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(Kitco News) – For many in the general public, non-fungible tokens (NFTs) are considered to be overpriced jpegs with little value or use that mainly serve as tools for speculation. In reality, the crypto industry has only begun to scratch the surface of the potential applications of NFT technology.
One use case that is gaining adoption is the use of NFTs to represent tickets to sporting or entertainment events – such as the Tribeca Film Festival – which has announced that it will be offering VIP passes as digital collectibles for its upcoming events.
The new passes are a first for the film festival, developed in conjunction with the crypto exchange OKX to help familiarize the public with blockchain technology. Holders of the VIP passes will have access to unique perks such as special access to film screenings and an invitation to exclusive events with the festival’s co-founders Jane Rosenthal and Robert De Niro.
Each pass will also receive a limited-edition Tribeca Festival item designed exclusively for 2023 NFT holders and includes a one-hour private VIP session behind the scenes at Tribeca Immersive & Games.
The NFT passes are minted on the Ethereum blockchain and can be purchased directly through the Tribeca website for a price of $899. For those who don’t wish to pay by credit card, passes can also be acquired on the OKX NFT marketplace using Ether (ETH). Each NFT pass costs 0.6 ETH to mint plus the cost of gas.
According to Nate Zou, OKX's head of Web3 global growth, Tribeca NFT holders will use their OKX Wallet app to scan a QR code at certain entry points, verifying their pass and allowing them to enter events.
There are a total of 500 Tribeca passes available for the 2023 festival, which is scheduled to take place from June 7-18 in Lower Manhattan. The scenery in the area of the festival was used as the inspiration for the artwork on the NFT passes.
In June of last year, the Wall Street Journal reported that OKX signed an agreement with Tribeca to become the festival's top sponsor. The launch of NFT passes is just one facet of the partnership and has the potential to lead to the increased use of NFT technology for ticketing.
OKX reportedly opted to sign the deal with Tribeca as a way to enhance its exposure and create a long-term partnership with a respected brand. The firm thought it was a more prudent choice than forking out hundreds of millions of dollars for stadium-naming rights, as was done by FTX and Crypto.com, which have both run into funding troubles.
According to OKX Chief Marketing Officer Haider Rafique, the exchange plans to use the Tribeca sponsorship to help educate filmmakers and fans on how to use cryptocurrency and related Web3 technologies responsibly, as opposed to the current focus on short-term speculation.
Future collaborations between the two organizations include the possibility of co-sponsoring the production of films designed for the metaverse while allowing creators to raise money on the blockchain and monetize their work with digital tokens.
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