Having weathered the clamorous storms of the pandemic and widespread reduction of concerts, athletic games, and other public gatherings, live event tickets platform company Bandwagon saw unexpected revenue gains of 212% by making several strategic moves, including the purchase of customizable ticketing platform, IdealSeat.
Now, the Greenville, South Carolina company that uses data and blockchain technology to help producers of live events identify fans in real-time, track the economics of each ticket, and improve the overall fan experience, will add NFT experiences to its offerings to help fans create and own a piece of their own experience.
“Our goal is to help connect fans with their favorite artists, teams, entertainers, and athletes, to preserve the memories that they’re capturing,” Harold Hughes, CEO of Bandwagon, told The Plug.
The company’s new Proof of ExperiencesTM blockchain technology will enable fans to mint moments, memories, and experiences in real-time, protected with cryptographic security, that confirms they are the true creator and owner of the content that they generated—before it goes viral.
Users will use the FanClub! mobile app and digital wallet, already NFT-ready, to store their videos, photos, and other content, on the blockchain, as organizers assign a perpetual royalty that will guarantee their participation when/if ever that NFT is resold.
The idea is to create an ecosystem betting on the future of NFTs in the collectible and memorabilia space—an estimated $15 billion dollar market, according to Hughes.
How the company is positioned to make money
Hughes explains that royalty attachments to each asset created on their Proof of Experiences platform will net Bandwagon a 2.5 to 5% take.
Bandwagon is creating the infrastructure for enterprise companies who wish to outsource the development of an NFT experience to their team—an estimated 6-week process from contract signing to delivery.
To aid its ongoing build-out and distribution of the platform, Bandwagon announced the first tranche of its $1.2MM in seed funding from a swath of athlete investors and others, including Kayode Owens (Unseen Capital), Daniel Pomp (Hockey Stick), Sevetri Wilson (CEO of Resilia), Kelvin Beachum (NFL Athlete, Philanthropist) and Ethan Monreal-Jackson (Principal at Notley Ventures, 2nd Credit Hire at Affirm).
Prior investors in the Bandwagon platform include familiar names like Kwame Anku (Black Star Fund), Arlan Hamilton (Backstage Capital), Lee MacIlwinen (SC Launch), Susan Donkers and Dr. Scott Porter.
Bandwagon is still in talks with several athlete investors with plans to announce its final funding total by mid-November.