By Nathan Ferguson
After the confusion originated from forged tickets during the UEFA Champions League this year, Binance (a crypto exchange giant) has initiated its pilot for a ticketing solution based on non-fungible tokens (NFTs) in collaboration with Società Sportiva Lazio (a football club) for its seasons of this and the coming year.
Binance Offers NFT Ticketing in Partnership with Società Sportiva Lazio
In the declaration, Binance emphasized that the matter of fake tickets will be solved by NFT tickets and the scalping will be eliminated this way, shielding from the disorganization that takes place during the sports events. In addition to accessing the events, other purposes will also be served by the tickets such as match discounts, as a store, as well as token giveaways along with the rest of the endeavors in partnership with S. S. Lazio.
With the respective partnership, the tickets will potentially be accessible for the entirety of the home matches of S. S. Lazio. An S. S. Lazio executive named Marco Canigiani stated that the present holders of the tickets will be allowed to claim the NFT tickets without any charges and can utilize them to get into Stadio Olimpico to avail the advantages that the digital tickets provide.
Zoe Wei of Binance mentioned that the NFT tickets’ release demonstrates a diverse method to utilize NFTs and signifies an important utility in the case of Web3 technology. Apart from this, Wei revealed that the tickets (which are based on blockchain technology) are capable of consequentially growing from the sports field to the wider industry of entertainment.
Eliminating the Vulnerabilities of Conventional Ticketing System
Not long ago in May, UEFA claimed that thousands of forged tickets were responsible for the confusion that was experienced during the final of the Champions League that took place in Paris. The respective event brought to the front that the conventional systems of ticketing were fallible. Due to that incident, a lot of remarks have been made by the Web3 analysts, with many of them recommending that an effective solution could be provided by the ticketing that is based on blockchain technology.
The CEO of YellowHeart (a marketplace of NFTs) – Josh Katz – recently debated that the ticketing occupies a great use case offered by non-fungible tokens. the executive moved on to highlight that a well-managed defense mechanism confronting forged tickets could be built by the event organizers in this way as each ticket contains proof of authenticity.