Conversation Transcript
John Paul Mains 00:00
Hey everybody, we’re back here today we are going to be talking about NF T’s in the event space, specifically a Sports Illustrated, turns out just released something new recently. So I’m John Paul, the guy, dead here. And so yep. Dad, can you give us kind of a review here? Because you’re the you’re the local expert on this.
Ted Jones 00:25
Yeah. Hey, John Paul. Yeah. So you mentioned Sports Illustrated. And, you know, it’s actually bigger than that I think Sports Illustrated is really trying to get into the game of, you know, using new technology for their ticketing platform. So there is an they do have an existing platform called si tickets.com, I think is what it is. But now, what they’ve done is they’ve extended that technology to a service they’re calling box office. And box office basically, is a self service event registration site. It’s, it’s actually free for free events are free, but it does, yeah, it’s free, up to actually 10,000 tickets. So if you actually wanted to have a webinar, or you know, a local event, you could set up a free event, and you can still set up tiers of tickets. And you know, it’s pretty robust service when you start digging around into it. Cool. We’ve
John Paul Mains 01:31
so literally, I could create an events. It doesn’t have to be a sports, but anybody could do do an event.
Ted Jones 01:37
Right? Yeah. So they’re, you know, really focusing on web conferences, anything any event related, and they actually have, I think it’s maybe six to eight different categories of events, you can select. And then they do advertise that, you know, it goes if you want to publicize it, so obviously, they have levels of, of whether or not it’s a public event, private event or, you know, unlisted event. But, you know, making a public event, they’re pulling that in and they own a larger calendar, that’s kind of showing those events that happen to the day.
John Paul Mains 02:20
So how does that tie in to an NFT?
Ted Jones 02:23
Yeah, so it’s interesting, because what they’re doing is whenever you create a ticket, it’s creating an NFT, for access to that event. So there’s some services now where you know, a lot of it’s around QR code, you go to an event, you can have it scanned, where they take that NFT, and it creates that ownership of that ticket. You know, just like the old days of, you know, people saving their ticket stubs to an event, they’re basically saying, you know, here’s a digital version of that, keep this ticket stub in your wallet. But now, because you have that ticket stub, I can offer you better benefits or future benefits for having that ticket stub.
John Paul Mains 03:14
So if I’ve got this in of t, and you talked about having tiers, so different tier gets different access to different things. So you’re just saying I could, if I’ve got this NFT, I could walk up to the concession stand. And here’s my scan my QR code, I’ve got this special NFT and gives me special rights to get the large version or the small version.
Ted Jones 03:35
Yeah, and there are no event registrations that know when you’re on site, right. So that you can actually access promos like that, or even after an event, you can target they brought up the tiers, the, you know, you are allowed to set up the tiers and their platform. So you can create a platinum level tier that, you know, says hey, after the event, we will give all of our platinum levels pre release song based off of maybe an artist that you want to see or you know, some type of additional content that then creates an NFT and other NFT of that content and giving that higher level access to it
John Paul Mains 04:28
for talking like football game, whoever did the halftime show. They could get something special after the case. Are you
Ted Jones 04:35
sure? Yeah. You know, like we talked about, you know, couple of weeks ago Top Shot and the slam dunks and the NBA and being able to, you know, reward those attendees of your event. You know, make them a little bit more sticky and give them a little bit more tail. Pass that event
John Paul Mains 04:59
interesting. Okay, well, cool. So what we mean is a, you know, obviously, that’s a business and has some very entertainment focused business. Let’s take that a little step further. You said anybody could set up an event? Yeah, what if mean, you decided to send from an event, we’re gonna have this big webinar here next few weeks or something like that, we could set this up, and we will be doing giving up saying, hey, come register here, and you get an NF T, and you’ve got these different people that can get buy in, you got the free ones, maybe free NF t. And then you’ve got the paid NF t, if you buy them, you get something extra, you get time 10, or something like that, I don’t know. Yeah,
Ted Jones 05:41
and the you know, that’s where really the sky’s the limit on, you know, doing an analysis on who owns your NFT. And, you know, looking at the block, but what you know, with their platform, you set the tiers, they’re all custom. Now, if you do have a tear that has a cost associated to the ticket, then they do take a small percentage, and, you know, what they’re trying to do is, you know, go up against like the Eventbrite or the see event that takes, you know, a larger percentage of your registration costs, where they’re trying to give that back to the the event owner. So there are abilities to create those custom tiers, create a tear that has a higher cost to it, because you might advertise a benefit down the road. Right.
