Flow Jumps 5% As Dapper Labs And Ticketmaster Unveil New NFT Initiative

Summary:

• Ticketmaster announced plans to launch a new non fungible token offering for fans.
• The ticket platform will tap Dapper Labs’ Flow blockchain to make this possible.
• Ticketmaster can now issue NFTs before, during, and after live events via the partnership.
• The pair previously teamed up for one-of-one NFT tickets during February’s Super Bowl match.
• Ticketmaster has also minted over 5 million digital collectibles on Flow’s chain at press time.

Flow blockchain developer Dapper Labs and live events ticket marketplace Ticketmaster announced a new collaboration geared towards offering non fungible tokens (NFTs) for sports fans and customers. 

A report from Sports Business Journal (SBJ) on Wednesday said that Ticketmaster would be capable of offering NFTs before, during, and after live events. The new utility is powered by the platform’s partnership with Dapper Labs, the team behind the Flow blockchain. 

Wednesday’s press release explained that the primary aim of the latest offering centers around expanding the fan journey by leveraging blockchain technology. Ticketmaster expects to bring fresh integrations for event fans, per the report. 

The Flow token surged on the back of the news during trading hours with a 5% rise. At press time, the crypto exchanged hands for around $2.08. 

FLOW Daily Chart (Source: TradingView)

Flow Powering NFT Offerings In Sports

While Ethereum remains a pedestal name associated with NFTs, the Flow blockchain is credited with housing popular projects like NBA Top Shot. The network boasts NFT-optimized on-chain capabilities with quick transactions and low fees.

Notably, Dapper Labs and Ticketmaster have collaborated a number of times. At press time, Ticketmaster has minted over 5 million NFTs on Flow’s network. The pair also teamed for America’s major gridiron event back, also known as the Super Bowl, back in February 2022.

During the Super Bowl, Ticketmaster issued 70,000 one-on-one digital collectibles via Dapper Labs’ blockchain network. Each NFT featured the users’ seat location.

The National Football League (NFL) plans to extend a similar initiative to match attendees throughout the 2022 season, per SBJ’s report. Dapper Labs also has other interactions with sport industry stakeholders including the NBA.

In May, EthereumWorldNews reported that Dapper Labs launched a massive $725 million fund to bolster innovations in the Web3 ecosystem.