NFT Ticketing: the first applications

This use of blockchain and non-fungible tokens does not enjoy the same popularity as Fan Engagement tools, yet its application has already been successfully tested at the highest level.
UEFA first tested this technology at the Europa League final in Gdansk. Subsequently, ticketing on NFT was also used at the Champions League final in Porto.
Relying on non-fungible tokens made capacity management more agile and secure, checkered audience arrangement in compliance with anti-Covid regulations, speed and automation of refunds, and resale of refunded tickets due to the designation of a new venue.
Head of Revenue Operations Philippe Margraff said, “The two finals were handled excellently and demonstrated to us the effectiveness of blockchain-based mobile ticketing.” For this very reason, UEFA announced after a few days its intention to sell one million tickets at Euro2020 with the help of this new technology.

Tickets in NFT format: speed and process automation

Reading between the lines, it can be seen that the use of NFTs for ticketing has brought significant benefits in terms of speeding up and automating processes, all made possible by the Smart Contracts on which NFTs are based.
In fact, with smart contracts, reimbursements upon the occurrence of certain conditions-such as a change of location, a Covid positive or a forced quarantine-become automatic and fast.
Similarly, it is possible to easily transfer one’s ticket to another user.
Another advantage given by the use of NFTs in ticketing is being able to adapt very quickly to sudden changes in regulations caused by the progression or vice versa of the pandemic.
Once the know-how for designing and distributing NFTs is acquired, the creation time is also very rapid. Each ticket in NFT format can be ready for sale in less than a minute.
Distribution is also automated; the moment the ticket price is paid, the Smart Contract validates the sale of the NFT and delivers it to the chosen address.

Ticket on NFT: certified authenticity

Registering a ticket on blockchain is equivalent to guaranteeing its authenticity. In fact, each NFT has a specific digital authenticity certificate. The large-scale use of tickets on NFTs would put an end to the phenomenon of scalping or the phenomenon of selling fake tickets even online, and would also limit the so-called scalping 2.0, that is, the wild secondary selling practiced online by some brokerage companies.
We have not infrequently witnessed events that sold out within minutes only to see how large spaces turned out to be unoccupied. This happens because the markup applied in secondary selling, thanks to the artifactual scarcity of the asset, allows them to make a large profit even if not all the tickets are resold. Some companies have already been fined for these unfair practices. This situation certainly causes impatience in fans who buy at much higher prices or are excluded from the event they have been waiting for. What certainly comes out of it is loyalty. In addition, fans would be able to keep that ticket whose authenticity and uniqueness turn out to be certified in blockchain, without the risk of losing it … and who knows, this might become a collector’s item

Perpetual revenues

An additional opportunity arises for sports clubs: create a dedicated fan space for resale of tickets at a locked-in price and perhaps a commission to be charged on each resale. This kind of initiative would succeed in offering an alternative that would shield fans from speculative maneuvering. In addition, companies could leverage NFTs’ Smart Contracts to generate perpetual revenues. Should the ticket cover an iconic event, any resale made even in markets outside of corporate markets would bring royalties into the companies’ coffers.

In the next article of this blog, we will look at other aspects of ticketing in NFTs, including the benefits related to traceability (e.g., in terms of safety of sports venues), and cost reduction for adopters.

In the next article of this blog, we will look at other aspects of ticketing in NFTs, including the benefits related to traceability (e.g., in terms of safety of sports venues), and cost reduction for adopters.

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eSports are a form of electronic sports competition in which competitors compete on gaming platforms and in video games, sometimes with a spectator audience. Their notoriety has increased significantly in recent years, especially during the pandemic.
Participation in the competitions is open not only to professional gamers, but also to fans, who, after registering or passing selections, can take part in the tournament.
Major competitions can be streamed through YouTube or Twitch platforms, and both participants and spectators can be present at the event, physically or remotely.

In 2021 there were 240 million fans actively playing games worldwide; by 2024 this is expected to increase to 291 million. As for the audience, however, compared to 474 million in 2021, 577 million are projected in 2024.
The estimated economic impact for the eSports sector, in Italy, amounts to between 45 and 47 million euros, according to data recently released by OIES (Osservatorio Italiano E Sports).

Blockchain and eSports, the benefits

The world of eSports has already approached blockchain very strongly. The advantages of this technology applied to eSports, lie mainly in the ability to track and validate results, ensuring transparency and data sharing with all participants on the platform.
The ability to clearly show the progress of tournaments and track transactions, through new technological models, results in increased trust on the part of all players and fans.

For example, one of the most immediate benefits of distributed ledgers lies in the ability to enroll all users on the platform so that awards are visible to all and transparent, including by leveraging on cryptocurrencies or tokens.
Startups entering the world of eSports have begun to turn to blockchain as early as the planning and fundraising stages. Initial Coin Offering (ICOs), fundraising via crowdfunding, are directly aimed at obtaining funding for a project using distributed ledgers. The operation of ICOs is based on the issuance of tokens that are sold in exchange for a fee intended to finance the initiative.

After purchasing the tokens, users actually become part of the system, which allows players and brands to both organize events and tournaments and set up prize pools for winners.
In this way, in addition to ensuring real sharing of the initiatives taken by the various tournament players, it is possible to increase the pool of users who aspire to become professional players in the world of eSports.
In addition to event organizers, professional players will also be able to make use of technology to broadcast their matches live, earning money on their channels through advertising.
Thus, a new perspective opens up for sponsorships, which can identify not only events and teams but also professional gamers with whom to sign mutually beneficial agreements.

Blockchain and eSports, toward the future

Blockchain represents an innovative circuit in which to give rise not only to economic exchanges, but also a virtual platform in which audiences and fans can be actively involved in the enjoyment of various initiatives.
In this way, all players on the scene find themselves playing an equally important role and gaining benefits regardless of their position in the ecosystem.
Novice gamers, who aspire to become professionals, often face quite a few difficulties in overcoming the barriers to entry created for the benefit of the preponderance of team sports that, by definition, require the creation and management of a team. Thanks to blockchain, this issue can be easily solved. Indeed, with modern platforms, gamers can challenge themselves individually: if interested in team competitions, they can easily find other “peers” (anywhere in the world) through recruitment platforms.

Blockchain and eSports: more security, trust and speed

Everything related to the contractual phase and financial transactions can be easily managed by the platform, resulting in faster time to make agreements and increased security and trust between the players in the exchange.
It is the creation of trust and the pursuit of transparency and security that are cornerstones not only for the success of platforms, but also for the growth and development of eSports.

With a decentralized and incorruptible method, the risk of system corruption can be reduced and what happens within the platform (including on the eSports-related betting side, for example) can be regulated in a crystal-clear manner.
What remains a substantial problem is the lack of established legal certainty, but the increase in litigation in the industry has led to a growth in attention to eSports regulation and will certainly produce case law in the near future that can increase protection for all gamers.

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