The new token-gated option from Ticketmaster will begin with popular metal band Avenged Sevenfold.
Ticketmaster is introducing non-fungible tokens (NFTs) for artists on its platform. Indeed, this new era starts with the metal band Avenged Sevenfold, who developed the feature with Ticketmaster.
In essence, Avenged Sevenfold already has its own NFT collection. Therefore, holders of the band’s Deathbats Club NFT collection will gain exclusive access to concert tickets.
Furthermore, the NFT-gating feature is selling well for Avenged Sevenfold. According to frontman Matt Sanders, who is known as M. Shadows, around 1,000 NFT-gated tickets were sold for their upcoming shows in New York and Los Angeles.
A normal process
According to Sanders, the new NFT feature “went incredible”. Moreover, it’s remarkably simple to enact the process on Ticketmaster.
During the buying process, Ticketmaster will prompt users to connect a wallet to verify ownership of the NFT. Following that, it’s the same process as usual, with additional perks.
Sanders said in an interview with Decrypt: “It’s a normal process after that. Except without the 1,000-person queue and without the scalpers and the bots getting in there and taking everything right away.”
One Deathbat Club NFT holder celebrated the fact that they were able to get two NFT-gated tickets for $250. Consequently, the same two tickets shot up in price to $755, leaving the Avenged Sevenfold fan feeling very happy.
Avenged Sevenfold are now pioneers in the Web3 space, being the first to band to enact NFTs on Ticketmaster. In fact, the connection occurred during last year’s NFT LA conference, where Sanders met David Marcus, Ticketmaster’s EVP of Global Music. As a result, the new token gating feature has come to fruition.
Marcus told Decrypt: “Linking to live shows creates a unique value, and we developed our token-gating capabilities based on how artists want to connect their community to their concerts.”
He added: “Avenged Sevenfold used the capability to offer first access to tickets, but there are a variety of ways it can be used by artists in the future from unlocking premier seats to special experiences like sitting in on soundcheck. It’s really a blank slate for the artist to decide.”