Major sporting events in France will apply NFT ticketing.

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Following a well-publicized ticketing incident at this year’s Champions League final in France, authorities has emerged as a champion of NFT ticketing. The country promised to employ the renowned tamperproof system in a number of upcoming large sporting events.

In May, a mass ticket counterfeiting operation caused mayhem in the final game of the UEFA champions league in Paris. The debacle culminated with the local police using a lot of tear gas to try to calm down the crowd. As a result of this the French sporting authority body is investigating more secure ticketing options to save them from such major embarrassment. And the solution to the ticketing conundrum is a new line of ticketing that applied the tamperproof tech of NFTs.

France to adopt NFT ticketing in Olympic games and Rugby world cup 

Paris will play host to some major sporting events between 2023 and 2024. This includes the  Olympic Games, and the Rugby World Cup, the world’s most prestigious sports event. And the sporting authorities are planning to introduce the NFT ticketing system in these sports events. This move will make Paris the ambassador of NFT technology in sports ticketing. 

This new type of ticketing only exist in digital form, stay non-transferable, and is inextricably linked to the designated owner. The athletic authorities can, however, link extra supplemental content to each item. And make it exist as a digital memento of a significant event, much like the enchantment of NFTs.

Transactions between NFT and sports are growing globally.

NFTs have seen additional use cases in the sporting industry in addition to tickets. Numerous sporting occasions, groups, and individuals have released collectibles as NFTs.

In general, the sports business has been more accepting of the digital currency sector. The revival of the National Football League is one example (NFL). According to CNBC, the league started allowing clubs to sign sponsorship agreements with companies that deal in digital currency earlier this year.

The English Premier League recently submitted a trademark application to allow the use of its name and logo in products and services relating to the metaverse.

What about Digital Currencies at Large

Although this major milestone achievement by France won’t be the first in the sporting industry. Local medal winners from the Tokyo Olympics received cryptocurrency last summer by the Indian exchange Bitbns. Each gold medallist received about $2,700 in digital assets, each silver medalist received about $1,350, and each bronze medalist received about $675.

China, on the other hand, sought to popularize and broaden the use of the digital yuan during the 2022 Winter Olympics in Beijing. Despite the worries expressed by several US officials, it allowed athletes and foreign visitors to use the financial product.

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