Sports Illustrated Aims to Dominate NFT Ticketing
Also, updates from H3NSY by Hennessy and more.
Here’s your round-up of what’s been going on this week.
Featured News
Project Update
More News
But first…
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1. Featured News
Sports Illustrated Launches NFT Ticketing Platform on Polygon
Sports Illustrated has released an NFT ticketing platform called "Box Office" on the Polygon network. ConsenSys, an Ethereum software company and the developer of the MetaMask crypto wallet, partnered with Sports Illustrated's ticketing marketplace, SI Tickets, to create this platform.
The newly announced service is claimed to be the world's first comprehensive NFT ticket service, allowing event organizers, owners, and promoters to incorporate additional engagement opportunities into tickets, such as highlights, collectables, and offers, via a feature named "Super Ticket."
David Lane, SI Tickets' CEO, said in a press release that the goal of the marketplace from the outset was to "disrupt the primary ticket market".
“Blockchain is the future of ticketing, and now owners, promoters, hosts and attendees have access to an advanced ticketing experience that transforms the antiquated barcode into engaging and collectible content,"
Learn more HERE
Blockchain ticketing has been around for a little while and plenty of NFT ticketing platforms are popping up. For those that are new to the concept, this will actually be one of the key onboarding rails for mainstream adoption of NFTs in my opinion, because NFTs truly advance the ticketing experience and all the top companies are moving in this direction.
When you think about all the events happening on a weekly basis across the globe it’s not hard to see how events will play a major role in onboarding people. If the only way for a Taylor Swift fan to get a ticket is through an NFT, they are buying that NFT ticket and the objections to the new technology will start to fade as they become more familiar with the concept and realise NFTs aren’t all about speculating on cartoon JPEGs.
What are the benefits of NFT ticketing over traditional?
Enhanced security: NFT ticketing provides a secure and tamper-proof way to verify ownership of tickets. Because each NFT is unique and registered on a blockchain, it's virtually impossible to duplicate or counterfeit. This eliminates the risk of fraudulent tickets and ensures that only the rightful owner can access the event. It’s a huge problem for the ticketing industry and NFTs can play a role in protecting eventgoers.
Transferability: NFT tickets can be easily transferred or sold on secondary markets, providing flexibility to ticket holders who are unable to attend an event. Because the transfer is recorded on the blockchain, there is a clear record of ownership and transfer, eliminating the risk of fraudulent transfers.
Personalization: NFT ticketing can provide additional benefits to ticket holders, such as access to exclusive content, membership clubs, loyalty programs and event products like event merchandise. This creates a more personalized experience for attendees and enhances the value of the ticket.
Scalability: NFT ticketing can be used for events of all sizes, from small gatherings to large-scale concerts and festivals. Because the technology is digital, there are no physical tickets to produce, distribute, or manage, making the process more efficient and cost-effective.
So as you can see, NFT ticketing on the blockchain can protect you and the people you know, while also creating a more advanced brand-to-fan experience.
2. Project Update
A project I am involved in as a community member is H3NSY by Hennessy and yesterday they announced some interesting roadmap updates.
Café 11 - Non-Fungible Conference
All Café 11 NFT holders in Lisbon (June 7-9) at the Non-Fungible Conference will receive exclusive invitations to the H3NSY event.
Café 11 - Limited Edition Bottle
Café 11 NFT holders will have the opportunity to collaborate with an artist chosen by the community. With the support of BlockBar, each holder will be able to obtain a physical bottle of this one-of-a-kind Hennessy V.S.O.P Limited Edition!
H3NSY Expansion
In Q3 2023, H3NSY will additionally focus on connecting more with Asian communities and local creators as part of our development strategy.
I’m a big fan of this project and have written about some of my experiences HERE and in my branding newsletter HERE. So far I’ve been to in-person exclusive events, and won limited edition sneakers designed by the legendary Kim Jones to add to my collection. This is the type of utility you should get from established brands in the NFT space who are seriously focused on contributing and putting their flag in the ground of this new technology experience. Many have got it wrong, I can safely say, Hennessy is getting it right.
The long-standing heritage brand is offering so much value in the NFT that I couldn’t care less about the financial value of the NFT, that’s what it’s about for me, investing in real brands that provide real value. If the NFT goes up in price, great, if not, who cares, I’m enjoying the ride. Hennessy is a brand that understands its consumers but has also fully researched and understood the space while taking its time, these things have helped them navigate smoothly where others have struggled. It surprises me that more people don’t talk about this project, to be honest.
It’s not just about events and goodies either, they’re creating a real interactive experience for the community. The above bottle creation process is one example, and another is the very complex scavenger hunt they recently held where more members could win the Limited Edition sneakers. It was too much for my little brain but a very creative and clever concept.
In short, they posted videos that had hidden clues, one clue was Morse code that sent you to the source code of the Hennessy website, and eventually to an image and in the image was a word that was the entry word for the competition. As I say, I was lost on step one but others got it. It was fun, challenging, and very creative.
As always, what you do with your money is your responsibility. This is not a call to invest, just sharing my enthusiasm for a project that is delivering on all fronts. The team is excellent too.
If you want to learn more about H3NSY, head on over to their links page.
3. More News
OpenSea manager convicted in NFT insider trading case
On Wednesday, Nathaniel Chastain, a former product manager at OpenSea, the largest non-fungible token (NFT) marketplace, was found guilty of fraud and money laundering. He had used his inside knowledge of which assets would be featured on OpenSea's home page to trade NFTs for personal gain.
Chastain allegedly purchased NFTs he had decided to feature on the website and sold them shortly afterwards, making over $50,000 in illegal profits. This case is said to be the first instance of insider trading involving digital assets, as per federal prosecutors in Manhattan.
Soulja Boy lands in hot water with the removal of NFT project.
Launching a collection of 500 3D NFTs that promised to unlock exclusive extras in his upcoming video game, Soulja Boy managed to sell out the entire collection within hours, earning 68 ETH ($124,508). However, leading NFT platform OpenSea took down the collection because it featured the Ferrari logo, which was deemed a copyright infringement. While the NFTs still exist on the Ethereum blockchain, they cannot be traded or sold by holders. A second collection, without the Ferrari logo, was distributed and generated 10 ETH ($18,310) in volume, while a third collection of pixel art generated 36 ETH ($65,916).
The NFT community criticized Soulja Boy not only for his fumbled NFT projects but also for his earnings of up to $730,000 in recent years for promoting cryptocurrencies and NFTs, many of which turned out to be scams.
It amazes me that so many celebrities have gotten caught up in crypto and NFT problems promoting things they shouldn’t. I mean, if anyone has the money to pay for lawyers and do the due diligence it’s surely these guys.
Well, there you have it, a little look at what’s happening this week. Chat to you soon!
Thanks for reading, David Skilling.
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