Solana just dropped a new video to promote XP, a decentralized alternative to TicketMaster. The release focuses on the problems with the US ticket industry and how XP solves this so-called ‘Ticketmaster problem’ with Solana.
The video highlights excessive fees and lack of transparency in ticket pricing, where a $455 ticket to join a Taylor Swift show can end up costing $1088 due to various hidden charges.
The US Senate scrutinized the ticket industry last year, revealing that about 70% of tickets are sold through a single vendor, raising concerns about market dominance and fairness, Solana said in a separate post.
Solana believes XP can tackle the ticket industry’s ongoing problems. XP provides a secure, trustworthy, and affordable way to buy and sell event tickets.
“XP is turning the ticketing system on its head by transferring and reselling tickets via Solana,” Solana said. “At the core of the model, XP encrypts every ticket as an NFT. As non-fungible tokens, tickets can be transferred between users instantly.”
XP’s tickets are sealed with Tamperproof NFTs (tpNFTs) until the holder decides to resell them. This prevents fraud and ensures buyers are buying a legitimate ticket.
In addition, by using Solana blockchain technology, XP offers significantly lower fees compared to traditional resale platforms like StubHub, SeatGeek, or Vivid. Solana claims that users save an average of $61 per ticket with XP.
“Tickets are 20% to 30% cheaper than resale sites like StubHub and SeatGeek,” Solana highlighted.
Solana believes Ticketmaster XP can disrupt the ticketing industry’s dominance, eliminating the problems associated with traditional ticket resales and allowing fans to focus on enjoying live events.