In an effort to eliminate scalping, bot activity, and long wait times, Ticketmaster is collaborating with Avenged Sevenfold to launch its Ethereum NFT token-gating feature. The heavy metal band tested the feature with its Deathbats Club NFT collection as part of this collaboration prior to its full integration.
Ticketmaster is offering token-gated integration for direct ticket purchases for the first time, after previously issuing over 5 million NFTs as commemorative tokens for major events such as the Super Bowl. Ticketmaster’s token-gated sales are currently running smoothly for tokens minted on Ethereum and held in dApp wallets like Coinbase or MetaMask. Fans have already used this feature to purchase tickets for various major events, and it will now be available on Ticketmaster for all remaining dates.
Ticketmaster will direct users to connect their wallets as part of the purchasing process to verify NFT ownership, after which the purchasing process will remain unchanged. Following that, the ticket will be issued to the wallet associated with the NFT, allowing fans to transfer their ticket to another wallet if necessary.
This is currently a trial initiative, but if there is enough demand, Ticketmaster may expand the integration to include more artists. The NFTs give fans exclusive access to a one-of-a-kind digital keepsake, while the token-gated feature ensures increased safety and clarity during the ticket-buying process.
The implementation of token-gated ticket sales via NFTs by Ticketmaster is a significant step in the company’s efforts to combat scalping and bot activity in the live events industry. It also provides fans with a one-of-a-kind opportunity to own exclusive digital memorabilia associated with the event.
This pilot program, which brings transparency and fairness to the purchasing process, could very well be the future of live event ticket sales. Ticketmaster hopes to offer fans a secure platform to purchase reasonably priced tickets while also owning a one-of-a-kind digital collectible linked to the event by partnering with Avenged Sevenfold.
Prices for Avenged Sevenfold’s Deathbats Club NFTs have risen as a result of the band’s ticketing trial, as well as an alternate reality game (ARG) tied to the release of their new album, which included an NFT mint. According to NFTgo data, the floor price, or the lowest price of the NFT listed on the marketplace, has more than doubled in the last month, reaching a record high of 0.17 ETH (equivalent to $300).
