Binance Jumps Into NFT Ticketing After UEFA League Fiasco

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After the chaos caused by fake 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 TBEN, Binance emphasized that NFT tickets will solve the problem of fake tickets and eliminate scalping, thus avoiding disorder at sporting events. Aside from event entry, the NFT tickets will also serve other purposes such as shopping and match discounts, token giveaways, and other SS Lazio experiences.

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Through the partnership, NFT tickets will be available for all SS Lazio home games. Marco Canigiani, an executive at SS Lazio, said current cardholders can claim their NFT tickets for free and use them to enter Stadio Olimpico and take advantage of the benefits associated with the digital tickets.

Binance executive Zoe Wei said the launch of NFT ticketing demonstrates another way to use NFTs and highlights an important 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.

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

In May, UEFA blamed thousands of counterfeit tickets for the chaos that took place in the Champions League final in Paris. The event highlighted a problem with traditional ticketing systems, prompting comments from Web3 experts about how blockchain-based ticketing could provide a solution.

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

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