Boutique ticketing solution XTIXS has joined GET Protocol and announced a funded DeFi event featuring popular singer Lewis Capaldi in Iceland’s capital, Reykjavik this August.
The show, Reykjavik Live, is going to be backed up by a bespoke application of blockchain technologies consisting of DeFi, non-fungible tokens (NFTs) and $GET which is the utility token of GET Protocol. Future ticket inventory will serve as collateral for a loan, with conditions programmed within a smart contract.
Additionally, all the tickets are going to be claimable as an NFT, making fraud, scalping and secondary sales of any kind impossible.
XTIXS offers a Web3-adapted alternative for on-demand show solutions, through which people crowdfund a show and when the funding reaches its goal, the show is booked. This event which features Lewis Capaldi is going to be held on August 23 and it took just 24 hours to be funded by professional investors.
To power this funding mechanism, XTIXS uses blockchain as well as DeFi technology. It also uses product approaches designed by GET Protocol, before adding any business strategy and services to build a platform integrating various actors in the financial side of the value chain of an event.
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XTIXS tickets have all time changing QR codes. The tickets are enabled to be linked to a personal phone number, which will prohibit fraudsters and secondary scalping sales.
“We are extremely happy to be collaborating with GET Protocol in the creation of next generation ticketing solutions and an alternative, independent and fair financing model for live entertainment,” stated Antonio Valero, the Chief Revenue Officer at XTIXS.
This is a historic moment for the e-ticketing industry that is going to change the way the system works for the better, for both ticket sellers and ticket buyers, forever.