Jakarta - SI Tickets, a ticket sales branch from a US-based sports magazine Sports FIRSTed, announced that it will move their non-fungible token (NFT) ticket platform called the 'Box Office' from the Polygon blockchain to Avalanche nearly 10 months after its launch.
On February 20, SI Tickets announced cooperation with Ava Labs, network developer Avalanche. This collaboration will allow NFT ticket platforms to print their NFT tickets using Avalanche blockchain. Avalanche will also help Box Office convert event tickets into dynamic content to interact with guests.
In May 2023, the NFT ticket platform was launched on Polygon to allow event organizers to provide exclusive benefits to their guests, such as fast access, drink coupons, and pre-event music downloads. NFT ticket holders can also benefit from video content after events and additional prizes related to their event tickets.
In a statement, SI Tickets CEO David Lane said that although the company had partnered with Polygon before, they would now print their NFT ticket with Avalanche. Lane said Ava Labs would bring their "sources, technology, intellectual capital, and market leadership" into the partnership.
He also explained that there are many advantages to using NFT technology in ticket sales. According to Lane, the utility of tickets ends when scanned at the event door. At that stage, tickets become "usable" and only end up in the trash.
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"But NFT ticket sales will change everything. Barcode can now be an opportunity for engagement and activation between event owners, venues, performers, sponsors, and participants," he explained.
When asked about the intersection between NFT and sports, Lane commented that the growing NFT sports market is attracting and bringing sports fans into Web3 space. He predicts that this market will continue to grow as fans see value in NFT offerings.
"We see ticket sales as a major use case for mass adoption of NFT and blockchain. The advantages of blockchain ticket sales are not limited, not only in sports but also in live event spectra," said Lane.
The use of blockchain-based tickets provides benefits for event owners by providing opportunities for engagement with their guests through monetizable content. Lane believes that this creates revenue streams and further opportunities. In addition, guests can enjoy access to exclusive content and gifts.
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