SI Tickets Shifts NFT Ticketing Platform from Polygon to Avalanche, Enhancing Engagement and Revenue
Summary:
SI Tickets, a subsidiary of Sports Illustrated, is transitioning its NFT ticketing system "Box Office" from the Polygon blockchain to Avalanche. This move comes nearly 10 months after the platform's inception, following a collaboration with Ava Labs, the Avalanche network developers. SI Tickets' CEO, David Lane, explained that NFT ticketing brings multifold benefits, enhancing engagement between event owners, venues, performers, sponsors, and attendees. He anticipates the growing popularity of NFT sports will attract more fans into the Web3 framework and recognized ticketing as a leading use case for NFTs and blockchain adoption. Event owners will benefit from interactive, monetizable content, providing additional revenue streams, while guests will enjoy access to exclusive content and rewards.
Sports Illustrated's ticketing subsidiary, SI Tickets, has revealed its plans to transition its NFT (Non-Fungible Token) ticketing system, "Box Office," from the Polygon blockchain to Avalanche, nearly 10 months after its inception. On February 20, a collaboration with Ava Labs, who developed the Avalanche network, was announced by SI Tickets. This alliance will enable Box Office to mint its NFT tickets on the Avalanche blockchain while also aiding Box Office in revolutionizing event tickets into dynamic content for attendee engagement. The NFT ticketing platform was initially inaugurated on Polygon in May 2023, with aims to enable organizers to offer unique advantages to attendees such as quick access passes, beverage vouchers, and pre-event music downloads. NFT ticket holders could also enjoy additional benefits including post-event video content and other rewards linked to their holder status.
In a correspondence with Cointelegraph, SI Tickets' CEO, David Lane, affirmed that though they had formed an alliance with Polygon earlier, the company will now be minting its NFT tickets on Avalanche. Lane highlighted that Ava Labs would be contributing their "resources, technology, intellectual capital, and the market leadership" to this partnership. Further, he explained the multifold benefits of implementing NFT technology in ticketing. According to Lane, a ticket's utility usually expires once it's scanned at an event, with the ticket ending up discarded soon after. However, NFT ticketing could revolutionize this interaction, transforming the barcode into an opportunity for increasing engagement and activity among event owners, venues, performers, sponsors, and attendees.
Addressing the junction between NFTs and the sports industry, Lane postulated that the increasing popularity of NFT sports has captured attention and is drawing sports enthusiasts into the Web3 framework. He anticipates an upward trend driven by fans recognizing the value of NFT options. Building further on this, he 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." He advocated blockchain-based tickets as beneficial to event owners by offering scope for interactive engagement with attendees through monetizable content. This, in turn, he contended, unlocks additional revenue streams and possibilities. Simultaneously, guests can delight in unique content and rewards.
Published At
2/20/2024 4:00:00 PM
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