A new job announcement by America’s largest ticket company, Ticketmaster, reveals the prevailing interest in exploring new revenue streams with non-fungible tokens (NFTs).
Over the past two years, artists, musicians, and the sports industry have helped push the NFT ecosystem into the spotlight as technology has served its purpose as a powerful tool for fan engagement. Conversely, most of the public rode the hype train in search of profits by reselling collectibles in secondary markets.
With the NFT hype eventually slowing down by mid-2022, entrepreneurs and companies are looking for new use cases beyond collectibles. A study conducted by the accounting firm Deloitte Big 4 in May 2022 highlighted the untapped potential of the crypto ecosystem to open up new markets for the sports industry:
“We could see partial ownership of tickets and seasonal suites and reinvent the ticket resale process.”
Next, Ticketmaster’s recent job announcement for a Product Manager for NFT Tools reveals the company’s intent 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 that meet the future needs of its NFT business.
Ticketmaster job posting for NFT Ticket Product Manager. Source: Linkedin
With the new role in New York, Ticketmaster aims to support the production of NFTs while complementing the recently launched NFT market.
Related: Binance Jumps to NFT After UEFA League Fail
Similarly, cryptocurrency exchange Binance recently stepped in to sell tickets for NFT in partnership with soccer club Società Sportiva Lazio for the 2022-2023 season.
In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets can solve the problems of fake and speculative tickets. In addition to providing access to events, Binance plans to use NFT-based tickets across various use cases, including taking advantage of store discounts, matching, and in-person experiences.