A new job posting from America’s largest ticketing company, Ticketmaster, reveals widespread interest in exploring new revenue streams using non-fungible tokens (NFT).
Over the past two years, artists, musicians and the sports industry have helped bring the NFT ecosystem into the limelight as the technology has served its purpose as a powerful fan engagement tool. . Conversely, most of the general public has boarded the fashion train in search of profits via the resale of collectibles in secondary markets.
With the The NFT hype eventually slows down by mid-2022, entrepreneurs and businesses are looking for new use cases beyond collectibles. A study conducted by the accounting firm Big 4 Deloitte in May 2022 highlighted the untapped potential of the crypto ecosystem to open new markets for the sports industry:
“We could see split ownership of subscriptions and suites and a reinvention of the ticket resale process.”
In the process, the recent Ticketmaster’s job offer for an NFT ticketing tools product manager reveals the company’s intention to roll out NFT-based enterprise products “across all content categories, including sports and music.” The role also requires the development of new products and features to meet the future needs of its NFT business.
With the new New York-based role, Ticketmaster aims to support the productization of NFTs while complementing the recently launched NFT Marketplace.
Similarly, crypto exchange Binance recently entered the NFT ticketing business in partnership with Società Sportiva Lazio football club for the 2022 to 2023 season.
In the announcement sent to Cointelegraph, Binance pointed out that NFT tickets could solve fake tickets and scalping issues. In addition to providing access to events, Binance plans to use NFT-based tickets in a variety of use cases, including using store and game discounts and personalized experiences.