Major ticketing company Ticketmaster is now posited to introduce NFT ticketing, unveiling a feature that allows artists to grant exclusive access to event and concert tickets for NFT holders. The iconic rock band, Avenged Sevenfold, is first to test the feature.
- Ticketmaster introduces its new NFT ticketing feature with Avenged Sevenfold NFTs.
- Sales for Deathbats Club NFTs have been doubling in price since, reaching 0.17 ETH ($300) on the NFT marketplace NFTgo.
- The digital assets open access to exclusive upcoming shows and other perks.
- More Web3 initiatives are being released by the band soon.
About Avenged Sevenfold’s NFT Ticket Sales
Ticketing platform Ticketmaster today revealed its new Ethereum NFT ticketing system is available for artists. The first artists to use this ticketing system is the iconic metal band Avenged Sevenfold.
Sevenfold’s NFT collection, Deathbats Club NFT, tested the digital event ticketing system before launching. 10,000 holders of the NFTs have been given access to the band’s upcoming concerts this June in New York and Los Angeles.
Initially, the NFT tickets were supposed to provide early access to concerts. However, artists can now employ the event ticketing system in numerous ways. This includes unlocking premium seating and exclusive experiences, like attending the soundcheck before live events.
Fan Engagement for the Concert NFT Tickets
Already, more than 1,000 NFT tickets have been purchased across the two concerts using the new ticketing experience.
As a result, the price of the NFT tickets have skyrocketed over the past month — doubling to around 0.17 ETH ($300) on NFTgo.
Following the success of its non-fungible tokens, the band also created an alternate reality game (ARG) which links to the unveiling of their new album through such collectible digital assets.
How Does Ticketmaster’s NFT System Work?
To use Ticketmaster’s new ticketing system, the ticketing company asks users to link their crypto wallets before confirming possession of an NFT ticket. After that, the buying procedure is the same as usual.
However, unlike usual tickets, NFT tickets reduce competition by vying for a limited amount of ticket holders. This is because there is not a queue of 1,000 music enthusiasts trying to get their hands on one ticket.
Loyal fans are taking to Twitter to share the good news about the perks of NFT technology for an adequate ticketing experience:
As you can see, people can save large sums of money through these digital tickets. This is because ticketing companies, event organizers, and bots are not able to snatch all of the tickets at once, to sell on for financial gain. A humongous issue in the music industry.
NFT tickets are also a fantastic way for users to avoid acquiring fake tickets and facing ticket fraud.
Collaborations Behind the Platform
Ticketmaster, alongside Avenged Sevenfold and Web3 group, Bitflips, has been working hard to roll out this new system on-chain.
The ticketing platform met Bitflips at last year’s NFT LA conference. The conversation ultimately led to creating this token-gating functionality — rolling it out a year later.
However, Ticketmaster was familiar with delving into Web3 initiatives beforehand. The ticketing company has been working toward creating the NFT event NFL games beforehand. The game utilizes NFT collectibles using Flow’s blockchain technology and the Ethereum scaling network, Polygon.
What’s Next for Avenged Sevenfold’s Collectible NFTs?
Despite 10,000 NFTs sounding like a lot, it is not for a large band like Avenged Sevenfold, which boasts more than 8 million album sales.
Nevertheless, although the band has many fans, only some have enough devotion to purchase a digital membership pass costing $300 or more.
Avannge Sevenfold is aware of this. Consequently, they intend to provide multiple avenues for fans to join the NFT market. Once these ticketing options sell, the NFT collectibles will open up pass upgrades; lifetime passes, and other exclusive benefits, including real-world purchases.
Claimable NFTs will also shortly link to merchandise, including CD and vinyl releases buyable by all event attendees at upcoming events and online.
Top fans on platforms like iTunes and Spotify, who boost the band’s new revenue streams, will also find themselves holding free airdrop passes as a thank-you for their consistent support.
Although Avenged Sevenfold faces some pushback for experimenting with this new technology and the ticket industry, the band continues to be enthusiastic about its digital assets and secondary market sales endeavors.
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.