The NFT market may be devastated right now, but a mega player from the entertainment world has decided to enter the market: Ticketmaster.
The NFT market is not doing well right now. On Opensea, one of the best-known platforms for trading these non-fungible tokens, trading volume has plummeted by 99% since May 1 this year. Still, some actors still believe it.
Recall that an NFT (“Non Fungible Token” or non-fungible token) is a digital property title, issued by a blockchain (mainly Ethereum), and associated with a digital asset (photos, videos, etc.). Each NFT is unique and cannot be reproduced. NFTs are used in art, in the luxury industry or for figurines in sports. And despite this definition, the general public still struggles to understand how NFTs work, what they are for, if they have value.
Here is a concrete and truly eloquent example. Ticketmaster, the subsidiary of Live Nation, the leading digital distribution company for show and event tickets, is increasing NFT reports Fortune. The NFTs will in particular be distributed via the Flow blockchain. Ticketmaster is still a major player with all the commercial firepower.
The group will allow organizers of shows whose tickets it publishes to market the resulting merchandising, exclusive products, personalized souvenirs, VIP passes and loyalty programs on their platform. All in the form of an NFT that you can buy directly with your ticket. And then, we can also trade between NFT clients who have increased in value, buy them, resell them, consult their ratings, etc.
Only 2% of Americans have ever purchased an NFT ticket
“Although a Pew Research Center poll last week found that only 2% of Americans have ever purchased an NFT ticket – although about half of American adults have heard of it – adoption of this system has slowed. It has proven very effective when linked to live events such as sporting events or music festivals, ”Fortune points out.
So this isn’t the first time Ticketmaster has been active in the non-fungible token market. Since last year, the group has even launched several rather spectacular operations. He is notably the preferred partner of the NFL, the American football league, for which he produced 70,000 commemorative tickets for the Super Bowl final last November. The contract was renewed for 100 regular season games starting in a week.
But there Ticketmaster is launching and is actually launching a huge market: it will be at each show, its NFTs. Ticketmaster is still a leader in its industry, with 10,000 professional customers and nearly 500 million tickets sold worldwide per year in 28 countries.