Ticketmaster recently agreed with Flow to revolutionize the ticketing industry and make it safer with NFT technology. Event organizers can offer guests a richer experience using only an NFT ticket.
During the pandemic, ticket sales have plummeted. Now the situation is starting to improve – this year alone, ticket sales for various live events increased by 44%. The concert industry has been hit hard by the onset of COVID-19, but the demand for musicians has remained, and Ticketmaster has taken on the massive task of bringing fans back to live concerts.
Flow is a blockchain platform initially developed exclusively for gaming. However, in the three years since its launch, they have significantly expanded its business model. The platform is now partnering with Ticketmaster to enable event organizers to embed NFT technology into tickets. This allows ticket holders to receive exclusive VIP services or access to web versions of the event.
Ticketmaster is the world’s largest ticketing company, so blockchain technology is critical.
First, ticket holders will get more value from their purchase: many perks beyond the concert experience.
Secondly, this step can help Ticketmaster in the fight against fakes. Linking tickets to NFTs makes it much more difficult to sell counterfeit tickets.
Third, the initiative could help Ticketmaster attract a new generation of concertgoers. Young people interested in crypto are more likely to go to an event if they can get an NFT as a souvenir.
The Ticketmaster team said they are open to experimenting with new technologies to improve the customer experience.