Scalable and boutique ticketing solution XTIXS in partnership with GET Protocol today announced a new, disruptive decentralised finance (DeFi) funded event when Lewis Capaldi plays on August 23rd in Reykjavik. It means the show is backed up by a bespoke application of blockchain technologies – DeFi, NFT and GET Protocol’s utility token $GET- where future ticket inventory serves as collateral for a loan, the conditions of which are programmed into a smart contract. In addition to this, all tickets are claimable as an NFT, which makes fraud, scalping and secondary sales of any sort totally impossible.
XTIXS offers a Web3 adapted and more than upgraded alternative for ‘on demand’ show solutions where people had to crowdfund a show and as it was funded it was booked. The funding process for this event took 24h to be completed from real, professional investors from different parts of the world creating a first precedent for a very powerful tool into an industry that has independence and decentralisation as key pillars of growth. On the side of the investor, the investment has been honoured in less than 24 hours from the on sale of the show, making this first collaboration an incredible success with big replication potential.
To be able to circle this pioneering funding mechanism, XTIXS uses blockchain and DeFi technology and product approaches designed by GET Protocol, adding the business strategy and services, then creating a platform integrating all different actors in the financial side of the value chain of a show.
This DeFi approach is in line with the disruptive spirit of blockchain and the decentralization of the notoriously opaque ticketing market. XTIXS’ blockchain ticketing system has already been tested at Switzerland’s Caprices Festival, El Bosque Sonoro – Brizna Festivals in Spain and other events, but this is the first full scale roll out and it happens at the celebrated Reykjavik Live where many of the world’s biggest bands have performed.
QR codes on XTIXS tickets are dynamically changing all the time, and this, together with the fact that each ticket is linked to a personal phone number, makes it impossible for fraudsters to create any sort of secondary scalping sale. On appearance, the system for the end user is the same as they are already used to using, but enhanced backend technology gives rise to a new set of possibilities in terms of security, personalization, art and memorabilia.