Ticketmaster, a prominent player in event ticket sales, is testing NFTs (Non-fungible Tokens) that grant specific token owners special privileges such as reduced prices and exclusive access to events. Accordingly, Ticketmaster has incorporated crypto wallets for the upcoming Avenged Sevenfold (AS) tour to offer exclusive benefits to a specific set of users.
The exclusive benefit is specifically for those who hold the “Deathbats Club” membership for the AS tour. OpenSea revealed that the Deathbats fan club holds a set of 10,000 non-fungible tokens on the ETH blockchain.
As reported, those who possess these tokens will receive priority access to the tickets and reserved seating, eliminating the need to stand in queues. Where Music’s Going (WMG), founder — Rob Abelow hailed the initiative as the most exceptional “Verified Fan” edition.
According to the executive, 1,000 Deathbats owners had earlier access to the June shows in New York City and Los Angeles. He also praised the conversion rate of tickets which was 10%.
However, the NFT-exclusive sale that was recently conducted had mixed reactions on Twitter. Abelow commented, “this is a crucial application of NFTs that demonstrates how engaging with an artist in one domain can lead to opportunities in other domains.”
Furthermore, he identified interoperability as a “powerful tool.”
Ticketmaster Accused Of Being Monopolistic
Ticketmaster has faced allegations of anti-competitive practices on multiple occasions. The platform recently expressed regret to the pop icon —Taylor Swift and her supporters at a United States Senate hearing.
Many ‘Swifties’ could not buy concert tickets after the system was overwhelmed due to the high demand for the Eras Tour. A social market spot for music —TRAX, claimed that assisting Ticketmaster is not beneficial for independent artists.
In reply to Abelow, the platform stated that “artists should have a platform that gives priority to monetization of creator-owned content, rather than a monopolized incumbent trying to catch up.” In collaboration with Flow network, the America-based ticketing firm broadened its NFT selection last year.
Before the rollout, Dapper Labs (Flow blockchain operator), and Ticketmaster, conducted numerous NFT trials. Reports claimed that Ticketmaster had distributed over 5 million non-fungible tokens to individuals who participated in live sporting performances and events.
These non-fungible tokens were mostly commemorative tokens that were issued after the event. NFTs can revolutionize ticketing by granting fans greater control and ownership over their tickets.
By verifying ticket authenticity, this ticketing approach could also help reduce counterfeiting and fraud. However, the NFT industry is still grappling with significant long-term challenges concerning security, declining brand appeal, and user experience.
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