Binance Launches Golden Ticket NFT For Phil Ivey Tournament

The First Tournament Ticket in the NFT Format

In April, we wrote about how “non-fungible tokens” (NFT) were used for the first time in poker history by the organizers of cash game broadcasts under the WPT brand. Now another announcement confirmed that this crypto-tool has now found its way into online poker.

On July 27th, 2021, an auction will be held on the Binance marketplace for the Golden Ticket NFT - the first tokens that will provide the chance to participate in the Virtue Poker room's celebrity event and play against Phil Ivey.

This room, after a year-long final beta and almost 4 years of development, finally opened its doors in late May, mainly due to the influx of investments of $5 million. Some of them went to new bonuses and advertising promos.

Collaboration with the Binance NFT Marketplace, which launched in June, and the organization of a unique competition became one of the company's components to promote the room.

Phil Ivey and the Celebrity Tournament

The recognized pro has been a member of the Virtue Poker team since 2017 and was the headliner of one of the tournaments last year. This time, a similar event took on an even greater scope.

In addition to Phil, it will feature the following celebrities at the end of August:

• Ethereum co-founder Joseph Lubin.
• NBA Hall of Fame player Paul Pierce.
• Vlogger Jimmy Donaldson (MrBeast) with over 33 million subscribers.
• Hollywood actor Vince Vaughn.

Players will be able to get into the event in two ways: by going through a grid of satellites at Virtue Poker (each weekly semifinal and a final qualifier will have an added prize pool of $2,000 and $10,000, respectively), or by purchasing the Golden Ticket NFT.

What's interesting is that Ivey himself became engaged in these tokens around a month ago, issuing NFTs in the form of cards for $199 and up to $1,999.

NFT as Tournament Tickets

In the article on NFT and WPT, we attempted to answer the following question: "how can non-fungible tokens enter the online poker industry?" As it turns out, we failed to include the most obvious way to use them, which is directly related to their name "non-fungible tokens" — poker tournament tickets.

NFTs have a significant advantage given that they share some characteristics with traditional paper tickets. This is because NFTs, as virtual objects, have a hard-coded connection to a graphic file, which may be saved in many ways and functions as an object that provides access to a specific event.

Using NFTs as tickets in any room that have begun interacting with the Ethereum ecosystem will allow players to establish token collections for events of various levels, ranging from promotional freerolls to Mains or tournaments of well-known brands, like WSOP or The Venom.

It remains to be seen whether poker sites will indeed begin to use non-fungible token technology for this purpose.

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