Binance jumps into NFT ticketing after UEFA League fiasco

Following the chaos caused by counterfeit tickets in the UEFA Champions League 2022, crypto exchange Binance has launched the pilot of its nonfungible token (NFT) ticketing solution with football club Società Sportiva Lazio for the 2022 to 2023 season.

In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets will solve the issue of fake tickets and eliminate scalping, preventing disorder in sporting events. Apart from access to events, the NFT tickets will also serve other purposes such as store and match discounts, token giveaways and other experiences with S. S. Lazio.

With the collaboration, NFT tickets will be available for all of S. S. Lazio’s home matches. Marco Canigiani, an executive at S. S. Lazio, said that current ticket holders will be able to claim their NFT tickets for free and use them to enter Stadio Olimpico and avail themselves of the benefits that come with the digital tickets.

Binance executive Zoe Wei said that the launch of NFT ticketing showcases a different way to use NFTs and highlights a significant use case for Web3 technology. Wei also said that blockchain-based tickets have the potential to eventually expand from sports to the broader entertainment industry.

Related: NFT ticketing may catch on faster in France after UEFA championship debacle

In May, UEFA blamed thousands of fake tickets for the chaos that happened in the Champions League final in Paris. The event highlighted a problem with traditional ticketing systems, spurring comments from Web3 experts on how blockchain-based ticketing can provide a solution.

In a recent interview with Cointelegraph, Josh Katz, the CEO of NFT marketplace YellowHeart, argued that ticketing is the most compelling use case for NFTs. The executive highlighted that, by having proof of authenticity for each ticket, event organizers will have a defense mechanism against counterfeit tickets.