OPEN Revolutionizes Ticketing Industry

Rebranding the GET Protocol, OPEN aims to distribute 20 million tickets annually, offering event financing to circumvent monopolistic agreements.

OPEN, a blockchain-based ticketing platform, recently declared its intention to increase efficacy in the $85 billion global ticketing industry.

OPEN, which is supported by the Tezos Foundation, Animoca Brands, Merit Circle, and Redbeard Ventures, provides event organizers, artists, and supporters with ticketing infrastructure and tools built on the Polygon, Base Layer, Solana, and Tezos blockchains.

Ticketing is the next primary industry to be disrupted by the Web3 and real-world assets (RWA) approach, according to an announcement by the ticketing platform. For mainstream consumers, on-chain ticketing is the leading Web3 onboarding method.

Additionally, on March 28th, the organization disclosed the introduction of its OPN token, which will enable holders to stake their possessions in exchange for a fraction of the yield on actual tickets.

OPEN’s Vision

Over the next five years, the OPEN ticketing ecosystem intends to migrate 1% of the events industry to the blockchain by advancing on-chain experiences and enhancing accessibility.

Official rebranding of the GET Protocol, which was introduced in 2016 with the same objective, onto the ticketing platform.

After that, the group asserts that more than five million tickets have been distributed for events across the globe, with intentions to increase that figure to twenty million per year.

Event financing will also be an ecosystem component, assisting organizers in circumventing restrictive agreements with ticketing monopolies.

As per the announcement, the centralized ticketing sector accrues fees amounting to billions, whereas stakeholders endure opaque charges and profiteering.

The ticketing platform has already distributed five million on-chain tickets and aims to increase that number to twenty million per year.