If there’s one thing that Las Vegas knows better than how to put on a show, it’s how to make VIPs feel very, very important.
Now MGM Resorts International, which has more casinos on the Strip than any other gaming company, is testing how non-fungible token (NFT) tickets might fit into that. The company is doing it to launch a new show by one of its top residency acts, Jabbawockeez, at the flagship MGM Grand Las Vegas.
See also: PYMNTS NFT Series: What Are NFTs and Why Are They Crypto’s Newest ‘Next Big Thing?’
The West Coast dance crew, a perennial draw, has been in residence at its own theater in the 6,800-room megaresort for a decade. Innovating the experience, VIP packages built around NFTs have been made available from April 7 through the end of the month, offering guests a lot more than early entrance and prime seating.
“With the launch of TIMELESS, we are giving Jabbawockeez fans a new way to experience the show,” MGM Resorts’ Andrew Machado said in a press release, pointing to the company’s focus on immersive events. “NFTs usher in a new era for fans where the ticket itself is an ever-evolving experience that begins before the curtain lifts and continues long after the show ends.”
The NFT tickets also entitle the holder to a meet-and-greet experience with the performers, a dining allowance, unique collectable digital content beyond the ticket itself and — potentially most importantly — founding member status in the MGM Rewards-Jabbawockeez NFT community.
Access to a gated community has been a big part of NFT collectables ever since Bored Ape Yacht Club (BAYC) launched with a private Discord channel and The Bathroom, which it describes as a “collaborative art piece” to which members can add their mark (totally not a graffiti space). Drops of spin-off Bored Ape collectables have proven very profitable, as the originals sell for well into six figures.
Read more: Planet of the Bored Apes
There are also real-life events, including access to a Halloween gallery party in SoHo and yacht party last year at the inaugural Ape Fest.
Building communities and brands is one of the ways Visa is experimenting with NFTs via its new Visa Creator Program, which aims to help digital artists, musicians, fashion designers and filmmakers build up and communicate with their fan bases.
Related: Visa Creator Program Educates Artists on NFT Market
Brand building is, of course, at the heart of why brands from Gucci to McDonald’s have jumped on the NFT and metaverse bandwagon.
See also: PYMNTS Metaverse Series: The Brands Are There. Will Eyeballs Follow?
Yuga Labs, the creator of BAYC, has provided Ape owners with full rights, including the ability to use their NFT avatars in marketing campaigns. That’s proven very popular, and was an important benefit when Yuga Labs bought the higher-profile — and higher value — CryptoPunks collection in March.
Ticketing is also an evolution for NFTs, which have had something of a bubble in the art and collectables space that is showing some signs of deflating.
Read more: Highest Bid for NFT of Jack Dorsey Tweet, Bought for $2.9M, Is 280 Bucks
There has been talk, and some experimentation, with using non-fungible tokens as event tickets for some time. This generally provides holders with a collectable — or several, as NFTs can act as wallets for other NFTs — and media such as special band art.
What Happens in Vegas…
The hook-up with the MGM Rewards program, a tiered program that has evolved far beyond simple gambling rewards, is another key. For example, meeting planners can get Diamond-level status, granting privileges that often revolve around access — like private lounges and the ability to cut cab and buffet lines — which is a bigger perk than it sounds like if you’ve ever stood on either.
The NFTs come via the YellowHeart marketplace, which last summer launched a fan DAO — a token-holder controlled decentralized autonomous organization similar to those running decentralized finance (DeFi) projects — for the band MAROON 5’s album JORDI. It featured limited edition album and band art.
Aside from the NFT community and TIMELESS-related digital art, the Jabbawockeez tickets provide access to the hotel’s Level Up lounge, a $25 to $100 food and beverage voucher and signed merchandise in the physical world.
It’s a pretty safe bet to say that if the metaverse lives up to its hype, there will be special access of some kind at an MGM virtual casino resort.
Another feature of NFTs is that they can hold self-executing smart contracts. Artists and collectable designers have used them to automatically collect a royalty on all future sales — something YellowHeart offers, as well as a way to permit, or ban, ticket resales.
The NFTs can also be used to communicate with holders via push messaging, both before the event and after, to help build a community.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More