Blockchain-based Olympic Games tickets? It may just happen in France
Despite the negative image that NFTs have in some corners, and the lack of understanding as to why billions of dollars are being spent on what many see as ‘just a digital image’, their real-world value may be more apparent once the 2024 Olympic Games commences.
After the major ticket dilemma at the UEFA Champions League final in Paris last month with thousands of supporters turning up to the event with counterfeit tickets, the French government is desperate to ensure that this will not occur at the 2024 Paris Olympic Games.
Michel Cadot, the interministeral delegate of the French Government’s Olympics, has presented a report to the Prime Minister of France with potential amendments for the 2024 Olympic Games.
One of these potential amendments is implementing a blockchain-based ticketing system, with the use of NFTs, replacing the traditional paper tickets and QR codes.
This implementation would bring many benefits to both spectators and the Olympics committee.
Why would the French Government introduce NFT tickets to the Olympics?
NFT tickets will provide security, protection and control to both spectators and the Olympics committee. NFTs are cryptographically distinct digital tokens that are kept on the blockchain. Once generated on the blockchain, they may be sold digitally to consumers. Customers may then store NFTS in a secure wallet accessible from any device.
The Olympics committee will be able to mint the appropriate number of NFT tickets using their preferred blockchain platform in the ticketing system. They can code the NFTs to establish a sale price or conduct the sale as an auction in which people interested to attend the Olympics can begin bidding for tickets. Those who purchase NFT tickets can then save them in their mobile wallets.
The introduction of NFT tickets would eliminate the major issue of selling counterfeit tickets, which security and staff experienced at the UEFA final last month. This is due to blockchain technology establishing a single point of truth for both ticket holders and organizers. The movement of NFTs from the original sale to resale is immutably recorded on the blockchain, allowing all parties to independently verify the ticket’s legitimacy. In situations such as the 2024 Paris Olympic Games where the resale of tickets is prohibited, NFTs can be created as non-transferrable, unable to be physically transferred to another customer.
Spectators of the 2024 Paris Olympic Games will be able to receive the tickets via a rotating QR code using blockchain technology. Once they have entered the venue, everyone will check-in and deactivate their ticket.
Although the Paris Olympics is still two years away, Cadot is keen to see the new ticketing system implemented to other major events prior to the Olympics. Cadot stated in the report early implementation before the Olympics “would make it possible to prefigure the planned systems and to break in the working methods, as well as the reflexes of multi-actor management to face difficulties”.
Prevention of ticket counterfeiting and scalping is one of the big draws for NFT ticketing, as it increases security at events and profits for the event itself.
If the French government implement NFT ticketing into the Olympics we may see them also utilise the many other functions possible with NFT ticketing, such as VIP area access or receipt of souvenir items, which can be programmed into NFT tickets as well.