Binance Jumps into NFT Ticketing After UEFA Champions League Fiasco

Binance is looking into solutions to the escalating fraud in the traditional ticketing system for sports events. To this end, it launched a series of NFT tickets in collaboration with the Italian football club S.S. Lazio. This partnership will allow fans to buy season tickets for the team’s home games in the form of non-fungible tokens (NFTs).

Why the Traditional Ticketing System is Failing

In May, the UEFA Champions League Final in Paris was marred by chaos when multiple fake tickets flooded the ticketing system. As a result, more people showed up for the game than the number of tickets sold. Allegedly, numerous fraudsters used false tickets to access the arena. At the same time, those with actual entries remained outside fighting the police forces.

The unprecedented event spurred a debate among blockchain and Web3.0 experts seeking immediate solutions. Now, even the football governing bodies are considering blockchain-based ticketing to answer the alarmingly ticketing fraud.

Binance Launches NFT Tickets for Lazio’s Home Games

Binance teamed up with S.S. Lazio to release NFT tickets for the club’s home games at Stadio Olimpico during the 2022-2023 Serie A season. These tickets should eliminate the risk of fake printed tickets, scalping, and chaos during sporting events. Furthermore, the partnership may include buyer discounts in the club’s store, token giveaways, and tickets to other Lazio-hosted events.

Marco Canigiani, an executive at S. S. Lazio, said that ticket holders can claim their NFT tickets for free. Also, they can use them to enter Stadio Olimpico through a simple security check.

On the other hand, Binance executive Zoe Wei said that the launch of NFT ticketing proves that web3.0 technology can help improve ticketing systems. Event organizers can rely on unique NFT tickets, which are impossible to counterfeit, to reduce fraud and scalping. As a result, blockchain-based tickets can expand beyond sports events and reach the entertainment industry.

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This is not the first time Binance partnered with a prestigious football entity for its growing NFT portfolio. In June, the crypto exchange teamed up with Cristiano Ronaldo for an exclusive NFT deal.

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