This week the CEO of Seatgeek predicted that nearly 100% of all tickets will be NFTs in the next 5-10 years. Seatgeek is a large mobile focussed ticketing platform, its clients include the Dallas Cowboys, Arizona Cardinals, New Orleans Saints, New Orleans Pelicans, Cleveland Cavaliers, Major League Soccer, and the majority of clubs across the English Premier League, including Liverpool F.C. and Manchester City F.C.
In April Seatgeek already announced that it was in talks with NFL and NBA teams to roll out an NFT prototype. Seatgeek also hired a blockchain executive as VP of engineering to help lead the ticketing company’s efforts to turn its tickets into NFTs. In the meanwhile competitors like ticketmaster already launched its version of NFTs on polygon. Fans attending games will receive a commemorative ticket as an NFT in a Ticketmaster digital wallet. Other examples of NFTs in the ticketing industry include Dallas collectibles. Visitors to games of the Mark Cuban owned NBA team will receive a NFT collectible.
The benefits of NFT ticketing go much beyond the value of collecting NFT tickets
Benefits of NFT tickets include:
Increased profitability – Total control and insights over the primary & secondary market. Take in the profit that would have gone to scalpers.
Collectible – Tickets become tradable digital collectibles (NFTs), with a variety of awesome possibilities for fans & event organizers.
Unrivalled data – Clear, verifiable data on ticket ownership, vastly improving marketing efforts.
Pre-financing events – NFTxDefI, allows event organizers to use their ticketing inventory as collateral in exchange for upfront funding of NFTs
Mark Cuban has been particularly interested in monetizing the secondary markets with royalty functionalities on NFTs. In March Cuban stated:
“With the [Mavericks], we’re trying to find a good option for turning our tickets into NFTs,” Cuban said on “The Delphi Podcast” on Wednesday. “We want to be able to find ways so that not only can our consumers, our fans, buy tickets and resell them, but we continue to make a royalty on them.”