Launch of the OPEN Onchain Ticketing Ecosystem Unlocks New RWA Usecase

This week saw the introduction of the OPEN Ticketing Ecosystem, which aims to use blockchain technology to upend the $85 billion ticketing market.

A fresh RWA use-case emerges

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.

Ticketing Infrastructure

Since 2016, the OPEN team has been developing 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 created with OPEN can be transparently checked onchain. OPEN plans to increase their yearly ticket volume to 20 million this year. To date, they have issued approximately 5 million tickets on the network.

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 feature, which allows event planners and artists can use their unsold on-chain ticket inventory as collateral for DeFi finance, therefore crowdsourcing the necessary funds to materialize a show, 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.

Additional information about OPEN:

The OPN token will go live on Friday, March 29th. Use the official OPEN Twitter account and website, onopen.xyz, to track OPEN’s endeavor to bring ticketing onchain.