NFTs still have a lot of hype around them, and certain digital collectibles may become less popular as the market adjusts, but one application of blockchain technology and NFTs that shows a lot of promise for the live event sector is ticketing. NFT tickets are fully verifiable and can help reduce ticket fraud and price gauging on secondary markets.
Several platforms are expanding into the NFT space to offer this value and utility to event producers and fans, one of which is SeatlabNFT. The company, an offshoot of ticketing software Seatlab, has developed a blockchain-based platform that prevents counterfeiting and enables artists to reward fans with exclusive perks and collectibles.
As it continues its mission to disrupt the traditional ticketing market, SeatlabNFT has brought on new hire Paul Kelly as Head of Global Strategy. Kelly most recently served as Head of Commercial Partnerships at Ticketmaster and spent a total of 11 years at the company, which is the largest ticketing marketplace in the world, and one that many startups and web3 companies are aiming to dethrone.
"I've seen many competitors come into the ticketing landscape over the last ten years, none as compelling as SeatlabNFT. SeatlabNFT is perfectly positioned at a game-changing confluence, a Web3 technology revolution, and a live event industry well overdue for disruption,” said Kelly.
“Three key factors plague the live event industry: bots, scalping and fraud. SeatlabNFT's technology shuts the door on all three. What gives me the most excitement is SeatlabNFT leveraging Web3 technology to form closer connections between fans, artists and event organisers. It is a groundbreaking innovation previously unseen in the live event space."
Fans and artists often don’t really have much of a choice when it comes to ticketing platforms, especially because Live Nation and Ticketmaster have a near monopoly on the live entertainment industry. It will take some time before web3 based ticketing becomes the norm, but with more and more fan complaints stacking up against companies like Ticketmaster, it’s only a matter of time before the industry adopts a better way of doing things.