Ticketmaster will now allow event organizers to issue NFTs (non-fungible tokens) related to tickets on To flowa blockchain operated by a16z-backed Dapper laboratories. The Live Nation subsidiary said event organizers can make these NFTs available before, during or after the event and even enable special experiences such as loyalty rewards or celebrity meet-and-greets – or simply offer souvenirs in the format NFTs.
The Flow blockchain is known for enabling web3 experiences related to fantasy sports and games, such as NBA Overhead Shot.
Ticketmaster initially in partnership with the Polygon blockchain based on Ethereum last November, to issue virtual ticket stubs to NFL fans for the remainder of the season. The ticketing giant then chose the Flow blockchain earlier this year to issue digital collectibles to over 70,000 ticket holders for Super Bowl LVI. Ticketmaster is also extending its partnership with the NFL to this season, where it plans to issue NFTs to all attendees at 100 select games, including at least three home games for all 32 teams.
The company said it has already minted more than 5 million NFTs on Flow through various partners following its Super Bowl debut.
“Event organizers who choose to offer fans an NFT with their ticket have a real opportunity to make this new technology relevant and accessible at scale. This is why we are partnering with Flow, as their blockchain is tailor-made for fan engagement and seamless consumer experiences,” said Brendan Lynch, Ticketmaster Executive Vice President of Business and Revenue, in a press release.
Its partner for this project, Dapper Labs, which raised $250 million for a valuation of $7.6 billion last year, is no stranger to sports-based digital collectibles distributed through Flow. He is well known as the creator of NBA Top Shot, an NFT marketplace allowing basketball fans to buy, sell and trade player cards and sports highlights. The company launched similar markets for UFC and NFL fanswhile also associating with Spanish football club Real Madrid issued NFTs last year. Other leagues, including the Australian Football League (AFL), Italian Serie A and Spanish La Ligahave also chosen the Flow blockchain for digital collectibles.
Web3 companies such as yellow heart And GUT attempt to address issues like ticketing scams and predatory side sales — problems that have often been associated with Ticketmaster – by issuing blockchain-based tickets. But for Ticketmaster, it's simply a matter of exploring the possibilities of Web3, perhaps as a marketing tool or to see if it helps attract more fan engagement.