Binance Partners With SS Lazio to Debut NFT Ticketing After UEFA Champions League Final Debacle

Crypto exchange Binance has announced it will trial non-fungible token (NFT) tickets for an Italian football club, Lazio, for the 2022/2023 season. The concept of NFT tickets is expected to provide a solution to the challenges of traditional ticketing by solving inefficiencies like counterfeiting, and scalping among others. It is worth noting that during the UEFA Champions League final in May 2022, the use of fake tickets threatened to mar the game. Since then, there have been deliberations as to whether NFTs could potentially stop the challenges of traditional ticketing.

Now NFT tickets, as a concept, aren't entirely new. They have been used in concerts previously with startups like Afterparty managing to secure $4 million (roughly Rs. 32 crore) in unsolicited funds after using NFT tickets to invite the art and music festival.

Now, Binance intends to collaborate with SS Lazio to make NFT tickets available for all the club's home games. Asides from quicker access to all home games, holders of the NFT tickets will also get a Europa league match discount. Also, ticket holders will have unique discounts and giveaways at the Lazio store.

Marketing Director of Lazio, Marco Canigiani noted in a statement shared with CoinTelegraph that his team was working closely with Binance to give value to the fans. He said, "Our fans who explore this new technology will enjoy discounts for Europa League matches and online merchandise purchases."

Zoe Wei, Binance Fan Token Lead, added, "NFT ticketing, which we are introducing with SS NFT ticketing introduces a brand new layer of utility features to non-fungible tokens, Lazio, will revolutionise the ticketing market and presents another significant real-life use case for Web 3 technology. Blockchain-enabled NFT ticketing has the potential to branch out beyond sports and take its roots in the broader entertainment industries."

"Fans now have the option to preserve their memories of any live event they have attended by digitally collecting the tickets, and enjoy further engagement with their favourite clubs or brands beyond those experiences⁠⁠ — leading to more meaningful and lasting fan experiences, stronger digital and worldwide communities and more involvement in the life of teams, players and brands," Wei added.

Lazio fans who have a Binance account can now claim their NFT tickets in multiple ways, including in official Lazio stores, via social media and on the Binance Fan Token Platform.