Solana simply dropped a brand new video to advertise XP, a decentralized various to TicketMaster. The discharge focuses on the issues with the US ticket business and the way XP solves this so-called ‘Ticketmaster downside’ with Solana.
think about not having to make use of ticketmaster ever once more pic.twitter.com/ajKHGbg2MV
— Solana (@solana) July 2, 2024
The video highlights extreme charges and lack of transparency in ticket pricing, the place a $455 ticket to affix a Taylor Swift present can find yourself costing $1088 as a result of varied hidden prices.
The US Senate scrutinized the ticket business final yr, revealing that about 70% of tickets are offered by way of a single vendor, elevating considerations about market dominance and equity, Solana mentioned in a separate publish.
Solana believes XP can sort out the ticket business’s ongoing issues. XP gives a safe, reliable, and inexpensive means to purchase and promote occasion tickets.
“XP is popping the ticketing system on its head by transferring and reselling tickets through Solana,” Solana mentioned. “On the core of the mannequin, XP encrypts each ticket as an NFT. As non-fungible tokens, tickets may be transferred between customers immediately.”
XP’s tickets are sealed with Tamperproof NFTs (tpNFTs) till the holder decides to resell them. This prevents fraud and ensures consumers are shopping for a official ticket.
As well as, through the use of Solana blockchain know-how, XP affords considerably decrease charges in comparison with conventional resale platforms like StubHub, SeatGeek, or Vivid. Solana claims that customers save a median of $61 per ticket with XP.
“Tickets are 20% to 30% cheaper than resale websites like StubHub and SeatGeek,” Solana highlighted.
Solana believes Ticketmaster XP can disrupt the ticketing business’s dominance, eliminating the issues related to conventional ticket resales and permitting followers to deal with having fun with reside occasions.