The OPEN introduced the Onchain Ticketing Ecosystem this week. It aims to use blockchain technology to upend the $85 billion ticketing market, according to Crypto briefing.
TakeAway Points:
- Open introduced the Onchain ticketing ecosystem for blockchain technology.
- The goal of OPEN is to handle all ticket sales onchain, providing fans with much-needed transparency and fair compensation for artists.
- OPEN expects to increase its yearly ticket volume to 20 million this year, having already distributed over 5 million tickets on the chain.
New RWA Use-Case
In the midst of the exponential expansion of use cases for real-world assets (RWAs), onchain tickets could be the next big thing. The $85 billion traditional ticketing market is ready for change, and blockchain-driven solutions have a unique chance to shine. The goal of OPEN is to handle all ticket sales onchain, providing fans with much-needed transparency and fair compensation for artists.
OPN token
The OPN token powers all ticketing activities on OPEN’s tooling and will go up for trading on Friday, March 29. To obtain tooling and submit tickets, ticket integrators obtain Open Market Preferred Network (OPN) information. All stakers will receive yield immediately from all worldwide onchain ticket activity when OPN staking becomes live.
Since 2016, the OPEN team has developed an onchain ticketing infrastructure, producing a plug-and-play toolsuite that benefits businesses of all sizes, from tiny independent artists seeking to expand their fan base and produce NFT collectibles to major ticketing companies wishing to move their tickets onto the blockchain. Every ticket that is generated with OPEN can be transparently validated onchain. OPEN expects to increase its yearly ticket volume to 20 million this year, having already distributed over 5 million tickets on the chain.
Event financing
In addition to streamlining the ticketing process, using onchain ticketing exposes further features that simplify the lives of regular artists in ways never before conceivable. Consider OPEN’s new event financing tool, which allows event planners and artists to use their unsold on-chain ticket inventory as collateral for DeFi funding, therefore crowdsourcing the necessary funds to realise a gig, tour, or festival.
A programmable yield is awarded to those who assist in making these events happen; this yield is automatically delivered at the time of ticket sales. This method combines the most recent RWA & DeFi tools to give authors autonomy and freedom.
