NFT’s use case in Arts, Music and Sports industry.
NFT (Non-Fungible Token) is essentially a digital representation of any kind of data such as music, painting and also expands to sports industry and is stored in a Blockchain in a form of distributed ledger. Soccer, Basket Ball are few of the sports that are largely into the NFT industry. NFT industry gained a lot of popularity in the past few years, by luring the millennials and GenZ’s into investing and taking part in the industry. As the cryptocurrency market plummeted in May, it had some staggering effects on the NFT market place as well. Though, NFT has a separate market place, both NFT and Cryptocurrency broadly fall under the same category of digital assets, which indefinitely mean that both of them are interconnected.
Since, NFT’s main stream use saw a hit in May, many top companies such as Binance, have gone ahead to use NFT in the ticketing business in partnership with a football club. Binance also highlighted that the use of NFT will revolutionize the ticketing industry to a new level as it will be potentially solving fake ticket problems and scalping problems.
In similarity to Binance, Ticketmaster also dived into the NFT space, planning to roll out NFT based merchandise for its customers. To support their idea, Ticketmaster went on to make an ad about the opening for a product manager of NFT ticketing tooling, who would potentially foresee that the objectives of the company are achieved.
Ticketmaster to hire a new NFT specialist.
As the use case of NFT’s is going beyond collectibles, many companies are looking at options for using NFT in their operations. In the same view, Ticketmaster also announced that, it is on the hunt for a new product manager for NFT ticketing tooling, to categorically craft out NFTs and sell it to the customers. The categories mentioned were music, sports and many more. The role of the manager also demanded to foresee the future needs and demands of the NFT market place and to see its fit in Ticketmaster.
With the newly created position situated in New York, Ticketmaster hopes to complement the recently established NFT marketplace while assisting in the productization of NFTs.
The companies are surely making inroads into NFTs and hence, even though, their general uses are taking a second track, they are being replaced with innovative ideas as the companies trust in the NFT. It is heartening to witness the growth of NFT, as the market sector is tipped to boom in the coming years.