Binance Now Sells NFT Tickets, after the UEFA League Fallout

Jamal Molla
Written By Jamal Molla
I write about cryptocurrency, with a special interest in NFT and metaverse in particular.

In 2022, the UEFA League was rocked by fake tickets. However, the cryptocurrency exchange, Binance, has proffered a solution to this problem. It has announced that Societa Sportiva Lazio, a football club, will test its NFT ticketing solution developed for the 2022/2023 season.

The reputable cryptocurrency exchange messaged Cointelegraph to intimate the media house of its solution to the fake ticketing problem as well as stop scalping for smooth running sporting events.

In addition to its use for sporting events, the multipurpose NFT tickets will be used for token giveaways, getting discounts at gyms and stores, and other related uses.

The partnership with the football clubs allows S.S. Lazio’s fans to buy NFT tickets for the clubs’ home games.

According to an S.S. Lazio employee, Marco Canigiani, the club’s current ticket holders can get NFT ticket declaration and access the club’s Stadio Olimpico where they can enjoy all the benefits offered by the virtual tickets.

A Binance executive, Zoe Wei, explained that launching the NFT ticketing is proof of another NFT wide range of applications and one of the best ways to deploy Web3 technology. He said further that blockchain-based tickets applications will go beyond sports but will eventually be extended to the entire leisure industry.

After the mess caused by fake ticketing at the UEFA league championship recently, France has perfected plans to switch to NFT tickets as a lasting solution to the problem.

In May, the European apex football body said that thousands of fake ticket holders caused the chaos experienced at the Champions League final in Paris. The chaos was an eye-opener to the ticketing issue that has beleaguered football in Europe for years, a development that lead Web3 experts to offer blockchain-based ticketing solutions.

Josh Katz, YellowHeart, CEO, reiterated his belief that incorporating NFTs into ticketing is one of NFTs’ best use cases. According to the NFT market’s executive, event organizers may overcome fake tickets by demanding proof of validity for each ticket sold for any sports event.

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