Key Takeaways
- TIX is developing a DeFi-based settlement layer for live events using onchain tickets.
- Onchain tickets aim to unlock venue financing and simplify payouts in the event industry.
- This innovation may succeed where regulators haven’t in addressing issues with traditional ticketing systems like Ticketmaster.
Introduction to Onchain RWA Tickets
The event ticketing industry has long been plagued by issues of high fees, lack of transparency, and limited accessibility. Traditional ticketing platforms like Ticketmaster have faced criticism and regulatory scrutiny for their practices. However, a new solution is emerging in the form of onchain tickets, which leverage blockchain and DeFi (Decentralized Finance) technologies to create a more efficient, transparent, and user-friendly ticketing system. TIX, a pioneering project in this space, is at the forefront of developing a DeFi-based settlement layer for live events.
How Onchain Tickets Work
Onchain tickets are digital assets that represent the right to attend an event. These tickets are issued, traded, and stored on a blockchain, ensuring their authenticity, scarcity, and ownership. By utilizing smart contracts, onchain tickets can automate various processes such as ticket sales, event access control, and payouts to event organizers and performers. This automation reduces the need for intermediaries, thereby lowering fees and increasing the speed of transactions.
Unlocking Venue Financing and Simplifying Payouts
One of the significant benefits of onchain tickets is their potential to unlock venue financing. Traditional financing models often require venues to pre-pay for events, which can be risky and capital-intensive. Onchain tickets can facilitate financing by allowing venues to secure funding based on the guaranteed revenue from ticket sales. Additionally, onchain tickets simplify payouts by enabling automatic, transparent, and timely payments to all parties involved in an event, including performers, staff, and venue owners.
Success Where Regulators Haven’t
Regulators have struggled to effectively address the issues within the traditional ticketing industry, such as price gouging, hidden fees, and limited ticket availability. The emergence of onchain tickets offers a market-driven solution to these problems. By providing a decentralized, transparent, and efficient platform for ticketing, onchain tickets can bypass the limitations and inefficiencies of traditional systems, potentially succeeding where regulatory efforts have fallen short.
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