Ticketmaster announced that it will allow event organizers to issue NFTs (non-fungible tokens) that are reportedly tied to tickets on Flow, a blockchain/DLT network that’s run by a16z-backed Dapper Labs.
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— Flow (@flow_blockchain) August 31, 2022
The Live Nation subsidiary stated that event organizers are able to make these NFTs available either before, during or after the event takes place. They’re able to support special experiences such as loyalty rewards or celebrity meet-and-greets. They may also provide memorabilia as an NFT, the announcement revealed.
The Flow blockchain is now recognized in the crypto space for supporting Web3 experiences that are related to fantasy sports and gaming (including NBA Top Shot).
Ticketmaster had also teamed up with Ethereum-powered blockchain network Polygon this past November in order to offer virtual ticket stubs to NFL fans for the remainder of the season.
Ticketmaster then decided to work with the Flow blockchain in 2022 so that they could issue NFTs (or digital collectibles) to more than 70,000 Super Bowl LVI ticket holders.
Ticketmaster is now focused on extending its collaboration with the NFL to this season. The firm intends to issue NFTs to the attendees of select games, which may include 3 or more home games for 32 NFL teams.
The firm added that it issued more than 5 million NFTs on Flow via different partners after its Super Bowl intro.
Brendan Lynch, Ticketmaster Executive Vice President of Enterprise & Revenue, stated:
“Event organizers who choose to offer fans an NFT with their ticket have a real opportunity to make this new technology relevant and relatable at scale. This is why we are partnering with Flow, because their blockchain is custom-built for fan engagement and frictionless consumer experiences,”
Its business partner for the initiative, Dapper Labs, which acquired $250 million at a $7.6 billion valuation in 2022, is focused on supporting sports-related NFTs that are distributed via Flow.
The firm is credited with being the developer of NBA Top Shot, a digital collectibles marketplace for basketball enthusiasts to trade cards of players.