According to Flow, a digital engagement blockchain network created by Dapper Labs, Live Nation affiliate Ticketmaster has submitted NFT tickets (non-fungible tokens) minted in its ecosystem for event organizers. The main purpose of NFT tickets will be their commemorative value. But in addition to a souvenir, they can also be used as attendance test to major concerts.
However, these virtual commemorative tickets are not valid for entry. It is necessary to present the purchased ticket with the Ticketmaster or Live Nation barcode to gain entry. According to Live Nation, has selected the Flow blockchain for its eco-friendly nature, stating that creating NFTs in Flow consumes less energy than a Google search or Instagram post.
It is possible to send the NFT ticket to other people via email or QR code using accounts on the Ticketmaster/Live Nation site, which also supports wallet addresses. Ticketmaster began a pilot program for NFTs issued as souvenirs for specific events in the last six months through a silent rollout.
To date, over 5 million NFTs have been minted on the Flow blockchain through Ticketmaster. On August 4, Mark Zuckerberg, CEO of Meta, announced that Instagram had expanded its support for NFTs to more than 100 countries. All collectible NFTs posted on Instagram are minted on the Flow blockchain. This week, Meta unveiled the new NFT integration for Facebook also through users’ digital wallets. Filecoin, a decentralized file storage ecosystem, became Flow’s official storage partner last October.
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