The NFT market can sometimes give the impression of being reduced to a multiplication of collections of digital images that are not always very useful. A reductive vision often passed off by its detractors, always waiting for the collapse of its speculative bubble. Because even in steep decline, like the entire cryptocurrency market, non-fungible tokens have acquired a full place in this ecosystem and beyond. To the point of being considered by many companies as a possible solution, not only in the context of innovative communication campaigns. Because they could be the future of ticketing for sporting events.
When it comes to NFT, the most common answers remain the Bored Ape Yacht Club (BAYC) collection or their alleged pollution. With, more often than not, an almost systematic rejection against a background of useless speculative frenzy. Yet their adoption continues, sometimes against a recalcitrant section of the targeted communities.. Particularly in the gaming sector, which is very resistant to this new but promising technology.
Nevertheless the use cases that can benefit from the advantages of these non-fungible tokens are numerous and for the most part yet to be discovered. And their alleged pollution no longer (or never had) any significance, since they are now developed on blockchain with confirmed carbon neutrality. A fact highlighted by the recent malfunctions linked to the catastrophic management of the ticket offices of sporting events. What if NFT tokens were the solution?
NFT – The future of ticketing
Who hasn’t seen – or experienced – the chaos of the 2022 Champions League final at the Stade de France. A true crash test in real time that will go down in history as an experience not to be reproduced. And a new national shame in the context of the always repressive management of the slightest overflow, however predictable. Because the problem of counterfeit tickets is nothing new, especially when it comes to events of this magnitude. With, according to estimates by the French authorities, over 35,000 fans landed without valid (fake or absent) entrance tickets. And this simple observation of the proven and urgent need for innovative solutions for the ticketing of this type of event.
Because black market ticket sales are not inevitable, even if it has been common for decades. This is why introducing entry quotas in the form of NFT tokens could well appear to be a logical and innovative solution. Because it guarantees the verifiable authenticity of every ticket registered on the blockchain. While allowing at the same time to integrate digital features, such as random rarity or specific additions. A utility that has already been successfully tested during major sporting events.
NFT – Early tests such as event tickets
In fact, the US National Football League (NFL) has already launched into this digital bathroom, with actual use of NFT tickets from November last year (2021). This represents the edition of 250,000 banknotes of this new kind in this period alone. With Super Bowl fans eligible for a collection of commemorative NFTs randomly placed on these digital media, but also animated visuals. All accessible for free and distributed on the popular Polygon (MATIC) blockchain, built in close relationship with Ethereum (ETH).
But this is only one of the many initiatives developed in the field. Because in the case of the Amsterdam-based company GET Protocol, the tickets sold are also registered on the Polygon blockchain. This allows them to be linked to a phone number, in case of purchase on its mobile application. A fundamental element to avoid any possibility of counterfeiting or resale outside a precise and controlled framework. And, according to Colby Mort, the company’s head of NFT strategy, it adds transparency to an industry that has been described as a “black box.”
And the stakes are high. Because some great events are on the way, such as the Paris Olympics scheduled for 2024. But also the Rugby World Cup organized next year, again in French territory. Knowing that the establishment of these NFT tickets is not just about the world of sports. The numerous specificities linked to this type of digital ticket, in fact, can be applied to concerts, festivals and other cultural events. With the ability to add elements of rarity, or community and artistic applications yet to be invented …