An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.
NFT ticketing will prevent counterfeit ticketing by verifying ticket authenticity on the chain.
Binance has announced it will trial NFT tickets for an Italian football club, Lazio for the 2022/2023 season. The NFT tickets are expected to provide a solution to the challenges of traditional ticketing.
Recall that during the UEFA Champions League finals, the use of fake tickets threatened to mar the game. Since then, there have been deliberations as to whether NFTs could potentially stop the challenges of traditional ticketing.
Already, NFT tickets have been used in concerts and entertainment. Afterparty secured $4 million in unsolicited funds after using NFT tickets to invite the art and music festival. Now, Binance will collaborate with SS Lazio to make NFT tickets available for all the club’s home games. Asides from quicker access to all home games, holders of the NFT tickets will also get a Europa league match discount. Also, ticket holders will have unique discounts and giveaways at the Lazio store.
Marketing Director of Lazio, Marco Canigiani noted his team was working closely with Binance to give value to the fans. He said:
“Our fans who explore this new technology will enjoy discounts for Europa League matches and online merchandise purchases.”
NFT Tickets Provide New Use Case for NFTs
NFT ticketing will prevent counterfeit ticketing by verifying ticket authenticity on the chain. The new ticket will also prevent scalping and inflated reticketing.
Binance Fan Token Lead, Zoe Wei, noted that the partnership with SS Lazio over NFT ticketing is bringing added utility to NFTs. He said, “(it) will revolutionize the ticketing market and presents another significant real-life use case for Web3 technology.”
Likewise, the CEO of NFT marketplace, YellowHeart, argues that ticketing is the most persuasive use case for NFTs. Users will be able to collect tickets from their favorite matches and preserve their memories by keeping the tickets. They will also be able to forge genuine relationships as they relate with other fans around the tokens and tickets.
According to Deloitte Global, the sports NFT industry will generate $2 billion in transactions this year. The digital assets can be implemented as paper-free trading card collectibles, limited edition video clips, and athlete-branded content.
Binance has been looking to explore the gap in the sports industry through its Binance Fan Token Platform. The partnership with Lazio is the fourth after partnerships with Santos FC, FC Porto, and the BWT Alpine F1 racing team.