What are token gated ticket sales?

Token gated ticket sales enable artists to offer event and concert tickets that can only be accessed by holders of specific NFTs (non-fungible tokens). For instance, Ticketmaster launched this feature to allow special access tickets for eligible NFT holders. The process involves integrating wallet verification to confirm NFT ownership before proceeding with the purchase. This system is designed to provide equitable ticketing by incorporating tools like Face Value Ticket Exchange, which helps limit resale prices, and Verified Fan, which filters out scalpers and bots.

These tokens are minted on Ethereum and can be accessed via wallets like MetaMask and Coinbase. This initiative aims to onboard more people into the realm of NFTs and Web3 technologies 1.