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Ticketmaster has launched its NFT token-gating feature, developed with metal icons Avenged Sevenfold.
At a time when utility is all the rage in the NFT scene, Ticketmaster's new feature could be a prime use case for the sector.
Through Ticketmaster's NFT token-gating, artists can give eligible NFT holders special access to event tickets, as well as pre-sales or VIP rewards. The initiative hopes to onboard more participants to the Web3 space.
Read more: Meta "Short-Sightedly" Pulls NFTs From Instagram in Crypto U-Turn
Avenged Sevenfold kicks off the feature with their own "Deathbats Club" NFT collection, which is being used to test the ticket gating ahead of a full rollout.
Owners of the 10,000 Deathbats Club Ethereum NFTs were offered early access to Avenged Sevenfold's New York City and Los Angeles gigs in Ju3ne. Around 1,000 tickets were purchased with the NFT-gating feature.
Question for fans NOT in the @DeathbatsClub . If I can figure out a way to get the best concert tickets in the hands of REAL fans at the best prices, but it involves downloading a digital wallet (free of charge), would you be open to that?
— M. Shadows (@shadows_eth) March 23, 2023
Users are prompted to connect a wallet to verify ownership of the eligible NFTs during the process. Purchasing tickets are then as per normal, but with fewer buyers.
Frontman Matt Sanders (AKA M Shadows) said the buying process will be the same “except without the 1,000-person queue and without the scalpers and the bots getting in there and taking everything right away.”
According to PYMNTS, one NFT holder saved $540 in the base price and service fees using the token.
Read more: Sony's Gaming NFT Patent Surprisingly Receives Positive Reception
Ticketmaster has minted almost 15 million digital collectibles for live events including the NFL via the Flow blockchain and Polygon.
“Avenged Sevenfold used the capability to offer first access to tickets, but there are a variety of ways it can be used by artists in the future from unlocking premier seats to special experiences like sitting in on soundcheck,” said David Marcus, Ticketmaster’s EVP of Global Music.
“It's really a blank slate for the artist to decide.”
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