Loading...

Sports Illustrated takes NFTs to Avalanche for next-level ticketing

TL;DR

  • Avalanche has acquired a share in Sports Illustrated Tickets, making it the blockchain supplier for its NFT-enabled ticketing service, Box Office. 
  • Sports Illustrated Tickets CEO David Lane noted that, while traditional tickets wind up in the trash, NFT tickets might provide holders with more experiences and chances for event organizers.
  • The launch matches with the start of Inspect Rewards Season 1, an initiative that rewards Avalanche fans for community involvement.

Sports Illustrated Tickets has made a significant move by shifting its NFT ticketing service to the Avalanche blockchain. This strategic decision marks a pivotal moment in the evolution of digital ticketing platforms, leveraging the capabilities of blockchain technology to enhance security, efficiency, and user experience.

Avalanche, a prominent blockchain network, has acquired a stake in Sports Illustrated Tickets, consolidating their partnership for the issuance and management of NFT-based tickets. This transition underscores the commitment of Sports Illustrated Tickets to innovation and adaptability in the rapidly evolving landscape of digital assets and entertainment experiences. 

Sports Illustrated shifts ticketing to Avalanche

Almost ten months after its inception, the ticketing arm of the American sports magazine Sports Illustrated announced it is migrating its nonfungible token (NFT) ticketing platform dubbed “Box Office” from the Polygon blockchain to Avalanche.

Sports Illustrated Tickets announced a partnership with Ava Labs, the founders of the Avalanche network, on February 20. The collaboration will enable the NFT ticketing platform to use the Avalanche blockchain to mint their NFT tickets. Avalanche will also aid Box Office in the transformation of event tickets into dynamic content in order to engage guests.

Box Office is a ticketing service based on the blockchain that allows users to organize paid or complimentary events. SI Tickets stated in a press release that the so-called Super Tickets NFT tickets facilitated by Box Office include NFT videos, exclusive offers, and loyalty benefits.

Sports Illustrated Tickets operates as a ticketing platform in the secondary market, operating under the Sports Illustrated brand. The company, which is distinct from the troubled magazine, leases the Sports Illustrated brand from a brand management firm, SI Tickets CEO David Lane emphasized in an interview.

The NFT ticketing platform was introduced on Polygon in May 2023, allowing event organizers to offer their guests exclusive benefits such as early access, drinks coupons, and music downloads prior to the events. Additionally, NFT ticket holders may be eligible to receive post-event advantages such as video content and additional rewards that are linked to their event ticket.

SI Tickets reports that approximately 300,000 tickets have been distributed via Box Office since the platform’s debut in May 2023.

Consensys provided support with the initial launch of Box Office on Polygon. SI Tickets was in negotiations with Ava Labs, the developer of Avalanche, to provide support for the platform at the time, according to John Nahas, senior vice president of business development for Ava Labs. After less than twelve months, SI Tickets changed chains.

“Polygon had their moment, and then they [SI Tickets] came back to us and said, ‘Look, a lot of the things that you guys promised that you would do and help with etc., and on the tech side, seems to be true with all the things you’re doing with everybody else, and we’re eager to switch over to Avalanche,’” John Nahas

The future of gaming tickets tilts to NFT ticketing

SI Tickets CEO David Lane claimed that the cooperation with Ava Labs will provide essential tools that Polygon lacks. He emphasized the benefits of NFT ticketing, stating that it allows for continuing involvement and revenue streams for event organizers after tickets are scanned. Lane believes that the increasing NFT sports sector will promote mainstream acceptance as fans recognize the value in NFT offers.

The launch corresponds with the start of Inspect Rewards Season 1, an initiative that rewards Avalanche fans for community involvement. Users can connect their wallets to the analytics platform Inspect and set AVAX profile images to qualify for ranking-based awards. The season runs until an undetermined finish date.

Ava Labs evidently sees a lot of potential in NFT ticketing. It invested in tixbase, another Web3 ticketing company, as well as Dreamus, a South Korean concert ticket platform that integrates with Avalanche.

But as far as NFT tickets go, SI Tickets’ Box Office “is the main leg out of a multi-leg stool,” Nahas added.

Lane expressed confidence about Web3’s possibilities for the ticketing industry, stating that the current system of barcode scans is “useless” in compared to NFT tickets, which make verification easier and can serve as mementos after the event.

The adoption of blockchain-based tickets benefits event organizers by increasing guest engagement through monetizable content.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Tether's Strategic Overhaul: Launching Four New Divisions to Expand and Diversify Business
Cryptopolitan
Subscribe to CryptoPolitan