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UTIX, the blockchain e-ticketing platform, has moved a step closer to bringing its vision to a global audience following the listing of its native token on BitMart. The $UTX token will be available for trading on the established crypto exchange from October 31. The token plays a pivotal role in the UTIX e-ticketing ecosystem.
UTIX was founded with the goal of disrupting the ticketing industry, which has long been plagued with accusations of unfairness and opaqueness. Practises such as price gouging and touting have seen middlemen cream off much of the profits, short-changing fans and artists alike. The $UTIX token powers the e-ticketing platform of the same name where event tickets can be bought and sold online.
The First of Many
BitMart is the first major exchange to list the $UTX token, which has a number of use cases including serving as a rewards token for customer loyalty. To realize its goal of taking on the ticketing industry and moving a slice of its business onchain, UTIX needs its native asset to be available globally on highly liquid exchanges. BitMart fits the bill and is likely to be the first of several CEXs to add support.
Max Mayhew, Managing Director of UTIX, said: “We’re thrilled to announce the first listing of our $UTX token, which holds the distinction of being the world’s first MFSA-regulated digital asset. As we scale UTIX to become the dominant platform in the broken e-ticketing market, the listing will increase exposure to the project and $UTIX’s novel utility. BitMart’s massive user base will bring more liquidity to the market and greater value to our community.”
The token will be paired against USDT when it lists on BitMart. A UTX/BTC pairing will also be added. Operating on Ethereum, UTIX has been designed to solve a number of ticketing problems. For one thing, it allows event organizers to program digital tickets with full control over their issuance, including resale. For another, it supports a thriving secondary market for tickets that solves the problem of counterfeits while preventing touts from selling tickets with a massive markup.
Tackling an Inefficient Industry
Ticketing is a lucrative business, particularly for global events that are guaranteed to sell out. Taylor Swift is reported to have made over $4 billion from her Eras tour, but most artists aren’t Taylor Swift. Further down the music chain, struggling artists routinely make less per gig than the touts reselling their tickets outside the venue at inflated prices.
Despite the availability of digital tickets, fans are routinely still lured into buying counterfeit tickets that fail to scan upon trying to gain admittance to the venue. Blockchain-based ticketing problems like UTIX have the technology to solve this problem. The greatest challenge is convincing consumers to take their business to web3 applications. As adoption of blockchain-based applications increases, ticketing delivered onchain could become normal for events of all kinds.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
