Open Network (OPN)
The OPEN Ticketing Protocol is a pioneering platform in the realm of on-chain ticketing. It is designed to be ultra-scalable, globally serviceable, and capable of handling peak throughput in the millions per day, accommodating the largest event locations worldwide. Are you interested in a blockchain based alternative for ticketswap? Let’s explore Open Ticketing.
OPEN’s journey began in 2016 with the aim of applying blockchain technology to combat widespread issues in the ticketing industry such as fraud and scalping. But from 2019, they started concentrating on facilitating larger events and extending their services globally through white-label solutions.
So from initial successes in the Dutch market, OPEN has consistently expanded its reach and capabilities. By 2023, the network handled over 5 million on-chain tickets for more than 20,000 events globally. According to them they are revolutionizing the way ticketing is processed.
Dieses review von Open Network (OPN) wurde zu Informationszwecken erstellt. Dieser Artikel ist nicht für Werbezwecke bestimmt.
Large ticketing firms traditionally finance major events by turning loans into bonds and distributing these in investable forms, a process known as tokenization and fractionalization.
The OPN RWA (Real-World Assets) module executes these concepts entirely on-chain, removing friction, allowing real-time settlement, and facilitating broader investment opportunities. An approach that democratizes event financing and ensures a more accessible and efficient alternative to traditional methods.
One common issue with traditional ticketing is the lack of transparency, especially when tickets “sell out” within seconds. Were these tickets actually sold, or were they reserved for secondary markets to inflate prices? Onchain ticketing solves this by providing transparent transaction records, allowing everyone to see exactly how many tickets were sold and at what price.
“The OPN RWA module enhances this concept by enabling on-chain tokenization and fractionalization, allowing anyone with a crypto-wallet to invest in artists’ future income streams.”
The ERC-721 token standard, the token standard for NFTs on the Ethereum blockchain, is used for distinguishing individual tickets. This stores each NFT ticket unique data and proves ownership, ideal for representing collectible items like event tickets.
The ticket revolution happens in three ways via the Open network. These are the following;
You can track all of OPEN’s activities in real-time through OPEN Explorer.
The dominance of ticketing monopolies largely stems from their control over financing, which often forces artists and event organizers into restrictive multi-year contracts to secure funding. For this Open Network has found a solution, which is collective funding.
The module of Open Network, named crowdfunding, empowers creators by providing innovative financing capabilities that allow them to fund their projects while offering fans the opportunity to directly support their favorite artists. A model that is reminiscent of the Bowie Bond, where David Bowie sold future music royalties to investors.
The OPEN’s crowdfunding platform allows users worldwide to contribute stablecoins to an event’s financing pool. This money is used off-chain by organizers for initial expenses, and ticket sales revenue is used to repay contributors with interest, typically between 5-10%. A way to kickstart an event in a way.
OPN is the native utility token of the OPEN ecosystem, and is a key player in the ticketing activities. Before issuing tickets, integrators must acquire OPN from the open market. As tickets are sold and scanned, OPN is utilized behind the scenes for onchain accounting, which benefits token stakers, the DAO, and the ecosystem treasury.
To date, over 1.2 billion OPN tokens have been used as fuel for ticket sales, positioning it as one of the most significant real-world asset (RWA) projects in the blockchain space.
The OPN token serves multiple critical functions within the OPEN ecosystem:
Currently the token is available on Ethereum mainnet, Polygon and Base.
When attendees scan their tickets at events, OPN is automatically directed towards the DAO (treasury), and token holders via the OPN staking system. By staking OPN, stakeholders can earn APYs/yields. Which means the more tickets that are sold, the greater the yield for those staking OPN. We take a look at some numbers…
The current Annual Percentage Yield (APY) for staking OPN on the Ethereum network is 4.54%.
For those staking on the Polygon network, the APY stands at 4.43%.
A significant 19.68% of OPN, which translates to 4,512,324,913 OPN, is locked in staking.
The circulating supply of OPN is 80.14%, equivalent to 18,373,892,285 OPN.
To begin staking OPN, users need to first connect their wallets. This enables them to view their staked OPN, transaction history, and manage deposits or withdrawals.
If you’re looking to pick up some OPN tokens, you’ve got options. For the decentralized exchange fans, Uniswap is your go-to with several pairings, whether you’re on Ethereum or Polygon. But if DEXes seem a bit daunting or you just prefer something a bit more straightforward, no worries—check out centralized exchanges like MEXC.
OPEN Network is committed to expanding its event finance pools, although still little today, in a way to empower more artists and music creators. Users can look forward to the launch of a testnet on the Base blockchain.
That being said, we can see the benefits of blockchain that allows unprecedented control over ticket sales. Event organizers and artists can set specific rules for both primary and secondary markets directly within the contracts. This level of control is unparalleled in traditional systems and ensures that the original agreements are acted upon regardless of where the ticket is sold.
Additionally, the system supports the creation of unique collections and enforceable royalties, and makes them composable with external decentralized applications like OpenSea and Blur, which are both NFT market places.
When we look at the numbers, the platform is pretty quiet. All the pools you see are just mock-ups, and we’re still waiting for the real action to kick off. There’s just one event financed so far and not much cash has been raised yet. So the herd is still yet to come…
The so-called ticketing revolution that is spearheaded by the OPEN Ticketing Ecosystem could be gaining traction if they promise a more transparent and artist-friendly approach to event ticket business.
As the industry for tickets will keep expanding and becoming more and more digital we hope that companies will embrace or experiment more with perhaps blockchain based ticketing solutions. This could create more rewarding experiences for artists and give music back to the hands of the fans.
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