NFTs are transitioning from being a niche asset class to intertwining with our daily life, and Ticketmaster is leading the charge.
Ticketmaster, a giant ticket sales and distribution company, has announced that event organizers can now issue NFTs tied to tickets. These NFTs will act as blockchain-based programmable tickets, pushing the limits of utility for this digital asset class.
In a statement on Wednesday, Ticketmaster detailed that it tapped Dapper Labs’ Flow as the blockchain for minting tickets as NFTs. Flow is a scalable blockchain for the next generation of apps, NFTs, and games, known for hosting popular Web3 projects like NBA Top Shot.
Brendan Lynch, Ticketmaster EVP of Enterprise and Revenue told reporters that partnering with Flow was a no-brainer “because their blockchain is custom-built for fan engagement and frictionless consumer experiences.”
The new offering will allow event organizers to use NFTs as a “proof of attendance”, digital memorabilia, enable experiences like meet and greet events with celebrities, or even use them to earn loyalty rewards. To enable ease of use, Ticketmaster has an inbuilt wallet and marketplace listed on its platform.
Long time in the works
Ticketmaster’s NFT tickets have been in the works since the start of the year. Six months ago, Dapper Labs and Ticketmaster launched a pilot program to test the new offering.
Ticketmaster has confirmed that it has minted over five million NFTs on the Flow blockchain since the start of the year. And prior to that, the ticketing giant issued digital collectibles to more than 70,000 Super Bowl LVI ticket owners using the blockchain.
In November, Ticketmaster partnered with Polygon to issue virtual tickets for NFL fans in an early foray into virtual ticketing. The ticketing giant hopes to solve the challenges of scams and unhealthy secondary sales of tickets with blockchain technology.
Expanding use cases for NFTs
Digital collectibles burst into popularity in 2021 with a record transaction volume of over $25 billion. Marketplaces like OpenSea grew exponentially, with new NFT collections flooding the market.
Web3 projects like Axie Infinity and Decentraland incorporated NFTs as an essential component of their ecosystem, while artists turned to the asset class to monetize their art and enjoy provable digital ownership. In addition, luxury fashion brands like Gucci, Burberry, and Louis Vuitton adopted NFTs to appeal to a wider audience.
Aside from these more obvious use cases, NFTs can also be used for a variety of other purposes. For instance, universities can use NFTs to record academic achievements and credentials of their students, while hospitals and health care agencies can use NFTs to store individuals' medical records without compromising confidentiality.
In short, there are unlimited applications for NFTs, most of which are yet to be unearthed. However, it is almost already clear that these innovations will play a key role in many different industries in the future.