Animoca-backed OPEN launches on-chain ticketing ecosystem

On-chain ticketing platform OPEN announced its launch aimed 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 offers ticketing infrastructure and tools running on Polygon, Base Layer, Solana, and Tezos blockchains to restore control to event organizers, artists, and fans.

OPEN shares in the announcement that ticketing is the next big industry for true disruption by the Web3 and real-world assets (RWA) approach, and on-chain ticketing is the number one Web3 onboarding method for mainstream consumers. The company also revealed the launch of its OPN token on March 28th, which will let users stake their holdings to receive a portion of the real-world ticketing yield.

The OPEN ticketing ecosystem plans to put 1% of the events industry on-chain over the next five years, by improving blockchain accessibility and maturing on-chain experiences.

The OPEN platform is the official rebrand of the established GET Protocol, which was launched in 2016 with the same goal. Since then, the team claims that over 5 million tickets have been issued across all types of events around the world, and has plans to boost it to an annual volume of 20 million. The ecosystem will also feature event financing to help organizers avoid restrictive deals with ticketing monopolies.

According to the announcement, the centralized ticketing industry currently captures billions in fees while stakeholders suffer from opaque charges and scalping. OPEN has already issued 5 million on-chain tickets and plans to boost volume to 20 million annually.