Understanding NFT benefits in the live events sector

NFTs offer real disruptive potential for sport and entertainment, but EngageRM Founder Brett Yorgey argues the industry still has significant educational work to do before rights-holders and consumers alike can capture the full opportunity.

Beyond the hype

Beyond digital collectibles, NFTs can bundle in real experiences and benefits, boosting loyalty rather than just offering a speculative asset — Kings of Leon's NFT album release, for example, offered top buyers front-row concert seats for life, while the Australian Open's "art ball" NFTs update automatically with live match data and unlock exclusive merchandise.

Smart contracts and utility

The underlying smart contract technology is arguably the more interesting piece — letting creators earn ongoing resale royalties, capping resale prices to prevent scalping, and triggering personalised experiences automatically based on a ticket-holder's behaviour. Combined with decentralised digital identity, NFTs have genuine potential to transform ticketing — but only once the industry does the work of making the underlying technology easier to understand.