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Ticketmaster launches NFT-powered ticket sales platform

TL;DR

  • Ticketmaster has launched a new token-gated ticket sales platform that utilizes NFT technology to allow artists to offer exclusive ticketing experiences to their fans.
  • Token-gated ticket sales mean that fans can only access specific sales or events through a particular NFT.
  • The platform provides an additional layer of security and eliminates fraudulent ticketing.

The world-renowned ticketing company, Ticketmaster, has launched a token-gated ticket sales platform that allows artists to offer unique and exclusive ticketing experiences to their fans using NFT technology.

Ticketmaster’s plans

The new tool is designed to create stronger connections between artists and fans, giving fans access to special presales, prime seats, exclusive concert experiences, or even custom travel packages, all unlocked by specific NFTs.

Token-gated ticket sales mean that fans can only access specific sales or events through a particular NFT. The new feature is built on Ticketmaster’s existing NFT capabilities and allows artists to reward fans who hold specific NFTs with exclusive access to upcoming concerts or events.

Avenged Sevenfold (A7X) and their team Bitflips inspired the development of this tool. A7X’s Deathbats Club, a collection of 10,000 unique Deathbat NFTs that act as fan club membership cards to unlock perks and access to events, needed a way to reward their fans.

Working together, Ticketmaster built and launched the token-gated service to provide their fan community with first access to tickets for upcoming shows.

David Marcus, EVP of Global Music at Ticketmaster, said: “This new capability allows artists to get special access and rewards to specific fans they want to super serve.

Artists like Avenged Sevenfold are using Web3 and NFTs to build deeper relationships with their fans, and we’re proud to help foster that connection through live events.”

Token-gated sales are currently compatible with tokens minted on Ethereum and stored in dApp wallets such as MetaMask or Coinbase. This means that the new tool is accessible to a large number of fans who are already familiar with cryptocurrencies.

The benefits of the token-gated sales platform

The new token-gated sales platform provides many benefits for both artists and fans. The token-gated system is an innovative way for artists to create deeper connections with their fans and reward them for their loyalty.

Fans who own specific NFTs can receive exclusive perks, including access to presales, prime seats, and exclusive concert experiences, thereby providing a more personalized and valuable experience.

The platform also provides an additional layer of security and eliminates fraudulent ticketing. With token-gated sales, only those who hold specific NFTs can access specific sales or events, thereby preventing scalpers from acquiring tickets in bulk for the purpose of reselling at a higher profit.

Ticketmaster’s ongoing efforts to provide more tech solutions for artists to connect with their fans have been well-received. The current suite of artist-driven tools includes Face Value Ticket Exchange, Verified Fan, and Ticketmaster Request, all designed to limit ticket transfer, filter out scalpers and bot users, and eliminate the traditional on sale rush by allowing artists to sell tickets to high-demand shows through a request and fulfillment model.

Ticketmaster’s new token-gated sales tool is a game-changer for the live events market. It’s a big deal because it improves the quality of the interaction between performers and their audiences and gives the audience more of what they want.

More and more purchasing services, inspired by Ticketmaster’s success with token-gated sales, are likely to emerge as NFT adoption increases.

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.

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Jai Hamid

Jai Hamid is a passionate writer with a keen interest in blockchain technology, the global economy, and literature. She dedicates most of her time to exploring the transformative potential of crypto and the dynamics of worldwide economic trends.

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