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OPEN Ticketing EcosystemKeeping it real was our biggest mistake
The 8-year story of OPENHow a ticketing protocol with real-world traction, real clients, and real volume is now facing its toughest battle yet: surviving the crypto industry.Is this the final chapter?If you're reading this, you probably already know us, or you're about to meet the most stubborn builders in Web3. This is not a goodbye. This is a reckoning. After eight years of non-stop building, we’ve hit the wall: no more runway. And yet, ironically, we’re seeing more traction than ...
OPEN Ticketing EcosystemOPNs revised token economics - taxing the scalpers
Monetising the secondary marketOPEN Ticketing has pivoted to a more efficient, secondary-market-driven approach. Despite high paper fees previously, our old model wasn't delivering the value we envisioned. Now, by focusing on the secondary market—where approximately 8% of all tickets are naturally resold—we've created a model that slashes overhead, scales effortlessly, and channels far more value directly to OPN token holders through token burns and staking rewards. Major partners l...
OPEN Ticketing EcosystemEmpowering ticketing companies to challenge the cartel—the right way
How OPEN is providing decentralized tools to liberate the ticketing industryThe stranglehold of Live NationFor years, Live Nation and Ticketmaster have dominated the live event industry, controlling nearly every aspect of ticketing, venues, and promotion. Their monopoly has resulted in inflated ticket prices, exorbitant fees, and restrictive contracts that squeeze out competition. Fans, artists, and venues alike suffer under this exploitative model, and breaking free has seemed impossible—unt...
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OPEN Ticketing EcosystemKeeping it real was our biggest mistake
The 8-year story of OPENHow a ticketing protocol with real-world traction, real clients, and real volume is now facing its toughest battle yet: surviving the crypto industry.Is this the final chapter?If you're reading this, you probably already know us, or you're about to meet the most stubborn builders in Web3. This is not a goodbye. This is a reckoning. After eight years of non-stop building, we’ve hit the wall: no more runway. And yet, ironically, we’re seeing more traction than ...
OPEN Ticketing EcosystemOPNs revised token economics - taxing the scalpers
Monetising the secondary marketOPEN Ticketing has pivoted to a more efficient, secondary-market-driven approach. Despite high paper fees previously, our old model wasn't delivering the value we envisioned. Now, by focusing on the secondary market—where approximately 8% of all tickets are naturally resold—we've created a model that slashes overhead, scales effortlessly, and channels far more value directly to OPN token holders through token burns and staking rewards. Major partners l...
OPEN Ticketing EcosystemEmpowering ticketing companies to challenge the cartel—the right way
How OPEN is providing decentralized tools to liberate the ticketing industryThe stranglehold of Live NationFor years, Live Nation and Ticketmaster have dominated the live event industry, controlling nearly every aspect of ticketing, venues, and promotion. Their monopoly has resulted in inflated ticket prices, exorbitant fees, and restrictive contracts that squeeze out competition. Fans, artists, and venues alike suffer under this exploitative model, and breaking free has seemed impossible—unt...
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Get ready for an exciting journey! Over the next few weeks, I’ll be unveiling a series of blog posts that delve into the transformative power of our new OPNs RWA module. This innovative tool is set to revolutionise both the Real-World Asset (RWA) landscape and the event and ticketing industry.
These upcoming posts will provide you with an in-depth understanding of the mechanics of our RWA product. You’ll gain insights into the technical aspects, the underlying business logic, and the token economics that make this module so unique.
If you’ve been following my previous writings on this topic(here, here) — don’t worry! I’ll be recapping key conclusions to ensure everyone’s on the same page.
GET Event Financing Update - Turning tickets into DeFi collateral In 2019 we discovered that financing in the entertainment space is broken and promotes centralisation. We set out to change the way ...
Event Financing Update - Mechanisms to price risk How to price the yield of a event financing bond when the amount of tickets that will be sold for that event is unknown? That was one of the more ...
The evident problems in the event industry have been stagnant for decades - irregardless of all drastic technological progress, ticket scalping has somehow gotten worse. Traditional ticketing...
To save you on some reading, I will summarise the four main insights about onchain event financing in this blog. These learnings inspired us in the design. More technical and the role of the token in this all will be explained in subsequent blogs following in the next weeks.
Financing is key to securing high-profile deals and events in the entertainment industry, a fact often overlooked, leading to dominance by a few large ticketing companies. A few years ago, we began developing an RWA module for onchain ticketing, sparked by the need to provide substantial funding for large-scale events, a complex and unpredictable area traditional lenders often avoid.
