Meta Digest

Box Office joins NFT ticketing as new platform

Box Office — Sports Illustrated Tickets is an online ticket exchange where fans can buy and sell tickets to a variety of sporting events, such as:

  • Football
  • Basketball
  • Baseball
  • Hockey

The platform gives fans a safe and dependable means to get premium seats, hospitality packages, and exclusive experiences for live sporting events.

Sports Illustrated Tickets also provides a variety of tools and features to assist fans make educated ticket purchasing decisions, such as real-time inventory updates, interactive seating charts, and full event information.

Sports Illustrated Tickets is an easy and fast option for die-hard fans and casual watchers to acquire tickets to the greatest sporting events around.

A new platform

Box Office, a new NFT ticketing platform from Sports Illustrated Tickets, was just released.

It is based on the Polygon Ethereum scaling network.

The decision marks the brand’s foray into primary ticket sales, after the introduction of its SI Tickets secondary marketplace in 2021.

Box Office is a component of SI Tickets, which is part of the larger Sports Illustrated magazine and media brand.

Diverse events

Box Office caters to ticket listings from smaller community events rather than focusing on famous sports and music events.

Such events are often listed on websites such as DICE or Eventbrite.

“We’re not here to compete against Ticketmaster, SeatGeek, or AXS,” said SI Tickets CEO David Lane.

“We’re going after the self-service event market.”

“We’re trying to create the first mass-market adoption of NFT ticket so that everyone from a 15 year old to a 90 year old can buy their first NFT ticket without having to go through a crypto tutorial on blockchain, or have to get a wallet and understand any aspects of it.”

Read also: Candy Digital and Getty Images to launch unique collection

Box Office

Box Office was created in collaboration with ConsenSys, an Ethereum software firm.

The NFT tickets are available on the SI Tickets mobile app, which includes a variety of features.

In addition to granting users entrance, event organizers can customize tickets with the following features:

  • Photo and video highlights
  • Collectibles
  • Personalized messages
  • Promotional offers
  • Loyalty rewards

The features allow fans to interact with one another and even with the performances.

They may also record and upload before, during, and after an event.

Tickets for an upcoming Texas youth football championship game, for example, would appear on Box Office.

Aside from youth sports, Box Office anticipates listing free and paid tickets from partners such as:

  • Music venues
  • Nightclubs
  • Business conferences
  • Private parties
  • Fitness studios
  • Yoga studios
  • Comedy clubs
  • Religious retreats
  • Charity organizers

“As the global economy continues to recover from the pandemic, we expect that live events, converts, and sporting events will regain their pre-pandemic popularity,” said global co-head of ConsenSys NFT Johnna Powell.

“The combination of these factors suggest that consumer demand for NFT event ticketing will increase in the coming years.”

Fee structure & revenue

Box Office, according to David Lane, has a 20% cheaper cost structure than Eventbrite.

Fans may also resell their Box Office NFT tickets by transferring their tickers to NFT markets and secondary ticket platforms such as Vivid Seats, SeatGeek, and Stubhub.

In addition, Sports Illustrated agreed to a 50-50 income split with event organizers and performers on resales.

The split is accomplished by following the on-chain data from Box Office transactions.

“You always get paid when your ticket sells, but you don’t participate in the resale of that on the secondary market – but that’s what changes here,” said Lane.

“We’re splitting 50-50 with our partners. They’re gonna get 50% of the resale revenue.”

“For the events that have resale value, this is one of the great advantages of NFT ticketing,” he added.

“That’s why I really do believe that this will become the standard as we go forward.”

Users will earn a $10 incentive for purchasing tickets to any of the 250,000 big events on the SI Tickets secondary marketplace.

“Your event is going to be listed on our site next to the biggest sports, concerts, and theater events in the area,” said Lane.

“[Organizers] are no longer relegated to a hyperlocal Eventbrite-type of landing page. You’re literally alongside Taylor Swift, Billy Joel, and the Knicks.”

“It gives great visibility to any event that wants to partner with us.”