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 trade and the way XP solves this so-called ‘Ticketmaster drawback’ 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 resulting from varied hidden costs.
The US Senate scrutinized the ticket trade final yr, revealing that about 70% of tickets are bought via a single vendor, elevating issues about market dominance and equity, Solana stated in a separate put up.
Solana believes XP can deal with the ticket trade’s ongoing issues. XP supplies a safe, reliable, and inexpensive approach to purchase and promote occasion tickets.
“XP is popping the ticketing system on its head by transferring and reselling tickets through Solana,” Solana stated. “On the core of the mannequin, XP encrypts each ticket as an NFT. As non-fungible tokens, tickets could 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 patrons are shopping for a legit ticket.
As well as, by utilizing Solana blockchain expertise, XP gives considerably decrease charges in comparison with conventional resale platforms like StubHub, SeatGeek, or Vivid. Solana claims that customers save a mean 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 trade’s dominance, eliminating the issues related to conventional ticket resales and permitting followers to give attention to having fun with stay occasions.