Forget overvalued art: NFT tickets are key to the mass market
Billionaire NFT enthusiast Mark Cuban says NFT ticketing offers are a more practical use case than investing in digital art.
Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, spoke about his quest to take advantage of the Bitcoin Profit NFT world. On an episode of the Delfi podcast, Cuban (who incidentally thinks Ethereum is a better investment than Bitcoin) said:
„What are applications that this new technology can turn on its head … so that I can disrupt an industry and make a f***ing ton of money … that’s the opportunity I’m looking for.“
As a practical example of what he’s working on, Cuban talked about implementing an NFT ticketing system for the Mavericks. He sees several benefits, including retaining the licensing rights to each resold ticket.
NFT ticketing as a way to disrupt the traditional model
NFT ticketing is a golden opportunity to disrupt the traditional ticketing model. As mentioned earlier, this could be beneficial from the Mavericks‘ perspective, as the team gets paid every time someone resells a ticket.
„We are trying to find a good way to turn our tickets into NFTs. We want to be able to find ways so that not only our consumers, our fans, can buy and resell tickets, but we can continue to earn royalties on them.“
Cuban, however, stressed that implementing an NFT ticketing system is not that simple. There are also game theory factors to consider.
The idea is to optimise the system in a way that benefits all parties involved.
„Out of 41 home games before the playoffs… there are one or two games with high demand, and there are a lot of season ticket holders who will sell those one or two games to try to pay for their entire season ticket package. How do we balance all these things to maximise our revenue and at the same time maximise the value for the season ticket holders?“
Nonetheless, NFT ticketing has the potential to disrupt the mass market and trump NFT artwork, which continues to polarise opinion.
Investing in digital art
The NFT boom has recently caught the public’s attention. In many cases, especially among the uninitiated, the feedback has been negative.
In part, this is due to the astronomical sums involved in high-profile sales.
There is also something to be said about the zero-cost replicability of a piece. While proponents say it is the proof of ownership that justifies the price, this argument carries less weight in a digital world with infinite perfect copies.
For these reasons, NFT artworks, currently still mostly based on the Ethereum blockchain (go to the Ethereum buy guide), have a hard time convincing people that they are a better version of real physical art. However, NFT tickets have a use case that is not so subjective – making this concept a winner for the mass market.