Solana most attention-grabbing dropped a fresh video to promote XP, a decentralized replacement to TicketMaster. The originate specializes in the concerns with the US mark industry and the way in which XP solves this so-called ‘Ticketmaster tell’ with Solana.
imagine now not having to utilize ticketmaster ever all yet again pic.twitter.com/ajKHGbg2MV
— Solana (@solana) July 2, 2024
The video highlights outrageous charges and absence of transparency in mark pricing, where a $455 mark to affix a Taylor Swift show can discontinue up costing $1088 as a consequence of a quantity of hidden costs.
The US Senate scrutinized the mark industry final year, revealing that about 70% of tickets are equipped by way of a single seller, raising concerns about market dominance and fairness, Solana mentioned in a separate post.
Solana believes XP can take care of the mark industry’s ongoing concerns. XP provides a net, honest, and realistic way to buy and sell occasion tickets.
“XP is turning the ticketing gadget on its head by transferring and reselling tickets by way of Solana,” Solana mentioned. “On the core of the mannequin, XP encrypts every mark as an NFT. As non-fungible tokens, tickets may also just moreover be transferred between users true now.”
XP’s tickets are sealed with Tamperproof NFTs (tpNFTs) except the holder decides to resell them. This prevents fraud and ensures merchants are shopping for a genuine mark.
To boot to, by the usage of Solana blockchain know-how, XP offers an excellent deal lower charges compared to previous resale platforms like StubHub, SeatGeek, or Vivid. Solana claims that users put a median of $61 per mark with XP.
“Tickets are 20% to 30% more cost-effective than resale internet sites like StubHub and SeatGeek,” Solana highlighted.
Solana believes Ticketmaster XP can disrupt the ticketing industry’s dominance, pushing aside the concerns connected to previous mark resales and allowing followers to focus on having fun with dwell events.
