The US ticket sales firm Ticketmaster has allowed organizers to sell live event tickets as non-fungible tokens (NFTs).
These tickets can be sold before, during or after events on the Dapper Labs-developed Flow blockchain, the Sports Business Journal first reported.
Ticketmaster first dabbled with digital collectibles in November of 2021 when it released commemorative tickets, or tickets kept as memorabilia as opposed to access to an event, at select NFL games.
Now, Ticketmaster is launching blockchain-mediated event ticketing via NFTs, a long-discussed utility for NFTs. The firm already released over 5 million NFTs on Flow for Apollo Theater, The Black Crows, Gavin DeGraw and other event organizer clients, According to SBJ.
Ticketing firms have eyed NFT-based tickets to reduce scams or ticket scalping, the act of buying and reselling a ticket at a higher price, thanks to the open traceability blockchain affords. But as The Block previously reported, NFT-based tickets are still susceptible to illicit activity.
Dapper Labs oversees the Flow blockchain, the foundation for its NFT projects of NBA Top Shot and CryptoKitties. Dapper Labs had a valuation of $7.6 billion as of September 2021.
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