Disruption: Sport Illustrated Tickets and Polygon Partner to Transform Ticketing Industry
Sports Illustrated is partnering with the blockchain platform Polygon to launch a ticketing platform called “Box Office“ that could revolutionize the event ticketing industry. The platform will utilize Non–Fungible Tokens (NFTs) to allow event hosts to offer collectibles, loyalty benefits, and reduce fraud while also providing a larger portion of profits to event hosts as opposed to scalpers or primary issuers.
SI Tickets CEO David Lane stated that the company is “preparing to enter and disrupt the primary ticket market.”
The company‘s website claims the service is up to 50% cheaper than current competition, and it will offer greater revenue to event hosts by “monetizing every resale of tickets.” The platform will use Polygon‘s blockchain technology to verify the authenticity of tickets and allow additional inventory to be minted as demand increases.
SI Tickets will share resale revenue in a 50/50 cut between the event host and the platform. Polygon Labs North American business development head Brian Trunzo commented on the advantages of the platform, saying that “blockchain technology offers significant benefits for consumers, particularly ticketing, including enhancing payment security, and eliminating scalping and fraud.”
SI Tickets will target a variety of events, from sports to fashion shows to live music bars, and the platform will allow event hosts to remain connected to guests long after the event. With the promise of increased revenue, reduced fraud and scalping, and a more efficient ticketing experience, SI Tickets and Polygon could revolutionize the event ticketing industry.