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.
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.
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.”
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.
Read more: Miami Art Festival Sells VIP Tickets as NFTs
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.
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