John Paul Mains 06:43
And you’re talking about we’ve talked about previously, not being able to, you know, some types of NF T’s can gain in value over time. And so if we went back to like, okay, yeah, you if you bought in a suit, the platinum level, and so I’m gonna get it, I’m gonna be I’m one of 1000 people that gets this special recorded. So the halftime show, I’m one of the 1000 people that gets the recording of that, or something along those lines. And maybe it’s obviously it’d be of some famous artist, I own that. If it’s going to appreciate in value over time, in theory, I would assume that I would be able to couple years down the road, it’s gained value, I can sell that or give that to somebody else, I would think.
Ted Jones 07:26
Yeah, and you know, that’s the interesting thing about NFP is it’s having that secondary market, right. So you buy a ticket at the platinum level, you get access to all this additional content that was advertised. At some point, you say, this doesn’t relate to me anymore, I want to go ahead and sell that. And there’s a secondary market where it gives you access to sell that and now your benefits can transition to a different person. I don’t think a lot of people have given thought to, you know, Hey, you’re the one that actually attended this event, are the benefits transferable? You know, and there’s, there’s companies that are limiting the ability to transfer those tickets, or even resell those tickets. But you may be eating into a secondary royalty that you can set up by selamat later on,
John Paul Mains 08:24
that makes me think about in the nonprofit space. You obviously you’ve got these big fundraising events, it makes me kind of think about what could a nonprofit do from a fundraising standpoint on using NF T’s along those lines, where I’m coming in and buying it knowing that maybe an artist donates something to some type of NF T to assets to that found to that organization. And then you’ve obviously got different people bidding on that. And obviously, you’ve got a couple people that might end up winning, but getting that NFT as part of that fundraiser, and obviously it starts at a certain value and obviously appreciates over time. So even though I’m giving something to the organization, I’m getting something back possibly that can appreciate in value over time, you know,
Ted Jones 09:18
yeah, you know, you reminded me of, you know, fundraising is a big part of kind of web three space there, you know, because you can keep track of the percentage, it’s easy to see who’s committed what, obviously, we’re talking about crypto currency, and how it translates to the dollar. But it reminded me of I think it was early last year, a group they created a not even sure if you’ve heard of this a decentralized autonomous organization. That’s a big word in order to Yeah, dao dao. Have you ever seen that? But basically, it’s allowing you to fundraise. And last year, they tried purchasing I think it was like the eighth version of the US Constitution. And it was being auctioned off at, I think it was either southern Sotheby’s or Christie’s Auction House. And they wrote, the amount of money they raised for that was amazing. And they did it in a matter of, I think it was like two or three days, they found out and we want this, people started pitching in, they actually had someone representing them at the auction house, and they ultimately got into a bidding war. And, you know, they sure, obviously went over the cap, the person who was bidding against them knew their cap. So but it is interesting to think about, not just not, not for profits, who are doing fundraising, but a lot of different companies. And maybe dowels are something that, you know, we can talk about some other day,
John Paul Mains 11:02
I’m just hinting on something you just said there, it took them a little, literally just a few days. Oh, that’s the point here is it’s it’s an NF T stuff sounds complicated, but it actually not that challenging to get up and running. And most businesses could with just a little bit of legwork could get this stuff up and running. Obviously, it’s already a platform for events is already there is box office supplies, Sports Illustrated, it’s in place, you can use it now, without pretty much do much of anything you just gotta get.
Ted Jones 11:33
And it’s easy to set up, you know, I mean, it’s like any other web tool, you know, you just go through the flow now and set up your event, identify your, you know, who, what, where, when, why, and off you go publish it. So now you’re and
John Paul Mains 11:48
you’re engaging with a brand new audience in this way. It’s, it’s, it’s right.
Ted Jones 11:52
And even if one of the things you know, maybe it’s not the Sports Illustrated Box Office service, but you know, check with your event provider and see if they’re starting to get into this, because there are other services that will kind of go alongside you with your existing event provider. And they will create what they’re calling a digital twin, right? So you’re getting an actual physical version of your ticket through your normal event provider. But they will come along and say, well, we’ll create an NFT of it. So that then you can target those people with, you know, web three technologies.
John Paul Mains 12:37
Sure. Excellent. Sounds. Yeah. All right. Cool. So event since pretty much sounds like it’s pretty much done for us out there. We just have to go take advantage of it as a business.
Ted Jones 12:45
Yeah. And that’s gonna continue to grow. And then it gets back into the community side of things. And then how you’re engaging with your community of fans, Users, customers, whoever and whether or not you’re, you’re engaging them on that new channel.
John Paul Mains 13:01
Interesting way of being exciting in fresh in new to an audience, because that’s what we’re talking about what an event is.
Ted Jones 13:10
That’s all right. All right, and then awarding them with additional content after that event based off of their ownership of an NFT.
John Paul Mains 13:18
So you continue to engage and improve that fan base and make them much more loyal to the brand. Yeah, because that’s what it’s about. That’s right. All right. Well, cool. I think that kind of wraps this one up. Event. These events go figure out what’s right. Pretty straightforward.