6 months ago
36 ARTICLE AD
Blockchain coalition aims to restore control in $85 billion ticketing industry
On-chain ticketing platform OPEN announced its launch aimed to improve efficiency in the $85 billion global ticketing industry through blockchain. Backed by Animoca Brands, Merit Circle, Redbeard Ventures, and the Tezos Foundation, OPEN offers ticketing infrastructure and tools running on Polygon, Base Layer, Solana, and Tezos blockchains to restore control to event organizers, artists, and fans.
OPEN shares in the announcement that ticketing is the next big industry for true disruption by the Web3 and real-world assets (RWA) approach, and on-chain ticketing is the number one Web3 onboarding method for mainstream consumers. The company also revealed the launch of its OPN token on March 28th, which will let users stake their holdings to receive a portion of the real-world ticketing yield.
The OPEN ticketing ecosystem plans to put 1% of the events industry on-chain over the next five years, by improving blockchain accessibility and maturing on-chain experiences.
The OPEN platform is the official rebrand of the established GET Protocol, which was launched in 2016 with the same goal. Since then, the team claims that over 5 million tickets have been issued across all types of events around the world, and has plans to boost it to an annual volume of 20 million. The ecosystem will also feature event financing to help organizers avoid restrictive deals with ticketing monopolies.
According to the announcement, the centralized ticketing industry currently captures billions in fees while stakeholders suffer from opaque charges and scalping. OPEN has already issued 5 million on-chain tickets and plans to boost volume to 20 million annually.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing's own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
