NFT Ticketing Shows How the NFT Industry Is Evolving

Technology / 07.13.22

Access Staff

Variety (07/08/22) Bridge, Gavin

Event ticketing shows how non-fungible tokens (NFTs) are being functionally employed while giving the concept added utility. Live Nation Entertainment's Ticketmaster is particularly focused on leveraging NFTs into a new revenue channel, while smaller outfits like YellowHeart are building the business from the ground up. Ticketmaster and Live Nation are currently pursuing after-event functionality, offering commemorative ticket stubs for people attending sporting events, concerts and festivals, as opposed to tickets that admit owners to actual events. YellowHeart, however, offers NFT tickets for admission, as well as digital stubs. By providing a record of ownership stored on the blockchain, NFT ticketing can impede bad actors and eliminate counterfeit tickets. Implementing smart contract technology into tickets also means a cut of any resale will go to the artist and/or venue. NFT tickets also promise extra utility to owners and event holders, with Live Nation president Michael Rapino noting in the company's Q1 2022 earnings call that NFT ticket stubs can help forge an ongoing relationship with the owner.

Read the full story on Variety.

Tags: Technology , NFTs

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