The popularity of the NBA’s Top Shot has meant that the platform recently passed the $1 billion mark in sales, as fans continue to trade the collectable NFTs in spite of the recent crypto market downturns. NFTs give fans a more engaging experience, but they are also of commercial benefit to organisations as well.

As membership cards, NFTs allow artists and event organisers to tailor different perks and rewards to fans based on different membership tiers, opening up a world of possibilities for fan engagement. The broad utility of NFTs means that their use in the entertainment industry is just beginning to be explored. Coachella has minted NFTs which grant holders lifetime access, unlock on-site experiences and a chance to own various digital collectables. Large-scale music festivals are also offering NFTs as a way for fans to engage more with the experience. Likewise, the NFL followed suit with the 2022 Super Bowl, minting fans a collectable NFT as a digital souvenir of their time at the game. The NBA joined Web3 early with their collectable NFT platform Top Shot, allowing fans to own a unique moment from the league in digital form.

It is now possible to use NFTs as membership cards, access passes and much more, opening up a world of possibilities for the way in which we use the technology. The non-fungible tokens are digital assets, the authenticity of which is verifiable through the irrefutable ledger that blockchain networks provide.įrom their early beginnings as simple collectables and digital artwork, NFTs have evolved into utility assets for those who hold them. NFTs have been making waves in the entertainment industry and beyond since their introduction on the Ethereum blockchain in 2015. It is one of the first times NFT technology has been used at a UK festival to create a membership programme for attendees, with NFT membership cards giving holders benefits and access to an exclusive experience at the event. Once downloaded, Villagers can claim their Lost Society 2022 NFT membership card to gain access to a secret space within Lost Village. This year, Villagers (Lost Village attendees) heading to the festival are invited to become members of The Lost Society 2022 by downloading the SeatlabNFT app. We’ve partnered with Lost Village to create an immersive experience for attendees and a pivotal moment for UK festivals, powered by Web3 technology.

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