First reported by our friends at decrypt, Ticketmaster has partnered with popular metal band Avenged Sevenfold to offer token-gated ticket sales for exclusive access to concerts and events for eligible NFT owners. The Ethereum NFT token-gating feature has been launched for artists, allowing them to offer special access to tickets for eligible NFT holders. Avenged Sevenfold’s Deathbats Club Ethereum NFTs were used to offer early access to purchase tickets to the band’s New York City and Los Angeles arena shows in June, with approximately 1,000 tickets sold through the NFT-gating feature. Ticketmaster’s feature prompts users during the purchasing process to verify ownership of one of the eligible NFTs by connecting their wallet, simplifying the buying process and eliminating competition from scalpers and bots.
Avenged Sevenfold, which has sold over eight million albums, is launching an NFT-based loyalty program on Polygon to allow fans to claim a free ticket pass. Fans can access certain NFT-gated presales and other benefits with the free “Tier 1” pass. The band will offer additional NFTs to upgrade the pass for more exclusive access and benefits. Deathbats Club NFT prices have more than doubled over the last month, with the floor price reaching an all-time high of $300.
The feature was developed in partnership with Bitflips, Avenged Sevenfold’s Web3 team, which creates artist-centric NFT projects. The token-gating feature is available to any artist with their NFT collection or that has partnered with an NFT community, unlocking benefits for fans such as premier seats or special experiences like sitting in on soundchecks.
“Linking to live shows creates a unique value, and we developed our token-gating capabilities based on how artists want to connect their community to their concerts,” said David Marcus, Ticketmaster’s EVP of Global Music. “It’s really a blank slate for the artist to decide.”
The incorporation of NFT technology into Ticketmaster’s ticketing system marks a major milestone towards the mainstream adoption of blockchain technology. The token-gated ticket sales feature could revolutionize the live events industry by creating a more transparent and fair ticketing process that benefits fans and artists alike. Fans who own NFTs can now enjoy exclusive access to presales and special events, and as NFT technology continues to grow and evolve, we can expect to see more industries incorporate this technology into their operations.
Token Gated Fan Experiences
The future of Web3 may involve more token-gated events, which could create new and exciting opportunities for artists and fans alike. NFT technology allows for a transparent and secure way to distribute tickets and access to events, ensuring that artists are rewarded fairly for their work and that fans can experience the events they love without the interference of scalpers and bots.
However, as with any new technology, it is important to ensure that it is used in a fair and equitable way. Ticketmaster’s history of monopolistic practices has left many wary of their new token-gated feature, and some are looking for alternative solutions that are more community-driven and transparent. Friends of NFTCulture Fan3 are working on a solution that seeks to democratize access to events, allowing artists and fans to connect directly and build stronger communities. With new innovations and collaborations on the horizon, the future of Web3 is sure to be an exciting one.