The head of the American entertainment company Live Nation, Michael Rapino, in a quarterly earnings report outlined plans to enter the non-fungible token (NFT) market to immortalise “magical moments” of concerts.
“We envisage Live Nation with a marketplace and are considering some concert moments as magical moments that we could release,” he said.
The CEO of Live Nation added that the company has become interested in the NFT market because it is a great way to engage with fans.
Rapino said that Ticketmaster, the subsidiary, is already working on releasing its own non-fungible tokens.
They are already collaborating with sports teams, festivals and others on attaching NFTs to tickets, the executive explained.
Sotheby's, founded in 1744, promised to auction one of the oldest non-fungible tokens — Quantum by artist Kevin McCoy.
As noted, Duncan Kok Foster, co-founder of the Nifty Gateway marketplace, said that the end of speculation would benefit the NFT segment.
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