Ticketmaster will allow tickets to be issued in NFT

The NFT market may be devastated at the moment, but a mega player in the entertainment world has decided to enter the market: Ticketmaster.

The NFT market is not looking good right now. On Opensea, one of the best-known platforms for trading these non-fungible tokens, since May 1 this year, the amount of trading volume has collapsed by 99%. And yet, some actors continue to believe in it.

As a reminder, an NFT (“Non Fungible Token” or non-fungible token) is a digital title of ownership, issued by a blockchain (mainly Ethereum), and associated with a digital asset (photo, video, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, the luxury sector or for trading cards in sports. And despite this definition, the general public still struggles to understand how NFTs work, what they are used for, if they have value.

Here, we have a concrete and really telling example. Ticketmaster, the subsidiary of Live Nation, the leading digital distribution company for tickets to shows and events, is boosting NFTs reports Fortune. The NFTs will notably be distributed via the Flow blockchain. Ticketmaster is still a major player with all the commercial firepower.

The group will let the organizers of shows whose tickets it publishes be able to market on its platform the merchandising that goes with it, exclusive products, personalized souvenirs, VIP passes and loyalty programs. All in the form of NFT that you can buy directly with your ticket. And then, we can even exchange between customers of NFTs that have increased in value, buy them, resell them, consult their rating, etc.

Only 2% of Americans have ever purchased an NFT ticket

“Although a Pew Research Center survey last week found that only 2% of Americans have ever purchased an NFT ticket – although about half of American adults have heard of it – the adoption of this system has slowed down. has been shown to be most successful when tied to live events such as sporting events or music festivals,” Fortune points out.

So this is not the first time that Ticketmaster has been active in the non-fungible token market. Since last year, the group has even launched several rather spectacular operations. It is notably the privileged partner of the NFL, the American football league, for which it produced 70,000 commemorative tickets for the Super Bowl final last November. The contract was renewed for 100 matches in the regular season which starts in a week.

But there Ticketmaster is launching and is actually launching a huge market: it’s going to be at each show, its NFTs. Ticketmaster is still the leader in its own sector, with 10,000 professional customers and nearly 500 million tickets sold worldwide per year in 28 countries.

Antoine Larigaudrie edited by PA

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Ticketmaster will allow tickets to be issued in NFT

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