By linking with the Movement Blockchain, Ticketmaster has taken a large leap towards NFT tickets, permitting occasion organizers to supply attendees richer experiences.
In the course of the pandemic, ticket gross sales for dwell occasions have understandably plummeted. However issues are slowly going again to regular. This yr, live performance bookings are up 44% in comparison with the pre-pandemic numbers.
The demand for dwell music remains to be there, which is nice information for the beleaguered live performance trade. And Ticketmaster is main the cost in bringing followers again to dwell occasions.
Ticketmaster Embracing Web3
Movement is a Blockchain platform initially designed strictly for gaming. Nevertheless, they’ve expanded their enterprise mannequin considerably within the three years since its launch. If the title appears acquainted, it’s as a result of they’ve one giant mission that’s gotten a whole lot of consideration previously yr: NBA Prime Shot.
For these unfamiliar, NBA Prime Shot is a recreation the place you should purchase, commerce, and promote digital collectibles of NBA moments. These “moments” are basically quick movies of an incredible play or dunk saved on the blockchain.
The Movement platform lately linked up with Ticketmaster to permit occasion organizers to connect NFTs to particular person tickets. In flip, that permits ticket-holders to get unique VIP experiences or entry to Web3 variations of the occasion.
It is a enormous transfer by Ticketmaster, and it may have a big effect on the live performance trade as a complete.
Why the Transfer Issues So A lot
Ticketmaster is the world’s largest ticketing firm, so embracing blockchain know-how is an enormous deal. And this transfer isn’t only a cynical advertising and marketing ploy, both.
This transfer may have a big effect on the live performance trade for a number of causes. First, ticket-holders will get extra worth out of their buy. With an NFT hooked up to your ticket, you may get unique entry to VIP experiences or behind-the-scenes content material.
Second, the transfer may assist Ticketmaster fight ticket scalpers. Tying tickets to an NFT makes it a lot more durable for scalpers to resell them.
Lastly, this transfer may additionally assist Ticketmaster appeal to a brand new technology of concert-goers. The younger individuals who grew up with crypto usually tend to be occupied with an occasion if they will get an NFT as a memento.
Does This Matter in a World Disaster
The pandemic could be over, however we’re nonetheless removed from out of the woods. The worldwide financial system remains to be in a recession, and many individuals are nonetheless struggling to make ends meet. So why does this matter?
Merely put, there’s sufficient curiosity in live shows and dwell occasions that Ticketmaster is prepared to experiment with new applied sciences to enhance buyer expertise.
This yr, round 26% of Individuals plan on visiting live shows even when it places them in debt. So, it’s clear that persons are nonetheless enthusiastic about dwell music, even when they will’t at all times afford it.
Ticketmaster is hoping that by providing higher experiences, they will deliver much more individuals again to dwell occasions.
And step one in doing that’s by embracing NFTs.
