Sports Illustrated, one of the most renowned U.S. sports publications, has recently launched a non-fungible token (NFT) ticketing platform called “Box Office.” This new platform is built on the Polygon network, which is an Ethereum scaling tool, and is designed to offer event owners, organizers, and promoters an innovative way to engage with their attendees through NFTs.
Box Office is developed by SI Tickets, the ticketing marketplace of Sports Illustrated, in collaboration with ConsenSys, an Ethereum software firm that created the popular crypto wallet, MetaMask. It is said to be the world’s first complete NFT ticket service that allows event organizers to build further engagement opportunities into their tickets, such as highlights, collectibles, and offers through a feature called “Super Ticket.”
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According to David Lane, CEO of SI Tickets, the primary goal of the marketplace was to “disrupt the primary ticket market.” By leveraging blockchain technology, Box Office can transform the traditional barcode into engaging and collectible content, creating an advanced ticketing experience for attendees. This innovative approach could significantly reduce scalping and fraud while offering a new level of payment security to consumers.
The use of NFTs as tickets to live events has been touted as a potential mass-market use case of Web3 technology. NFTs are unique digital assets that can be bought, sold, and traded on a blockchain, making them an ideal tool for creating one-of-a-kind tickets for events. With the involvement of a major brand such as Sports Illustrated, NFT ticketing may see additional momentum and increased adoption among event organizers and attendees.
Brian Trunzo, head of business development, North America, for Polygon Labs, believes that this launch will help grow consumer adoption by offering significant benefits to consumers. In a press release, Trunzo stated, “Blockchain technology offers significant benefits for consumers, particularly ticketing, including enhancing payment security, and eliminating scalping and fraud.”
Box Office by SI Tickets also provides a range of benefits to event organizers. The platform offers lower fees than other event management platforms, such as Eventbrite, TIXR, and DICE, and has ZERO hardware costs. This means that event organizers can generate more revenue and pass the savings onto their attendees.
The platform also provides a range of engagement features that allow organizers to reward their guests with exclusive content and offers. Super Ticket, for example, allows organizers to create one-of-a-kind tickets that include highlights, collectibles, and offers, adding value to the attendee experience.
SI Tickets is leveraging the power of blockchain to create a more immersive and engaging ticketing experience for attendees, which has the potential to revolutionize the events industry. By using NFTs as tickets, event organizers can create unique and collectible experiences that offer more value to attendees, making them more likely to attend future events.
In conclusion, Sports Illustrated’s launch of Box Office represents a significant step forward in the adoption of NFTs as a mass-market use case for Web3 technology. By leveraging the power of blockchain, SI Tickets is providing event organizers with a range of benefits that can enhance the attendee experience, while also providing a more secure and efficient ticketing system. With the use of NFTs as tickets gaining momentum, it is clear that this technology has the potential to transform the events industry, creating new opportunities for engagement and revenue generation.