Forget overvalued artwork, Mark Cuban sees NFT ticketing as the mass-market disruptor

Mark Cuban, the billionaire owner of the NBA’s Dallas Mavericks, spoke about his quest to take advantage of the NFT world to disrupt businesses. On an episode of The Delfi Podcast, Cuban said:

“What are applications that this new technology can turn upside down? so that I can disrupt an industry and make a f*ck load of money… that is the opportunity I look for.”

In demonstrating what he is working on, Cuban mentioned the implementation of NFT tickets to watch the Mavericks.He sees several benefits, including retaining royalty rights on every ticket resold.

NFT ticketing is a way to disrupt the traditional model

NFT ticketing is a golden opportunity to disrupt the conventional ticketing model.Since the Mavericks are receiving money for sold tickets, this could present a huge advantage to the team.

“We’re trying to find a good option for turning our tickets into NFTs. We want to be able to find ways so that, not only can our consumers, our fans, buy tickets and resell them, but we continue to make royalty money on them.”

He stressed, however, that this isn’t as simple as just putting in place an NFT ticketing system.There are also factors regarding game theory to consider.It would mean optimizing the system so that all stakeholders can gain benefits.

“Out of 41 home games before playoffs… there’s one or two high demand games and there’s a lot of season ticket holders that’ll sell those one or two games to try to pay for their whole season ticket package. How do we balance all those things to maximise our revenue and maximize the value for season ticket holders as well?”

Nonetheless, in terms of mass-market disruption, NFT ticketing has the potential to run rings around NFT artwork, which continues to polarize opinion.

The jury’s still out on investing in digital art

NFT artwork has caught the public’s imagination in recent times. In many cases, especially among the uninitiated, the feedback is negative.

In part, this is because of the astronomical sums involved with high-profile sales.Any design can be reproduced with zero cost.While advocates say it’s the proof of ownership that justifies the price, in a digital world of infinite perfect copies, that argument carries less weight.

For those reasons, NFT artwork has an uphill battle in convincing people that it is a better version of real-world physical art. However, NFT tickets have a use case that isn’t as subjective, making this concept a mass-market winner.

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