NFTs could change the way people buy tickets to events
Non-fungible token (NFT) ticketing platform YellowHeart partners with MGM Grand Resorts to sell a collection of tickets for a series of Jabbawockeez hip-hop dance performances, according to a CoinDesk report Thursday, April 14.
The collection of 1,110 NFTs gives holders access to prime seating at the in-person shows, which run through the end of this month. Holders of NFTs also get perks like food and drink credits, airdropped digital collectibles, and dating opportunities.
“Our product makes perfect sense for Vegas, where every door seems to require some type of access,” Josh KatzCEO of YellowHeart, told CoinDesk.
“Normally, when you leave MGM, everything is over. What happens in Vegas stays in Vegas, as they say. But with these tickets we’re really giving people a collectible to remember the show, people love the artwork and how it changes after being scanned,” Katz said.
This is the latest collaboration between the Polygon-based ticketing platform and traditional entertainment. As the report states, NFTs are meant to be fraud-proof and a more secure way to sell tickets, but they can also serve as a social token between fans and artists.
Read more: Virtual casino company ordered to stop selling NFTs by securities regulators in Texas and Alabama
The company launched its app last October, although the non-fungible ticketing business is still in its infancy, according to the report. While only 100 YellowHeart tickets have been sold for the show so far, Katz said ticket sales typically pick up around the final days of performances.
YellowHeart raised $7 million in seed funding and is now lifting its Series A funding round, Katz said. The startup’s rivals in the NFT ticketing space include Backstage and GET Protocol, both built on the Polygon blockchain.
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