New RWA use case unlocked as OPEN launches on-chain ticketing ecosystem

(PRESS RELEASE – Amsterdam, Netherlands, March 26, 2024)

The opening Ticketing ecosystem eth/IiYSmZkqU-8hUp05yvpSaiySdm65tUlV6cUa1bZdj48″ target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>released this weekwith the intention of disrupting the $85 billion ticketing industry using blockchain technology.

A new RWA use case is born

Amid massive growth in real-world asset (RWA) use cases, on-chain tickets could be the next big thing. Traditional ticketing is an $85 billion industry that is ripe for disruption, with specific opportunities for blockchain-powered solutions. OPEN's mission is to bring all tickets on-chain, providing much-needed transparency to fans and fair profits to creators.

OPN token

All ticketing activity on OPEN tools is powered by the OPN token, which will be tradable starting Friday, March 29. Ticket integrators obtain OPN from the open market to access tools and issue tickets. When OPN staking is activated, all bettors 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, resulting in a plug & play toolset that adds value at any scale; from small independent artists looking to grow their community and issue nft collectibles, to large ticketing operators looking to bring their tickets on-chain. Every ticket issued using OPEN can be verified on chain with total transparency. OPEN has issued more than 5 million chain tickets to date and expects to increase its annual ticket volume to 20 million this year.

Event financing

Bringing ticket sales on-chain doesn't just make the ticketing experience more seamless – there are additional unlocks that make the lives of everyday creators easier in ways never before possible. Take the new OPEN eth/XApQNwC9g3eh1-gj-N22W2RgKA8yheTPaJ8w2J3Z_1A” target=”_blank” rel=”nofollow noopener” data-wpel-link=”external”>event financing tool, a way for artists and event organizers to collectively raise the funds needed to put on a show, tour, or festival, leveraging their unsold inventory of on-chain tickets as collateral for DeFi funding. Participants who help run these events are rewarded with programmable performance, which is automatically delivered to them at the time ticket sales are made. This approach combines the latest in RWA and DeFi tools to provide freedom and independence to creators.

More about OPEN:

The OPN token will be launched on Friday, March 29. Follow OPEN's mission to bring chain ticketing through the website: onopen.xyz & the official OPEN Twitter account.

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