“It’s something that gets you to understand the value of a lasting asset,” Fields said.Īfterparty is also betting that blockchain technology can benefit musicians and event organizers by allowing them to better control the ticket resale market. With NFT ticketing, said Fields, loyal fans can be rewarded with additional perks for early or frequent attendance. “All of a sudden, when it started to sell out, I had to move to the back of the line.” The event, which is being curated by a partnership between former Kaaboo executive, Chris Racan, and former Life is Beautiful partner, Ryan Doherty, will be the world’s first NFT-gated festival, as holders of Afterparty generative ‘Utopian’ NFTs will be.
“I was going to Coachella 20 years ago, at a time when it was not what it is today,” said Fields. The Chainsmokers and The Kid LAROI have been announced as headliners at the ‘First Annual Afterparty NFT Art and Music Festival’. The company is planning another music festival in Los Angeles, and Fields said ticket holders for the event will get access to exclusive events and the opportunity to reserve passes for future festivals.įields said this gives fans incentive to test out the technology and fully buy into what Afterparty is doing.
Fields said the technology allows for Afterparty’s NFT tickets to be used for multiple events - including those that haven’t been scheduled yet. NFTs are sold and traded on blockchain digital ledgers that can carefully track changes in ownership. “We’re showcasing why an NFT is exciting to a consumer or to the average fan,” said David Fields, Afterparty’s chief executive. On April 22, Afterparty announced that it had raised an additional $4 million and launched a ticketing service, which relies on NFTs rather than conventional paper or digital tickets.Īfterparty has already tested the new platform, staging a March music festival in Las Vegas at which attendees used NFTs released by the company to gain admission. The company launched last year and quickly raised $3 million in seed funding to support development of an NFT platform serving artists and creators. One of those companies, West L.A.-based Afterparty Inc., has ambitious plans to use NFTs to transform the event-ticketing industry. Non-fungible tokens, or NFTs, have soared in popularity in recent years and companies in Los Angeles and beyond are finding innovative new uses for the trendy digital collectibles.
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