Top NFT news: Binance enters the NFT ticketing market after UEFA League fiasco

28-Jul-2022 By: Anirudh Trivedi

Following the chaos caused by counterfeit tickets in the UEFA Champions League 2022, cryptocurrency exchange Binance has established a trial programme for its nonfungible token (NFT) ticketing solution with football club Società Sportiva Lazio for the 2022–2023 season.

Binance stated in an announcement that NFT tickets will solve the issue of bogus tickets and eradicate scalping, reducing disruption at sporting events. The NFT tickets will be used for more than just entry to events; they will also be used for other things like retail and match discounts, token giveaways, and other experiences with S. S. Lazio.

With the collaboration, NFT tickets will be accessible for all S. S. Lazio home matches. According to Marco Canigiani, an executive at S. S. Lazio, “existing ticket holders will be able to collect their NFT tickets for free and use them to enter Stadio Olimpico and enjoy the perks that come with digital tickets.”

According to Binance executive Zoe Wei, the launch of NFT ticketing demonstrates a new method to use NFTs and highlights a substantial use case for Web3 technology. Wei also noted that blockchain-based tickets have the potential to move beyond sports and into the larger entertainment industry.

In May, UEFA blamed the chaos that occurred during the Champions League final in Paris on hundreds of bogus tickets. The event highlighted a difficulty with traditional ticketing systems, prompting remarks from Web3 specialists on how blockchain-based ticketing may provide a solution.

Josh Katz, the CEO of NFT marketplace YellowHeart, noted that tickets are the most compelling use case for NFTs. The CEO emphasized that “event organisers would have a defensive mechanism against counterfeit tickets if each ticket has confirmation of validity.”

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