. While some of the festival NFTs offered real-life opportunities, such as access to a VIP lounge at New York's Governors Ball, none of these NFTs function as an actual ticket — i.e., allowing owners access to the actual event.
Using NFTs for ticketing also means that scalpers, long a bane for eventgoers, will see their margins shrink on two levels. The first is the implementation of smart contract technology into tickets, meaning that a cut, likely around 10%, of any resell will go to the artist and/or venue. The second is the ability to limit resale amounts within the NFT ticket marketplace, cutting into scalpers' margins.
VIP+ reached out to several entertainment brands active in the NFT ticketing space who echoed the community sentiments. MGM Resorts International’s SVP of Digital Product & Design Excellence, Andrew Machado, told VIP+ that NFTs will help to provide engaging experiences to guests, both before and after events.
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