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Miami Art Festival Sells VIP Tickets as NFTs

SCOPE, one of Miami’s largest art fairs, claims to be the first festival to sell tickets as NFTs. Can form meet function?

Sep 10, 2021 at 6:10 p.m. UTC
Updated Sep 10, 2021 at 7:12 p.m. UTC

Miami’s SCOPE Art Show is working with YellowHeart, a blockchain-based live event ticketing platform, to sell VIP tickets in the form of non-fungible tokens (NFTs).

“This unique set of minted tickets will feature exclusive editioned artwork by emerging and celebrated artists,” SCOPE founder Alexis Hubshman said. It claims to be the first art fair to offer tickets in NFT form.

YellowHeart, which is built on the Polygon blockchain, aims to change the way tickets are sold by creating a more transparent ticket sale experience for both buyers and sellers.

“Right now we’re dealing with a centralized, manipulated marketplace,” YellowHeart CEO Josh Katz said in an interview. “This puts it into the open crypto and NFT marketplaces.”

Tickets can be purchased in crypto as well as credit card payments, but Katz assumes “it’s mostly in crypto.” They went on sale Sept. 9 and feature 10 different artists including Swoon, Saype and Relm.

NFTs have been a growing trend in the art and entertainment space, whether it’s to give access to unique content and experiences or eliminate middlemen.

Many musicians have already released their own NFTs, some of them with the help of Katz’s YellowHeart, including Maroon 5, Kings of Leon and Britney Spears.

Musician Justin “3LAU” Blau is even trying to give royalties the crypto treatment with a startup, Royal, that includes backing from Coinbase co-founder Fred Ehrsam.

DISCLOSURE

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