Leading ticketing service Ticketmaster will now broadcast NFTs for live events via its Flow Blockchain. After the development, the NFT coin FLOW took a leap. Here are the details…
Ticketmaster NFTs
Ticket industry giant Ticketmaster has officially entered the NFT space after a silent six-month pilot program. Event organizers using Ticketmaster can now broadcast NFTs before, during or after live events. According to the press release, Ticketmaster’s goal is to unlock unique integrations throughout the fan journey. Ticketmaster first partnered with Polygon to issue their NFT as a virtual ticket to NFL ticket holders in 2021. This year, however, the company chose to adopt the Flow Blockchain. Super Bowl LVI tickets experimented with this partnership, with a collection of more than 70,000 NFTs awarded to their holders.
The partnership will extend into this NFL season with plans to broadcast NFTs to participants of 100 select games. Some NFTs are expected to come with various perks like celebrity reunions or loyalty rewards, while others will be digital collectibles only. Ticketmaster has quietly rolled out NFT functionality over the past six months. Reportedly, more than five million NFTs were printed during this period. The people and organizers of the pilot program included Apollo Theatre, rock band The Black Crowes, and singer-songwriter Gavin DeGraw.
NFT coin FLOW leaps with news of partnership
Flow is a Blockchain built by Andreessen Horowitz-backed Dapper Labs, which has had significant success in the NFT market with its emphasis on sports and sports-themed memorabilia. As we have reported as Kriptokoin.com, Dapper Labs’ projects include NBA Top Shots, NFL All Day and UFC Strike. Ticketmaster is one of the largest ticketing services in the world and dominates a large portion of the American sports markets. Flow token rose 7.5 percent on partnership news. However, at the time of writing, it suffered a slight backlash. It fell from $2.15 to $1.99.
Its partners include the National Football League (NFL), the National Basketball Association (NBA), the National Hockey League (NHL), WWE. While it has been repeatedly said that blockchains will form the backbone of a new ticketing industry, Ticketmaster is the largest industry player ever to be acquired. Dapper Labs is in a comfortable position to capitalize on more of its brand association with American sports leagues.
While its popularity is limited to the US, the NFL is a huge entertainment brand for American viewers, generating more than $15 billion annually at its pre-pandemic height in 2019. The NFL is collectively worth approximately $132 billion as a general operation. Finally, this move seems to point to the growing interest of both the NFL and Ticketmaster for Web3 technologies. For example, the Super Bowl LVI Halftime Show earlier this year included Metaverse-style virtual reality opt-in options for Oculus users.
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