The ticketing division of renowned American sports magazine Sports Illustrated has announced its decision to transfer its non-fungible token (NFT) ticketing platform, known as “Box Office,” from the Polygon blockchain to Avalanche, nearly 10 months after its initial launch.
On February 20, SI Tickets revealed its collaboration with Ava Labs, the developers behind the Avalanche network. This partnership will allow the NFT ticketing platform to mint their NFT tickets using the Avalanche blockchain. Additionally, Avalanche will assist Box Office in transforming event tickets into dynamic content to engage with attendees.
The NFT ticketing platform was launched on Polygon in May 2023 to enable event organizers to offer exclusive benefits to their guests, including expedited entry passes, drink coupons, and pre-event music downloads. NFT ticket holders were also eligible for benefits such as post-event video content and additional rewards associated with their event tickets.
SI Tickets CEO David Lane, in a statement to Cointelegraph, mentioned that while the company previously partnered with Polygon, they will now be minting NFT tickets using Avalanche. Lane emphasized that Ava Labs will contribute their resources, technology, intellectual capital, and market leadership to the partnership.
He further explained the advantages of using NFT technology in ticketing. According to Lane, traditional tickets lose their utility once they are scanned at event doors and end up being discarded. However, NFT ticketing changes this by turning the barcode into an opportunity for engagement and activation between event owners, venues, performers, sponsors, and attendees.
Regarding the intersection of NFTs and sports, Lane noted that the growing NFT sports market is generating interest and attracting sports fans to the Web3 space. He predicted that the market will continue to expand as fans recognize the value of NFT offerings.
Lane believes that blockchain-based tickets benefit event owners by providing engagement opportunities with guests through monetizable content. He also stated that this creates additional revenue streams and opportunities. Guests, on the other hand, can enjoy access to exclusive content and rewards.
In a related magazine article, NFT Collector Suzanne advises individuals to approach their first NFT purchase with caution, comparing it to a first date.