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Crypto News | Uncategorized

Polygon Blockchain Powers Sports Illustrated’s New NFT Ticketing Venture

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Reading time

2 mins
Last update

box office

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The “Box Office” platform, a self-service managing event and the primary ticketing system powered by the Polygon blockchain was introduced on May 2 by SI Tickets, the subsidiary of Sports Illustrated. 

Box Office, a Web3 application created in collaboration with ConsenSys, allows owners, organizers, and hosts to create, manage, and promote a fully flexible, paid, or free ticketed live sporting event.

SI Tickets and ConsenSys are working together to build a “Super Ticket” as part of the new platform, allowing hosts to stay in touch with their attendees through highlights, collections, special offers, and loyalty advantages via NFT technology.

David Lane, CEO of SI Tickets, stated that blockchain is the future of ticketing. He added that they have been gearing up to disrupt the primary ticket market since the launch of their global event marketplace, which currently offers over 50 million tickets for over 250,000 sports, concerts, and shows.

Attendees can use Super Ticket to scan their NFTs in order to acquire accelerated entrance passes, drink discounts, and song downloads prior to the event as well as post-event video content and awards. The new platform assures event organizers that attendees will keep their event tickets in their digital wallets permanently.

Since its launch in June 2021, SI Tickets has boosted its market inventory to over $2.5 billion. It also states that it never charges transaction fees for any purchases and promises a full refund in the event of an event cancellation. Box Office announced that each ticket would cost $1.40 and carry a 3% commission fee in addition to 3% merchant pass-through fees for event planners.