Sports Illustrated moves NFT ticketing platform to Avalanche

    2024.02.21 | exchangesranking | 68onlookers

    The ticketing arm of the United States-based sports magazine Sports Illustrated announced it is moving its nonfungible token (NFT) ticketing platform called “Box Office” from the Polygon blockchain to Avalanche almost 10 months after its launch.

    On Feb. 20, SI Tickets announced a collaboration with Ava Labs, the developers of the Avalanche network. The partnership will allow the NFT ticketing platform to mint their NFT tickets using the Avalanche blockchain. Avalanche will also assist Box Office in transforming event tickets into dynamic content to engage with guests.

    In May 2023, the NFT ticketing platform was launched on Polygon to enable event organizers to provide exclusive benefits to their guests, such as expedited entry passes, drink coupons and music downloads before events. The holders of the NFT tickets could also gain benefits like video content after the event and further rewards tied to their event ticket.

    In a statement sent to Cointelegraph, SI Tickets CEO David Lane said that while the company partnered with Polygon before, it will now be minting its NFT tickets with Avalanche. Lane said Ava Labs will bring its “resources, technology, intellectual capital, and the market leadership” into the partnership.

    He also explained there are many advantages to using NFT technology in ticketing. According to Lane, ticket utility ends when scanned at event doors. At that stage, tickets become “useless” and only end up in the trash. “But NFT ticketing will change all of that. The barcode can now become engagement and activation opportunities between the event owner, venues, performer, sponsor and attendees,” he explained.

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    When asked about the intersection between NFTs and sports, Lane commented that the growing NFT sports market is creating interest and bringing sports fans into the Web3 space. He predicts that the market will continue to grow as fans see the value in the NFT offerings. Lane said:

    “We view ticketing as a primary use case for mass adoption of NFTs and blockchain. The advantages of blockchain ticketing are endless, not just in sports but across the live events spectrum.”

    The use of blockchain-based tickets benefits event owners by providing engagement opportunities with their guests through content that can also be monetized. Lane believes that this creates further revenue streams and opportunities. In addition, guests can enjoy access to exclusive content and rewards.

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