On-chain ticketing platform OPEN announced its launch, aiming to improve efficiency in the $85 billion global ticketing industry through blockchain. Backed by Animoca Brands, Merit Circle, Redbeard Ventures and the Tezos Foundation, OPEN provides ticketing infrastructure and tools running on Polygon, Base Layer, Solana and Tezos blockchains to restore control for event organizers, artists and fans.
OPEN shares the announcement that ticketing is the next big industry for true disruption through the Web3 and real-world assets (RWA) approach, and that on-chain ticketing is the number one Web3 onboarding method for mainstream consumers. The company also unveiled the launch of its OPN token on March 28, which will allow users to stake their holdings to receive a share of real-world ticket revenue.
The OPEN ticketing ecosystem plans to make 1% of the events industry on-chain over the next five years, by improving blockchain accessibility and developing on-chain experiences.
The OPEN platform is the official rebrand of the established GET protocol, which was launched in 2016 for the same purpose. Since then, the team claims that more than 5 million tickets have been issued for all types of events around the world, and has plans to increase this to an annual volume of 20 million. The ecosystem will also include event financing to help organizers avoid restrictive deals with ticket monopolies.
According to the announcement, the centralized ticketing industry is currently capturing billions in fees while stakeholders suffer from opaque fees and scalping. OPEN has already issued 5 million on-chain tickets and plans to increase the volume to 20 million annually.
