Solana promotes decentralized TicketMaster alternative XP in Twitter video

Solana has just released a new video to promote XP, a decentralized alternative to TicketMaster. The video focuses on the problems of the US ticketing industry and how XP solves this so-called “Ticketmaster problem” with Solana.

<blockquote class="twitter-tweet” data-width=”500″ data-dnt=”true” wp_automatic_readability=”5.2363636363636″>

Imagine never having to use Ticketmaster again image.twitter.com/ajKHGbg2MV

— Solana (@solana) twitter.com/solana/status/1808263311189746056?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>July 2, 2024

The video highlights excessive fees and a lack of transparency in ticket prices, where a $455 ticket to join a Taylor Swift show can end up costing $1,088 due to various hidden charges.

The U.S. Senate scrutinized the ticket industry last year and found that roughly 70% of tickets are sold through a single vendor, raising concerns about market dominance and fairness, Solana said in a separate statement. mail.

Solana believes that XP can solve the current problems of the ticketing industry. XP offers a secure, reliable and affordable way to buy and sell tickets to events.

“XP is revolutionizing the ticketing system by transferring and reselling tickets through Solana,” Solana said. “At the core of the model, XP encrypts each ticket as an nft. As non-fungible tokens, tickets can be transferred between users instantly.”

XP tickets are sealed with tamper-proof nfts (tpNFTs) until the holder decides to resell them. This prevents fraud and ensures that buyers are purchasing a legitimate ticket.

Additionally, by using Solana’s blockchain technology, XP offers significantly lower fees compared to traditional resale platforms like StubHub, SeatGeek, or Vivid. Solana claims that users save an average of $61 per ticket with XP.

“Tickets are 20% to 30% cheaper than on resale sites like StubHub and SeatGeek,” Solana said.

Solana believes Ticketmaster XP can disrupt the ticketing industry by eliminating the problems associated with traditional ticket resales and allowing fans to focus on enjoying live events.