Over the past two years, artists, musicians and the sports industry helped thrust the NFT ecosystem into the limelight as the technology served its purpose as a powerful fan engagement tool. Conversely, most of the general public boarded the hype train seeking profits via reselling collectibles in the secondary markets.
With the NFT hype eventually slowing down by mid-2022, entrepreneurs and companies are looking for new use cases beyond collectibles. A study conducted by Big 4 accounting firm Deloitte in May 2022 highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry:
“We could see fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”
Following suit, Ticketmaster’s recent job posting for a product manager of NFT ticketing tooling uncovers the company’s intent to roll out NFT-based enterprise products “across all content categories including sports and music.” The role also demands developing new products and features catering to the future needs of its NFT business.
With the new role based in New York, Ticketmaster aims to support the productization of NFTs while complimenting the recently launched NFT marketplace.
Similarly, crypto exchange Binance recently stepped into the NFT ticketing business in partnership with football club Società Sportiva Lazio for the 2022 to 2023 season.
In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets could solve fake tickets and scalping problems. In addition to providing access to events, Binance plans to use the NFT-based tickets across various use cases, including availing store and match discounts and personalized experiences.
- ^ nonfungible tokens (NFTs) (cointelegraph.com)
- ^ NFT hype eventually slowing down (cointelegraph.com)
- ^ untapped potential of the crypto ecosystem to open up newer markets (cointelegraph.com)
- ^ job posting (www.linkedin.com)
- ^ Binance jumps into NFT ticketing after UEFA League fiasco (cointelegraph.com)