The Ticketmaster NFT experiment shows the potential for blockchain technology to transform the ticketing industry. By offering exclusive perks and priority access to events, NFTs give fans a greater sense of ownership and control over their experiences. However, Ticketmaster’s history of anti-competitive behavior and monopoly claims raises concerns about the role of large ticketing companies in the music industry.
Despite these concerns, it’s clear that NFTs have the potential to revolutionize the ticketing landscape, providing benefits for both fans and artists alike. As more artists and promoters explore the possibilities of NFTs, it will be interesting to see how this technology continues to evolve and shape the future of live events.
Ticketmaster, a prominent player in event ticketing, is once again experimenting with Non-Fungible Tokens (NFTs) that grant certain token holders exclusive access and discounts to events. This time, the company has integrated cryptocurrency wallets for the upcoming Avenged Sevenfold tour, allowing selective users to avail themselves of special perks.
The ‘Deathbats Club’ is the fan club for the Avenged Sevenfold tour, which has a collection of 10,000 NFTs on the Ethereum blockchain. These token holders will receive priority access to tickets and allocated seating without having to wait in queues, according to OpenSea. The exclusive perks have been rolled out for Deathbats Club holders.
Rob Abelow, founder of Where Music’s Going, has praised it as the best version of “Verified Fan”. Reports suggest that 1,000 Deathbats holders have already purchased early access to the NYC and LA shows scheduled for June. Abelow also applauded the ticket conversion rate of 10%. However, the Ticketmaster NFT-gated sale divided Twitter users.
Ticketmaster NFT-Gated ticketing is a double-edged sword
Ticketmaster has faced multiple allegations of anti-competitiveness in recent times. The company apologized to Taylor Swift and her fans before a U.S. Senate hearing, as several fans couldn’t purchase tickets for the concert after the system was overloaded by demand for her Eras Tour. TRAX, a social marketplace for music, stated that supporting Ticketmaster does not do justice to independent artists.
The platform responded to Abelow, stating that “artists deserve a platform that prioritizes creator-owned monetization, not a monopolistic incumbent playing catch-up”.
Ticketmaster and NFTs
Ticketmaster has previously extended its NFT offerings in partnership with the Flow web3 network. The company, along with Dapper Labs, which operates the Flow blockchain, ran several NFT trials before the launch.
According to Billboard, Ticketmaster has given out more than 5 million NFTs to people who attended live sporting events and shows. However, these NFTs were primarily limited to post-event commemorative tokens.
NFTs and the ticketing landscape
NFTs could potentially change the ticketing landscape by giving fans more ownership and control over their tickets. This method of ticketing could also lower the incidence of fraud and counterfeiting by ensuring the validity of tickets. Nonetheless, the NFT sector continues to struggle with major long-term obstacles related to security, user experience, and waning brand interest.