This wasn’t a whimsical decision, but a response to a market need. Large-scale ticketing is less about QR codes, a solved problem, and more about adequate financing. The power of entertainment giants lies in their ability to fund major events, not in generating QR codes.
Our RWA module, OPN, aims to disrupt this status quo. Using onchain NFT tickets and DeFi, we’re creating tools to compete with large companies like Ticketmaster. Our goal is not to replicate Ticketmaster but to improve upon it using onchain incentives and enabling third-party developers to build on our protocol. We aim to democratize event financing, creating a more equitable, efficient, and transparent ticketing industry.
Large ticketing firms like Ticketmaster finance major events, using their financial strength to secure more events and set ticketing fees. They turn loans into bonds and distribute these in investable forms, a process known as tokenization and fractionalisation.
We use the same concepts with our OPN RWA module but execute them entirely onchain, removing friction, allowing real-time settlement, and facilitating wider investment. This democratizes event financing, traditionally dominated by big entities like Ticketmaster.
Our aim is to disrupt this by offering a more efficient and accessible event financing alternative.
FTX and 3AC’s defaults left many creditors unpaid, most still embroiled in bankruptcy court. However, DeFi creditors like Aave and Compound were fully repaid due to the unambiguous nature of onchain transactions.
OPN’s model similarly settles ticket sales and their value flows onchain in real time, eliminating room for dispute or delay. The loan is repaid, or there are certain consequences, such as tickets becoming un-scannable. While there is some flexibility, a hard limit exists, after which agreed terms are enforced.
Despite seeming rigid, such strict loan terms increase repayment likelihood. Protecting the principal(initial loaned amount) is crucial in loan management. In RWA protocols, entities sourcing and verifying borrowing opportunities are ‘loan originators’. In OPN’s case, we call these ‘Inventory originators’.
OPN advances further by tokenizing ticket inventory and associated value flows, such as secondary market fees or reseller profit shares. Every ticket (re)sale includes a token transfer that can be split, with these tokens serving as collateral.
Our RWA module empowers creators and artists by providing innovative financing capabilities. This allows creators to fund their projects while offering fans the opportunity to directly support their favorite artists. An interesting example of such a financing model is the Bowie Bond, where David Bowie sold the cash flows from his albums to large registered investors way back in 1997.
Today, our RWA module enables onchain tokenization and fractionalisation. This advancement allows artists’ future income streams to be invested in by anyone with a crypto-wallet, bypassing traditional financial intermediaries. This approach could have not only increased Bowie’s earnings from the bond issuance but also provided his fans the opportunity to own part of his legacy.
While the Bowie bond was backed by music royalties, we also see potential for bonds backed by future ticket sales or other onchain assets. This new direction opens up exciting opportunities for artists and their supporters, changing the way we invest in creative projects.
Over the last 40 years, tens of thousands of articles and videos have expressed frustration over LiveNation. A common sentiment is, ‘how can a company with such high fees, taking advantage of fans and artists, continue to dominate without competition?’ In any other industry, a company as opaque and self-serving would have been replaced by a superior alternative long ago.
What these authors fail to understand is that LiveNation’s monopoly isn’t rooted in technology. They dominate because when you need to finance an 800-million-dollar stadium, LiveNation is the only available financier. The condition that Ticketmaster must be the ticketing partner, thus potentially exploiting your visitors, is a difficult concession. However, it’s better than not having a stadium at all.
While it’s premature to declare their reign over, we believe that the rollout of our RWA module is a significant step towards loosening their grip.
Why onchain ticket inventories are a natural fit as RWA collateral
How onchain value flows ensure we are the first creditor that is paid back
The role of the OPN token in our RWA module
Onchain Tickets x GambleFi: Issuing 12 conditional tickets(validity is outcome dependent priced by sports books) for 1 actual ticket for this year’s biggest event
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Follow the OPEN Ticketing Ecosystem:
Get ready for an exciting journey! Over the next few weeks, I’ll be unveiling a series of blog posts that delve into the transformative power of our new OPNs RWA module. This innovative tool is set to revolutionise both the Real-World Asset (RWA) landscape and the event and ticketing industry.
These upcoming posts will provide you with an in-depth understanding of the mechanics of our RWA product. You’ll gain insights into the technical aspects, the underlying business logic, and the token economics that make this module so unique.
If you’ve been following my previous writings on this topic(here, here) — don’t worry! I’ll be recapping key conclusions to ensure everyone’s on the same page.
GET Event Financing Update - Turning tickets into DeFi collateral In 2019 we discovered that financing in the entertainment space is broken and promotes centralisation. We set out to change the way ...
