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The OPEN Ticketing Ecosystem launched this week and aims to disrupt the $85 billion ticketing industry using blockchain technology.
A new RWA use case is emerging
Amid the tremendous growth in real-world asset (RWA) use cases, on-chain tickets could be the next big thing. Traditional ticketing is an $85 billion industry ripe for disruption, presenting special opportunities for blockchain-focused solutions. OPEN’s mission is to provide much-needed transparency to fans and fair returns to creators by keeping all tickets on chain.
OPN token
All ticketing activities on OPEN’s vehicles are driven by the OPN token, which will become tradable starting Friday, March 29. Ticket integrators obtain OPN from the open market to access tools and issue tickets. Once staking goes live for OPN, all stakers will earn returns directly from all global on-chain ticket activity.
Plug & play infrastructure
The OPEN team has built on-chain ticketing infrastructure since 2016, creating a plug-and-play toolkit that adds value at any scale; From small independent artists looking to grow their communities and release NFT collections, to large ticket operators looking to buy their tickets on-chain. Using OPEN, every ticket issued can be verified with full on-chain transparency. To date, OPEN has issued more than 5 million tickets on the chain and plans to increase its annual ticket volume to 20 million this year.
Event financing
Getting ticketing on-chain not only makes the ticketing experience more seamless, but there are also additional unlock points that make casual creators’ lives easier in ways that weren’t possible before. Use OPEN’s new event financing tool, a way for artists and event organizers to crowdsource the funds needed to put on a show, tour, or festival by leveraging unsold on-chain ticket inventory as collateral for DeFi financing.
Participants who help make these events happen are rewarded with a programmable return that is automatically awarded to them as soon as tickets are sold. This approach combines the latest developments in RWA and DeFi tools to provide freedom and independence to creators.
More information about OPEN:
The OPN token will be launched on Friday, March 29. Follow OPEN’s mission to buy tickets on the chain through its website: onopen.xyz and official OPEN twitter account.