BINANCE BEGINS NFT TICKETING OF CHAMPIONS LEAGUE MATCHES

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Binance partners Lazio for NFT ticketing

Following the crisis caused by fake ticket issuance in the UEFA Champions League 2022, a popular decentralized exchange platform, Binance has launched the pilot of its NFT ticketing solution with Italian football giants Società Sportiva Lazio for the 2022-23 season.

While making the announcement, sent to Cointelegraph, Binance noted that NFT tickets will resolve the issue of fake tickets and reduce scalping, preventing disorder in sporting events. Apart from access to events, the NFT tickets will also serve other purposes such as store and match discounts, token giveaways, and other experiences with S. S. Lazio.

The statement reads “With the collaboration, NFT tickets will be available for all of S. S. Lazio’s home matches. Marco Canigiani, an executive at S. S. Lazio, said that current ticket holders will be able to claim their NFT tickets for free and use them to enter Stadio Olimpico and avail themselves of the benefits that come with the digital tickets.”

According to Binance executive Zoe Wei, “the launch of NFT ticketing showcases a different way to use NFTs and highlights a significant use case for Web3 technology. Wei also said that blockchain-based tickets have the potential to eventually expand from sports to the broader entertainment industry.”

Ticketing a compelling use of NFT

Recall also that in May, UEFA identified thousands of fake tickets as being responsible for the chaos that happened in the Champions League final in Paris. This crisis which led to a full-scale investigation by the French authorities pointed out a problem with conventional ways of ticketing, leading to suggestions from Web3 experts on how blockchain-based ticketing can provide a solution.

According to Josh Katz, the CEO of YellowHeart, an NFT marketplace, in an interview with Cointelegraph, “ticketing is the most compelling use case for NFTs.” The executive highlighted that, by having proof of authenticity for each ticket, event organizers will have a defense mechanism against counterfeit tickets.

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