Tickets for the Paris 2024 Olympics could be sold as NFT, so recommended French government envoy for the Olympics The official, Michel Cadot, who believes blockchain technology is more secure than traditional ticketing systems.
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In addition, Cadot has advised the Prime Minister’s Office to implement blockchain ticketing for all major sporting events held in Paris.
Attendees will receive their digital tickets via SMS and QR codes a few days before the event starts.
NFT tickets for the Paris 2024 Olympic Games?
Michel Cadot, the French government’s envoy for the Olympics suggested the implementation of NFT tickets for the Paris 2024 Olympics, the news comes from his 30-page report submitted to the Prime Minister’s Office last week.
The report also includes five recommendations to improve security protocols for upcoming sporting events held in France.
One of these recommendations is to use blockchain technology for all non-transferable tickets.
How will ticketing work?
Michel Cadot said that each event attendee should receive their ticket as a rotating QR code via blockchain technology. The Olympic organizers will send out the NFT tickets a few days before the event starts.
Those NFT tickets will be activated within a certain perimeter of the event venue. Ultimately this innovative system should reduce the risk of ticket fraud.
That recommendation comes on the heels of the ticket fraud that occurred during the UEFA Champions League in Paris.
“This coordination should be applied to other major international sporting events of major importance before the Rugby World Cup and 2024 Olympic Games cutoff. It would make it possible to prefigure the systems envisaged and break into working methods, as well as the reflexes of multi-actor management to deal with difficulties,” Michel Cadot wrote in the report.
Cryptocurrencies and the previous Olympic Games
If France lives up to its ambitions, it would not be the first time that the Olympics and the cryptocurrency industry have been linked.
Last summer the Indian exchange Bitbns awarded crypto to local medal winners of the Tokyo Olympics. Specifically, each gold medalist received around $2,700 in digital assets, silver winners got $1,350 and $675 was distributed to each athlete going home with bronze.
For its part, China aimed to popularize and spread the adoption of its digital yuan during the Beijing 2022 Winter Olympics. It allowed athletes and foreign visitors to use the financial product, despite concerns from some U.S. politicians.
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