Solana has revealed that market dominance is another issue that has plagued the ticketing industry for a long period.
Solana, the high-performance blockchain network, has thrown its weight behind XP, a decentralized alternative to the ticketing giant Ticketmaster. In a promotional video recently shared via Solana’s official X account, the firm highlighted what it says is the “Ticketmaster problem,” presenting XP as a solution built on blockchain technology.
Hidden Fees and Market Dominance Problem Highlighted
The video details the problems within the US ticket industry, particularly in the area of hidden fees. It noted the frustration that fans feel about the lack of transparency that makes it possible for a concert ticket advertised for $455 to end up costing a whopping $1,088 at checkout due to hidden charges. Per the video, this situation is widespread throughout the industry and it was always a matter of time before the issue got addressed.
In another post, Solana also revealed that market dominance is another issue that has plagued the industry for a long. According to the post, the US Senate did investigate the ticketing industry in 2023 and made a surprising finding. The Senate found that roughly 70% of all tickets in the US are sold through a single vendor. This level of market dominance raises concerns about fairness and competition, Solana added.
XP Tickets to Bring a Secure, Affordable, and Transparent Solution
Solana believes that XP will be a leveler to these long-standing issues within the ticketing industry. Built on the Solana blockchain, XP promises a secure, trustworthy, and most importantly, affordable platform for buying and selling event tickets.
“XP is turning the ticketing system on its head by transferring and reselling tickets via Solana,” Solana declared. The firm says that the solution will allow users to carry out instant ticket transfers and resales via non-fungible tokens (NFTs), powered by Solana. This means that XP will encrypt each ticket as a unique NFT, allowing for secure and transparent transactions.
XP has gone a little further even. To combat ticket fraud, it employs Tamperproof NFTs (tpNFTs). These secure NFTs prevent tampering until the ticket holder chooses to resell them. This innovative system guarantees buyers are purchasing legitimate tickets.
In the area of fees, XP leverages the efficiency of Solana’s blockchain technology to reduce fees. According to Solana, users can rest assured that they will save $61 per ticket with XP on average. That is a notable reduction from what is obtainable on more established resale platforms like StubHub, SeatGeek, or Vivid. Solana is quoted as saying:
“Tickets are 20% to 30% cheaper than resale sites like StubHub and SeatGeek.”
It remains to be seen how XP comes into the industry with its new offerings and Solana’s backing. However, if it is able to eliminate the problems associated with traditional ticket resales, XP may just disrupt the market dominance that TicketMaster currently enjoys.
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