American-based ticket sales and distribution company Ticketmaster has inched further into the non-fungible realm as it develops an NFT token-gated feature for its clients. The Ethereum-based integration enables artists to offer special access to concert and event tickets to eligible NFT holders.
Ticketmaster developed the new tool in partnership with heavy metal musical band Avenged Sevenfold, and its web3 division, Bitflips. To kick things off, Ticketmaster implemented the token-gated solution for ticket sales tied with Avenged Sevenfold's collection called the Deathbats Clubs.
Holders of the 10,000-unit collection were given priority access to purchase tickets to the band's upcoming shows in New York city and Los Angeles come June. Avenged Sevenfold has already sold over 1000 tickets using the token-gated solution, thus highlighting its viability for providing fan exclusivity.
Matthew Sanders, also known as M. Shadows, the lead vocalist of the musical band and an avid web3 maximalist, commented on the benefits that fans will derive from the NFT-gated feature. He noted that the integration enables fans to get "the best tickets at the best prices without bots, scalpers, and long wait-times.”
Explaining how the purchasing process works, Sanders clarified that users only need to connect a web3 wallet to verify ownership of the NFTs. From there on, they can buy the ticket seamlessly without worrying about competing with other buyers on a small pool of available slots.
Although Ticketmaster has previously explored Flow and Polygon blockchain networks, its token-gated ticketing functionality will currently only be available to Ethereum-based digital collectibles. The ticketing giant has already unlocked the offering for artists that own an NFT collection or have a partnership with an NFT community.
Ticketmaster’s move to integrate a token-gated feature into its ticketing business opens up several opportunities for artists and fans. The Avenged Sevenfold implementation for early ticket access is just one of the many ways that musicians can tap into the functionality. Over time, the feature could be used to give fans the opportunity to unlock premier seats or get access to exclusive experiences like sitting in on soundcheck.
The increasing desire of artists to create more engagement using NFTs for their fan base points to developing and scaling the NFT trend in the music and event industry. Chances are high that non-fungible movement will revolutionize showbiz and shape its future.
