MGM Grand Tests NFT Ticketing in YellowHeart Tie-Up

The Polygon-based platform is adding utility-backed tickets to one of the largest event spaces on the Vegas Strip.

AccessTimeIconApr 14, 2022 at 1:16 p.m. UTC
Updated May 11, 2023 at 7:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Non-fungible token (NFT) ticketing platform YellowHeart took to Las Vegas this week for its first collaboration with MGM Grand Resorts, selling a collection of NFT tickets to a run of Jabbawockeez dance performances.

The collection of 1,110 NFTshttps://www.mgmresorts.com/en/entertainment/jabbawockeez-nft.html grants holders access to prime seating at the in-person shows, which run until April 30, as well as added benefits like food and drinks credits, airdropped digital collectibles and meet-and-greet opportunities.

It’s the latest crossover for the Polygon-based ticketing platform and the world of traditional entertainment, with the idea being that NFTs are not only a more secure and fraud-proof way to sell tickets, but can act as a sort of social token for added utility between fans and artists.

“Our product makes perfect sense for Vegas, where every door seems to require some type of access,” Josh Katz, CEO of YellowHeart, told CoinDesk in an interview. “Normally when you walk out of the MGM, it’s all over. What happens in Vegas stays in Vegas, as they say. But with these tickets, we’re really giving people a collectible to remember the show by, people love the artwork and how it changes after being scanned.”

NFTickets

The company launched its app last October, though the non-fungible ticketing sector still remains in its early stages.

Katz said about 100 YellowHeart tickets have been sold for the show so far, though ticket sales volume for these types of performances are typically concentrated in the final performances.

YellowHeart is now raising its Series A funding round, Katz said. It has raised $7 million in seed funding to date.

Other NFT ticketing platforms looking to make a name for themselves in the budding sector include Backstage and GET Protocol, which are both also built on the Polygon blockchain.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Eli Tan

Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about