Matchroom Boxing Announces New Global Deal with Stage Front

[Muttley]

So all in all I think NFTs are shit and anybody who has anything to do with them is a bellend. /rantmode

Am I being a bit thick here but what exactly is a NFT?

[jimmystone]

So all in all I think NFTs are shit and anybody who has anything to do with them is a bellend. /rantmode

Am I being a bit thick here but what exactly is a NFT?

You are not being thick.

A non fungible token (NFT) is a piece of digital data that represents something e.g. a boxing ticket.

The digital data and who owns it is stored in a block chain (think of a block chain as a digital ledger stored and maintained on multiple different peer to peer computers) and updates when ownership changes i.e. if the data is sold on. (maintaining block chain is carbon intensive)

So the ticket buyer pays their money, the NFT ticket is place in their digital wallet until such time it expires (after the event) or they sell it on.

When they sell it on, the NFT may have programmed stipulations that e.g. x% of the resale price goes straight to the digital wallet of the promoter or whatever,.

There are many uses for NFT but almost all of them aren't what I'd describe as genuine progress and in a lot of cases they have the look of good old fashioned pyramid schemes and scams.

[Counter-puncher]

Good work Jim

[Boxerbeetle]

Have fun staying poor

[Muttley]

So all in all I think NFTs are shit and anybody who has anything to do with them is a bellend. /rantmode

Am I being a bit thick here but what exactly is a NFT?

You are not being thick.

A non fungible token (NFT) is a piece of digital data that represents something e.g. a boxing ticket.

The digital data and who owns it is stored in a block chain (think of a block chain as a digital ledger stored and maintained on multiple different peer to peer computers) and updates when ownership changes i.e. if the data is sold on. (maintaining block chain is carbon intensive)

So the ticket buyer pays their money, the NFT ticket is place in their digital wallet until such time it expires (after the event) or they sell it on.

When they sell it on, the NFT may have programmed stipulations that e.g. x% of the resale price goes straight to the digital wallet of the promoter or whatever,.

There are many uses for NFT but almost all of them aren't what I'd describe as genuine progress and in a lot of cases they have the look of good old fashioned pyramid schemes and scams.

Thanks for explaining this Jim,much appreciated. So instead of the tout creaming off the top the promoter and the NFT platform get it instead? Plus all the data spin off income like merch,programmes etc?

[jimmystone]

Am I being a bit thick here but what exactly is a NFT?

You are not being thick.

A non fungible token (NFT) is a piece of digital data that represents something e.g. a boxing ticket.

The digital data and who owns it is stored in a block chain (think of a block chain as a digital ledger stored and maintained on multiple different peer to peer computers) and updates when ownership changes i.e. if the data is sold on. (maintaining block chain is carbon intensive)

So the ticket buyer pays their money, the NFT ticket is place in their digital wallet until such time it expires (after the event) or they sell it on.

When they sell it on, the NFT may have programmed stipulations that e.g. x% of the resale price goes straight to the digital wallet of the promoter or whatever,.

There are many uses for NFT but almost all of them aren't what I'd describe as genuine progress and in a lot of cases they have the look of good old fashioned pyramid schemes and scams.

Thanks for explaining this Jim,much appreciated. So instead of the tout creaming off the top the promoter and the NFT platform get it instead? Plus all the data spin off income like merch,programmes etc?

Yes, although I don't think the promoter will request NFTs to be programmed to give them 100% of resale because that would kill the resale market. They will set it somewhere in the 20-40% range, so the market still exists for resellers and they benefit every time the ticket is sold on again. This will obviously cut into resellers margin which will likely force them to increase prices.

[Muttley]

You are not being thick.

A non fungible token (NFT) is a piece of digital data that represents something e.g. a boxing ticket.

The digital data and who owns it is stored in a block chain (think of a block chain as a digital ledger stored and maintained on multiple different peer to peer computers) and updates when ownership changes i.e. if the data is sold on. (maintaining block chain is carbon intensive)

So the ticket buyer pays their money, the NFT ticket is place in their digital wallet until such time it expires (after the event) or they sell it on.

When they sell it on, the NFT may have programmed stipulations that e.g. x% of the resale price goes straight to the digital wallet of the promoter or whatever,.

There are many uses for NFT but almost all of them aren't what I'd describe as genuine progress and in a lot of cases they have the look of good old fashioned pyramid schemes and scams.

Thanks for explaining this Jim,much appreciated. So instead of the tout creaming off the top the promoter and the NFT platform get it instead? Plus all the data spin off income like merch,programmes etc?

Yes, although I don't think the promoter will request NFTs to be programmed to give them 100% of resale because that would kill the resale market. They will set it somewhere in the 20-40% range, so the market still exists for resellers and they benefit every time the ticket is sold on again. This will obviously cut into resellers margin which will likely force them to increase prices.

Very clever. But sometimes people can be too clever. Not this way of doing business has a very long shelf life. Look like Hear will utilise the market for as long as the DAZN contract lasts and then walk away imo

[maverick23]

Thanks for explaining this Jim,much appreciated. So instead of the tout creaming off the top the promoter and the NFT platform get it instead? Plus all the data spin off income like merch,programmes etc?

Yes, although I don't think the promoter will request NFTs to be programmed to give them 100% of resale because that would kill the resale market. They will set it somewhere in the 20-40% range, so the market still exists for resellers and they benefit every time the ticket is sold on again. This will obviously cut into resellers margin which will likely force them to increase prices.

Very clever. But sometimes people can be too clever. Not this way of doing business has a very long shelf life. Look like Hear will utilise the market for as long as the DAZN contract lasts and then walk away imo

I can’t see Eddie taking the piss with this. Would be a really bad look for them and everyone would rightly criticise. It could be a real positive though if it reduces ticket reselling.