Vitalik Buterin backs NFT ticketing to balance supply and demand
Ethereum co-founder Vitalik Buterin proposed non-fungible tokens as a solution to concert ticketing problems, arguing that blockchain-based systems could balance demand and supply while creating fairer access to events.
Buterin responded to remarks from Live Nation-Ticketmaster's CEO about tickets being "underpriced." He noted that buyers often wait for long periods or stay up late to secure tickets, calling the process wasteful and unfair.
The Ethereum founder outlined two existing approaches: selling tickets at higher prices or requiring fans to queue for hours online. He dismissed the latter as "less honest and more destructive," stating that time spent waiting adds no economic value.
Buterin suggested NFT-based ticket auctions could redirect value from resale markets into productive uses. Funds generated through these auctions could support artists, venues, or community initiatives instead of enriching resellers.
He addressed accessibility concerns by proposing NFTs tied to proof of volunteering, academic achievement, or other social contributions to allocate tickets to groups lacking financial resources.
Basically, acknowledge that an auction will exist, but create more ways for people to bid that target diverse constituencies,Buterin stated.
The proposal would allow multiple bidding methods beyond monetary payments. Users could demonstrate community involvement, educational accomplishments, or volunteer work to earn ticket allocation rights.
Current ticketing systems often create artificial scarcity through limited online queues, while secondary markets capture significant premiums over face value. Buterin's NFT system would capture this premium value upfront through transparent auctions.
NFTs gained prominence as early showcases of Ethereum's smart contract capabilities but have since lost attention to meme coins and other blockchain applications. Trading volumes for NFT collections have declined significantly from 2021-2022 peaks.
The ticketing proposal represents Buterin's continued advocacy for practical NFT applications beyond digital art and collectibles. Previous suggestions have included "soulbound" tokens for credentials and governance applications.
Live Nation-Ticketmaster faces ongoing criticism over fees, website crashes during high-demand sales, and market dominance in concert ticketing. The company controls ticketing for most major venues and artists in North America.
Buterin has not provided technical specifications for implementing NFT-based ticketing or timelines for potential deployment. The proposal remains conceptual without specific partnership announcements or development plans.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
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