Industry executives believe that the main problems with event ticketing might become a model application for nonfungible tokens based on blockchain technology.
The world of sports and events has long been characterized by illegal ticket sales and touting, but the introduction of blockchain-powered ticketing appears to be a viable alternative. Nonfungible tokens (NFTs) have several uses, including ensuring the validity of tickets, enabling Internet-of-Things (IoT) capabilities, and acting as a special digital collectible to mark an occasion.
After its launch in November 2021, the NFL distributed about 250,000 NFT tickets as a test of the NFT ticketing system. Additionally, Super Bowl LVI attendees were entitled to complimentary commemorative NFT tickets. The designers decide how that NFT ticket appears and what features it has. The NFT tickets for the NFL have several animated graphic components and are printed on the Polygon blockchain.
A trial run during the 2024 Rugby World Cup, which will also be held in France, and the usage of NFT ticketing technologies to monitor attendance have also been recommended by the French envoy for the Paris Olympics in 2024.
NFTs have multiple uses because they enable IoT capabilities, guarantee the validity of tickets, and act as a special digital collection to remember an occasion. The designers decide how that NFT ticket appears and what features it has.