Sports Illustrated’s ticketing platform, Box Office, is making a big move. The platform, which uses nonfungible tokens (NFTs) to issue tickets, is transitioning from the Polygon blockchain to Avalanche after nearly 10 months of operation.
SI Tickets, the ticketing arm of Sports Illustrated, announced its collaboration with Ava Labs, the developers of Avalanche, on February 20. This partnership will allow Box Office to mint NFT tickets using the Avalanche blockchain. In addition, Avalanche will help transform event tickets into interactive content to enhance the experience for guests.
Box Office was initially launched on Polygon in May 2023 to provide event organizers with the ability to offer exclusive perks to ticket holders, such as fast-track entry, drink vouchers, and pre-event music downloads. NFT ticket holders also had the opportunity to access video content after the event and receive additional rewards tied to their ticket.
SI Tickets CEO David Lane explained that while the company previously partnered with Polygon, they have now chosen to mint their NFT tickets on the Avalanche blockchain. Lane emphasized that Ava Labs brings valuable resources, technology, intellectual capital, and market leadership to the collaboration.
Lane highlighted the advantages of using NFT technology in ticketing, noting that traditional tickets lose their utility once scanned at the event entrance and often end up discarded. However, NFT ticketing changes this dynamic by turning the ticket barcode into an opportunity for engagement and activation between the event organizers, venues, performers, sponsors, and attendees.
When asked about the intersection of NFTs and sports, Lane expressed that the growing NFT sports market is generating interest and attracting sports fans to the Web3 space. He believes that this market will continue to expand as fans recognize the value of NFT offerings.
According to Lane, blockchain-based tickets offer event owners the opportunity to engage with their guests through content that can also be monetized. This creates additional revenue streams and opportunities for event organizers. Additionally, guests can enjoy exclusive content and rewards.
In related news, NFT collector Suzanne advised individuals to approach their first NFT purchase with caution, comparing it to a first date. She emphasized the importance of doing research and understanding the intricacies of NFTs before diving into the market.