MGM Grand Trials NFT ticketing in YellowHeart Tie up

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 NFTs 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. As they say, Vegas is Vegas. 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 stated that about 100 YellowHeart tickets were sold so far for the show, but ticket sales volume for these types performances is typically concentrated during the final performances.

Katz announced that YellowHeart is now seeking Series A funding. It has raised seed funding of $7 million to date.

There are also other NFT ticketing platforms that want to establish themselves in this budding industry. Backstage and GET Protocol both of these are built on the Polygon blockchain.

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