Sports Illustrated’s SI Tickets has partnered with ConsenSys to launch ‘Box Office,’ a comprehensive ticketing management solution powered by NFTs and blockchain technology. The platform targets event organizers and managers, with a key benefit being enhanced fan engagement. It’s up against stiff competition in Ticketmaster, which has also embraced NFTs, but more as collectibles.
With its Box Office offering, Sports Illustrated is launching a ticketing solution with web3 at its core. In contrast, Ticketmaster offers NFTs as an add-on collectible feature. Ticketmaster already has a well-developed core ticketing engine, and from previous comments, the company doesn’t see the benefits of blockchain at the core.
“From the moment we launched our global event marketplace, we saw the potential for blockchain technology to revolutionize the ticketing industry,” said David Lane, CEO of SI Tickets. “By integrating NFTs and blockchain technology, we can offer our customers a seamless user experience, while ensuring the security and transparency of ticket transactions.”
Using blockchain, Box Office can bring additional benefits to both event organizers and fans. It says its solution is priced at 50% less than competitors. But it also includes the ability to share revenues with performers or on ticket resales. The latter is a boon to event organizers that are often at the mercy of scalpers.
Regarding engagement, the event organizer can provide offers or loyalty perks in addition to the ticket being a collectible. There’s also the possibility of the organizers staying in contact with the event visitor before, during and after the event. While sporting events are the most obvious, SI is targeting any event, including concerts and conferences.
The ‘Box Office’ platform will be powered by Polygon blockchain technology.
Apart from Ticketmaster, other organizations have deployed blockchain at a deeper level. TIXNGO from Secutix is a blockchain-based ticketing solution that addresses counterfeiting and the scalping market because each ticket is associated with an identity. It doesn’t prevent transfers, but they can be controlled. The solution has been used at major UEFA football events, and Wembley Stadium first used it for an Ed Sheeran concert.