Event Financing Update - Mechanisms to price risk How to price the yield of a event financing bond when the amount of tickets that will be sold for that event is unknown? That was one of the more ...
The evident problems in the event industry have been stagnant for decades - irregardless of all drastic technological progress, ticket scalping has somehow gotten worse. Traditional ticketing...
To save you on some reading, I will summarise the four main insights about onchain event financing in this blog. These learnings inspired us in the design. More technical and the role of the token in this all will be explained in subsequent blogs following in the next weeks.
Financing is key to securing high-profile deals and events in the entertainment industry, a fact often overlooked, leading to dominance by a few large ticketing companies. A few years ago, we began developing an RWA module for onchain ticketing, sparked by the need to provide substantial funding for large-scale events, a complex and unpredictable area traditional lenders often avoid.
This wasn’t a whimsical decision, but a response to a market need. Large-scale ticketing is less about QR codes, a solved problem, and more about adequate financing. The power of entertainment giants lies in their ability to fund major events, not in generating QR codes.
Our RWA module, OPN, aims to disrupt this status quo. Using onchain NFT tickets and DeFi, we’re creating tools to compete with large companies like Ticketmaster. Our goal is not to replicate Ticketmaster but to improve upon it using onchain incentives and enabling third-party developers to build on our protocol. We aim to democratize event financing, creating a more equitable, efficient, and transparent ticketing industry.
Large ticketing firms like Ticketmaster finance major events, using their financial strength to secure more events and set ticketing fees. They turn loans into bonds and distribute these in investable forms, a process known as tokenization and fractionalisation.
We use the same concepts with our OPN RWA module but execute them entirely onchain, removing friction, allowing real-time settlement, and facilitating wider investment. This democratizes event financing, traditionally dominated by big entities like Ticketmaster.
Our aim is to disrupt this by offering a more efficient and accessible event financing alternative.
FTX and 3AC’s defaults left many creditors unpaid, most still embroiled in bankruptcy court. However, DeFi creditors like Aave and Compound were fully repaid due to the unambiguous nature of onchain transactions.
OPN’s model similarly settles ticket sales and their value flows onchain in real time, eliminating room for dispute or delay. The loan is repaid, or there are certain consequences, such as tickets becoming un-scannable. While there is some flexibility, a hard limit exists, after which agreed terms are enforced.
Despite seeming rigid, such strict loan terms increase repayment likelihood. Protecting the principal(initial loaned amount) is crucial in loan management. In RWA protocols, entities sourcing and verifying borrowing opportunities are ‘loan originators’. In OPN’s case, we call these ‘Inventory originators’.
OPN advances further by tokenizing ticket inventory and associated value flows, such as secondary market fees or reseller profit shares. Every ticket (re)sale includes a token transfer that can be split, with these tokens serving as collateral.
Our RWA module empowers creators and artists by providing innovative financing capabilities. This allows creators to fund their projects while offering fans the opportunity to directly support their favorite artists. An interesting example of such a financing model is the Bowie Bond, where David Bowie sold the cash flows from his albums to large registered investors way back in 1997.
Today, our RWA module enables onchain tokenization and fractionalisation. This advancement allows artists’ future income streams to be invested in by anyone with a crypto-wallet, bypassing traditional financial intermediaries. This approach could have not only increased Bowie’s earnings from the bond issuance but also provided his fans the opportunity to own part of his legacy.
While the Bowie bond was backed by music royalties, we also see potential for bonds backed by future ticket sales or other onchain assets. This new direction opens up exciting opportunities for artists and their supporters, changing the way we invest in creative projects.
Over the last 40 years, tens of thousands of articles and videos have expressed frustration over LiveNation. A common sentiment is, ‘how can a company with such high fees, taking advantage of fans and artists, continue to dominate without competition?’ In any other industry, a company as opaque and self-serving would have been replaced by a superior alternative long ago.
What these authors fail to understand is that LiveNation’s monopoly isn’t rooted in technology. They dominate because when you need to finance an 800-million-dollar stadium, LiveNation is the only available financier. The condition that Ticketmaster must be the ticketing partner, thus potentially exploiting your visitors, is a difficult concession. However, it’s better than not having a stadium at all.
While it’s premature to declare their reign over, we believe that the rollout of our RWA module is a significant step towards loosening their grip.
Why onchain ticket inventories are a natural fit as RWA collateral
How onchain value flows ensure we are the first creditor that is paid back
The role of the OPN token in our RWA module
Onchain Tickets x GambleFi: Issuing 12 conditional tickets(validity is outcome dependent priced by sports books) for 1 actual ticket for this year’s biggest event
— — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Follow the OPEN Ticketing Ecosystem:
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