Solana just released a new video endorsing a decentralized Ticketmaster alternative, XP. The video’s primary focus is the problems faced in the United States ticket industry. It also highlights how XP can solve the ‘Ticketmaster challenges’ with Solana.
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According to Solana, XP offers a way to curb the Ticketmaster problems experienced in the United States. The company urges users to shift to the XP platform for a better ticketing experience.
Solana expresses the main problems facing the ticketing industry
Solana claimed that the ticket industry lacks transparency on how tickets end up being so costly. As a result of hidden charges, a ticket costing about $455 can end up with a $1088 price tag, Solana highlighted.
imagine not having to use ticketmaster ever again pic.twitter.com/ajKHGbg2MV
— Solana (@solana) July 2, 2024
Last year, the United States Senate investigated the ticket industry to address citizens’ concerns. The investigation by the Senate showed that nearly 70% of all tickets are traded via a single vendor. Solana clarified that having a single vendor selling the highest number of tickets raises concerns about monopoly, dominance and fairness in the US ticketing industry.
Solana expects XP to address ticketing problems on Ticketmaster
Solana believes XP can eradicate the long-standing problems facing the ticket industry. According to Solana, XP offers a more secure way to purchase and even sell event tickets.
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“XP is turning the ticketing system on its head by transferring and reselling tickets via Solana. At the core of the model, XP encrypts every ticket as an NFT. […]”
-Solana
Leveraging its blockchain technology, Solana revealed that XP ticket fees will be much lower than those of traditional ticket reselling platforms such as SeatGeek, StubHub, or Vivid. “Tickets are 20% to 30% cheaper than resale sites like StubHub and SeatGeekXP,” Solana said. Users could save an average of $62 per event ticket, they added.
The blockchain platform stated that XP ticket offers are sealed with tamper-proof NFTs (tpNFTs) until the ticket holder resells them. Adding that, sealing with tpNFTs prevents fraud, and ensure that buyers get legitimate event tickets.
Solana insists that XP will break the dominance of traditional ticketing platforms in the US, and eliminate concerns around ticket resale experienced by fans.
Cryptopolitan reporting by Collins J. Okoth
