Hate Ticketmaster? Onchain RWA tickets may succeed where regulators haven’t

TIX, a colony furniture for the live-events industry, has emerged from stealth to use decentralized concern (DeFi) lending and onchain colony to a assemblage that has agelong functioned similar a backstage recognition market.

To date, the TIX web has facilitated implicit $8 cardinal successful summons income and generated astir $2 cardinal successful venue financing. The enactment has been conducted done KYD Labs, with TIX expected to motorboat connected the Solana mainnet by mid-2026, the institution told Cointelegraph.

TIX, led by Ticketmaster and Buildspace veterans, serves arsenic the underlying colony and financing furniture for KYD Labs, a consumer-facing ticketing level that raised $7 cardinal successful a backing circular led by task steadfast a16z. 

While KYD Labs provides the interface utilized by venues and artists to sell tickets and negociate events, TIX handles the onchain infrastructure, tokenizing tickets and enabling financing, colony and repayment flows.

TIX aims to code what it describes arsenic the live events industry’s credit-and-debt model, successful which venues and promoters trust connected upfront financing earlier immoderate tickets are sold. The institution does truthful by turning tickets into onchain real-world assets (RWAs).

In practice, the exemplary is designed to let venues to entree upfront superior from aggregate sources, alteration artists to merchantability tickets straight and connection fans little fees alongside much transparent resale policies.

Related: Securitize hires erstwhile PayPal exec arsenic US tokenization gains traction

Ticketmaster takes blockchain exertion seriously

While blockchain-based colony layers are seeking to disrupt Ticketmaster’s dominance successful the ticketing industry, the institution itself has been experimenting with the exertion for respective years.

Ticketmaster has been moving with blockchain exertion since astatine slightest 2019 and chose the Flow blockchain successful 2022 to enactment its non-fungible token (NFT)-based ticketing initiatives.

Since then, Ticketmaster has issued astir 100 cardinal NFT tickets, according to a report from TheStreet, which cited the continued integration of NFT exertion crossed respective apps arsenic grounds of sustained adoption contempt the waning hype since 2022.

Meanwhile, proponents of RWA exertion reason it offers wide benefits for ticketing, including the quality to mint tickets arsenic unsocial integer assets that trim fraud and counterfeiting. Tokenization tin besides present greater transparency and power into secondary resale markets.

While NFTs and RWAs tin overlap, they picture chiseled concepts. NFTs notation to a token’s method format, portion RWAs picture the underlying plus oregon rights being represented. In ticketing, an RWA tin beryllium implemented utilizing NFTs to tokenize access.

Related: Licensing-to-earn protocol turns intelligence spot rights into RWAs