Ticketmaster Owner Firm Contemplates NFT Marketplace for Concerts

Ticketmaster’s parent company mulls entering the NFT space.

Live Nation Envisages NFT Marketplace

While the NFT tokens’ price movement in the crypto market might have come to a momentary standstill, companies across the world are not shying away from embracing the new tech to expand their business footprint.

According to a report by Ledger Insights, Live Nation – the company that owns the popular American ticket sales and distribution firm Ticketmaster – could soon be entering the novel NFT waters.

Recently, during Live Nation’s quarterly results announcements, CEO Michael Rapino spent a great deal of time discussing NFTs and blockchain technology. Rapino sees NFTs as another avenue to “cement that magic moment called the concert.” The Live Nation CEO envisages layering an NFT on a ticket via Ticketmaster.

Rapino added that NFTs could provide Live Nation “a great way” to engage with its fans using NFTs and leveraging them to establish a direct relationship with the customers to add rewards, perks, and souvenir moments.

This in, in fact, similar to NBA Top Shot – an NFT marketplace that has now reached $570 million in sales and offers “Moments” that are essentially video clips of memorable basketball shots.

Rapino added:

“We’ve all learned from Top Shot at the NBA. So we envision Live Nation with the marketplace and looking at some of the concert moments as magic moments that we could mint and attach to our ongoing ticket festivals and special moments.”

Rapino further went on to say that NFTs signify an important time for intellectual property owners.

Increasing Number of Firms Joining NFT Bandwagon

The NFT craze looks far from being over with an increasing number of companies joining in the movement.

In April, BTCManager reported that leading cryptocurrency exchange Binance had announced that it would soon be launching a BSC and Ethereum-compatible NFT marketplace.

Similarly, supply chain-focused blockchain project VeChain recently announced it had committed $1 million towards the development of an enterprise-geared NFT ecosystem.

In recent news, BTCManager reported on May 5 that dCanvas, the world’s largest collaborative art project is poised to make its limited-edition NFTs accessible to the public.