PFL And Sports Illustrated Collaborate With NFT For Blockchain-Technological Unique Tickets

JAKARTA - The growth in the use of nonfungible tokens (NFT) as a ticket sales solution continues to increase with the adoption of this technology by mixed martial arts organizations, the Professional Fighters League (PFL).

PFL, which has a different season format than the very popular Ultimate Fighting Championship, has partnered with Web3 company CrossTower to launch an NFT ticket backed by Ripple's XRP Ledger. This ticket launch will coincide with the start of the 2023 fighting season and mark the five years since PFL began.

The announcement shared with Cointelegraph highlights the many exclusive additions included in NFT VIP tickets, including seating next to the arena, attendance on pre-fight weights, encounters with fighters from PFL, experience getting into the ring, and others.

CrossTower CEO, Kapil Rathi, highlighted that the technology behind the NFT - XRP Ledger ticket - offers a scale and utility level of enter for the solution.

"This NFT was built by CrossTower on board XRP Ledger, a decentralized blockchain, open source, and energy-efficient supported by the global development community," said Rathi.

The use of NFT in ticket sales is certainly not a new phenomenon. Cointelegraph has previously explored potential blockchain-based event management to address various issues surrounding counterfeiting, fraud and selling on the black market.

The National Football League (NFL) in the United States has also tried the use of NFT tickets, distributing around 250,000 NFT tickets after being launched in November 2021.

The LVI Super Bowl features memory NFT tickets for each fan for free, allowing viewers to print self-adjusted NFT tickets to commemorate the event. NFL NFT tickets are printed on the Polygon blockchain and display different animated visual elements.

In December 2021, the World Rugby - the sporting governing body - also invited potential partners to explore the use of NFT. The 2023 Rugby World Cup will be held in France, but the organization has yet to officially announce the role of NFT ticket functionality for the global sporting event.

Paris is scheduled to host the 2024 Olympics, and NFT tickets have also been considered to improve crowd control and audience experience. As a result of the 2021 Champions League final marked by violent scenes exacerbated by fake ticket sales and excessive crowds, French officials are thinking wisely about how to improve events held in the country.

Sports Illustrated released their own NFT ticket sales solution in May 2023 called Box Office, which offers event management solutions and ticket sales supported by Polygon and developed in partnership with ConsenSys.

Sports Illustrated presents their NFT ticket sales solution, called Box Office, in May 2023. This solution offers self-adjoint event management and ticket sales solutions supported by Polygon and developed in partnership with ConsenSys.

NFT has also been used in the music and art industry to create unique experiences for fans. Several well-known artists and musicians have released exclusive NFT collections that include access to concerts, gatherings with artists, digital memory items, and other exclusive content.

The use of NFT as a ticket sales solution offers various advantages. First, the blockchain technology that underlies NFT ensures the authenticity and uniqueness of each ticket, thus preventing ticket counterfeiting.

In addition, NFT allows ticket owners to have digital assets that can be traded or moved easily. This allows greater flexibility in sales and ticket transfers between individuals.

With the wider adoption, NFT as a ticket sales solution has the potential to change the way the event industry and sports manage tickets, reduce the risk of counterfeiting, and provide ticket holders with a unique experience.