NFTs Could Change How People Buy Tickets For Live Events

Non-fungible token (NFT) ticketing platform YellowHeart is joining forces with MGM Grand Resorts to sell a collection of tickets for a run of Jabbawockeez hip-hop dance performances, according to a CoinDesk report Thursday (April 14).

The collection of 1,110 NFTs gives the holders access to prime seating at the in-person shows, which run through the end of this month. Holders of the NFTs are also granted perks like food and drinks credits, airdropped digital collectibles and meet-and-greet opportunities.

“Our product makes perfect sense for Vegas, where every door seems to require some type of access,” Josh Katz, CEO of YellowHeart, told CoinDesk.

“Normally when you walk out of the MGM, it’s all over. What happens in Vegas stays in Vegas, as they say. But with these tickets, we’re really giving people a collectible to remember the show by, people love the artwork and how it changes after being scanned,” Katz said.

It’s the latest collaboration between the Polygon-based ticketing platform and traditional entertainment. As the report noted, the NFTs are meant to be fraud-proof and a more secure manner of selling tickets, but they can also act as a social token between fans and artists.

Read more: Virtual Casino Company Ordered to Stop Selling NFTs by Texas, Alabama Securities Regulators

The company launched its app last October, though the non-fungible ticketing sector still remains in its early stages, per the report. While just 100 YellowHeart tickets have been sold for the show so far, Katz said ticket sales usually pick up towards the last few days of performances.

YellowHeart raised $7 million in seed funding and is now raising its Series A funding round, Katz said.  The startup’s rivals in the NFT ticketing space include Backstage and GET Protocol, both built on the Polygon blockchain.

Related: Chinese Banking Agencies Issue Guidance About NFT Risks