NFTs from Ticketmaster
After a stealthy six-month pilot experiment, Ticketmaster, a titan in the ticketing industry, has made its official entry into the NFT space.
Ticketmaster now supports the distribution of NFTs in advance of, during, and after live events. A press release states that Ticketmaster’s “aim is to unleash unique synergies throughout the fan journey.”
Virtual ticket stub NFTs were first made available to NFL ticketholders through a partnership between Ticketmaster and Polygon in 2021. However, the corporation has decided to utilize the Flow blockchain this year and has already begun testing a collaboration with Flow using the over 70,000 NFTs distributed to Super Bowl LVI ticket holders.
There are plans to distribute NFTs to fans at 100 selected games throughout the upcoming NFL season, extending the collaboration. Some NFTs may include perks like meeting a celebrity or a loyalty reward, but others may be nothing more than a digital collectable.
In the previous six months, Ticketmaster has discreetly released the NFT feature, apparently creating over five million NFTs. The Apollo Theater, the rock band the Black Crowes, and the singer-songwriter Gavin DeGraw have all participated as acts or organizers in the pilot program.
A Look Into the Future of Tickets
Flow, created by Andreessen Horowitz-backed startup Dapper Labs, is a blockchain that has found great success in the NFT market by focusing on sports and sports collectibles. NBA Top Shots, NFL All Day, and UFC Strike are all creations of Dapper Labs.
The cooperation announcement boosted the Flow token by 7.5%. The National Football League, the National Basketball Association, the National Hockey League, the United States Tennis Association, and World Wrestling Entertainment are just some of the many organizations that have partnered with Ticketmaster over the years, helping it become one of the largest ticketing services in the world. A new ticketing business has been predicted to be built on blockchain technology, and Ticketmaster is the largest operator to adopt the technology so far.
To further profit on its brand affiliation with American sports leagues, Dapper Labs appears to be in a favorable position. The National Football League is a huge entertainment brand to American viewers, generating over $15 billion in annual income during its pre-pandemic peak in 2019. The total enterprise value of the NFL is around $132 billion.
Last but not least, the move seems to indicate a growing interest in Web3 technologies on the part of the NFL and Ticketmaster; for example, the Super Bowl LVI Halftime Show, which featured NFT aficionado Snoop Dogg as its headliner, included Metaverse-style virtual reality participation options for Oculus users. It seems that at least one major sports league is moving toward Web3, rather than away from it, thanks to its recent relationship with Flow and Ticketmaster.