Live Nation, one of the world’s biggest entertainment companies, has revealed that it is exploring how non-fungible tokens could boost user engagement.
The business has had a trying 2020 after the coronavirus pandemic caused concerts around the world to be postponed or canceled — but a big comeback is anticipated this year.
Speaking to investors on an earnings call, Live Nation CEO Michael Rapino revealed that he has a “great team” that’s exploring how NFTs can enhance the customer’s experience.
This means that souvenirs could end up being released in tokenized form, giving concertgoers lasting memories of special moments that may have occurred during a gig.
Ticketmaster, one of the brands that’s in the Live Nation family, is also gearing up to start releasing tickets as NFTs — something that could help reduce counterfeiting. Rapino added:
“We’ve all learned from Top Shot at the NBA. So we envision Live Nation with the marketplace and looking at some of the concert moments as magic moments that we could mint and attach to our ongoing ticket festivals and special moments.”
Music: The Next Big Use Case?
All of this suggests that music could end up being one of the next big use cases for NFTs as mania surrounding digital art starts to die down.
We’ve already seen the likes of Kings Of Leon become one of the first bands to release an album in tokenized form.
These NFTs boasted unique artwork and some of them delivered rare perks, such as front row seats at gigs and a chauffeur-driven car.