The ticketing division of Sports Illustrated (SI), an American sports magazine, has announced that it will transition its “Box Office” nonfungible token (NFT) ticketing platform from the Polygon blockchain to Avalanche.
SI Tickets announced a partnership with Ava Labs, the progenitors of the Avalanche network, on February 20. The collaboration will enable the NFT ticketing platform to utilize the Avalanche blockchain to mint their NFT tickets. To engage guests, Avalanche will also aid Box Office in transforming event tickets into dynamic content.
The launch of the NFT ticketing platform on Polygon in May 2023 enabled event organizers to offer guests exclusive perks before events, including expedited entry credentials, drink coupons, and music downloads.
In addition to video content and additional rewards associated with their event ticket, NFT ticket bearers may be eligible to receive other benefits following the event.
SI Tickets CEO David Lane stated that the organization previously partnered with Polygon will now mint its NFT tickets in conjunction with Avalanche. According to Lane, Ava Labs will contribute “resources, technology, intellectual capital, and market leadership” to the partnership.
Additionally, he elaborated on the numerous benefits of implementing NFT technology in ticketing. As per Lane’s assertion, the functionality of tickets concludes upon scanning at the event entrances.
During that phase, tickets are deemed “useless” and are ultimately discarded. “However, NFT ticketing will put an end to that.” “Attendants, venues, performers, sponsors, and event proprietors can now utilize the barcode to facilitate activation and engagement,” he elaborated.
In response to a question regarding the confluence of NFTs and sports, Lane responded that the expanding NFT sports market is attracting sports enthusiasts to the Web3 space. He forecasts that the market will continue to expand as more and more enthusiasts recognize the worth of NFT offerings. Lane stated,
“We view ticketing as a primary use case for mass adoption of NFTs and blockchain. The advantages of blockchain ticketing are endless, not just in sports but across the live events spectrum.”
Utilizing blockchain-based ticketing confers advantages upon event proprietors by facilitating interactive interactions with their attendees via monetizable content. Lane is confident that this generates additional opportunities and revenue streams. Additionally, exclusive rewards and content are available to visitors.
