In recent years, spectator sports and other significant live events have adopted web3 technology. In addition, major sports franchises from all different sports have struck deals with various companies based on blockchain technology. Sometimes they’re sponsorship deals like the one between Tezos and the New York Mets or for naming rights to arenas. But, that isn’t the only way blockchain tech and live events have intertwined. Adopting NFT tickets could be the answer to resale scams and scalpers fans needed all along.
NFT ticket utility
Distributing tickets for live events as NFTs isn’t just some marketing ploy. It’s a critical use case for the technology. As most know, non-fungible tokens exist on an immutable blockchain ledger. Why is that important for live events? If every ticket is digitally trackable, scalpers and scammers have much more work cut out for them and far less potential reward. It’s impossible to produce a counterfeit NFT, and distributors can set hard caps on factors like resale prices and the amount one person can own. Not to mention it eliminates the possibility of losing or damaging your ticket.
NFT tickets are becoming more common
Some spectator events and ticket distributors have already adopted the technology. For example, rampant ticket fraud occurred during the Champions League final in Paris in May 2022. The scams led to the city of lights considering NFT tickets when it hosts the 2024 Summer Olympics.
The National Basketball Association has already made over $1 billion through their NBA Top Shot NFT collectible line. Now, they’re looking into collectible NFT ticket stubs. These stubs allow loyal fans to track their attendance at games or events.
Currently, the NBA is still only focused on NFTs as collectibles. But it happily adopted the technology despite the tokens’ limited utility. Switching to NFT tickets, rather than just ticket stubs, uses the tech to its fullest extent while offering a unique digital collectible.