Technology / 08.03.22

Why We Need NFT Ticketing for Sports Events

Access Staff

CoinDesk (07/29/22) Katz, Josh

Josh Katz opines that non-fungible tokens (NFTs) are necessary to strengthen sports events by providing verifiable and authenticable tickets and adding value for fans. NFT ticketing is promoted as the remedy for fraudulent tickets, illegal reselling and other sports-event industry woes, and Katz argues, "NFTs can't be forged, thanks to the immutable nature of the blockchains they are built on top of." He adds that NFTs are poised "to bring a variety of new opportunities to the ticketing and entertainment industries." Such opportunities include dynamic tickets, which Katz writes could include "digital passes that update as they are redeemed and offer additional bonuses such as airdrops of additional NFTs, access to exclusive merchandise or free vouchers for food and beverages. Tickets could stay with individuals across multiple events, and continued engagement could bring in even larger rewards, including upgraded seats or personal meet and greets." Katz notes that the National Basketball Association is considering issuing fans NFT "ticket stubs" when they redeem their tickets at a venue, as stubs' monetary value from memorable games appreciates over time. "NFTs can be programmed to funnel a percentage of all future secondary sales to a given address, in this case, owned by the team that issued the tickets," he points out. Katz concludes that such applications merely hint at NFTs' potential.

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Tags: Technology , NFTs