Hey kids! Who wants to go out to a “disruptive DeFi-Funded event” this summer? What’s that? A music concert, of course! Specifically a music concert by Lewis Capaldi in Iceland’s capital Reykjavik on 23 August.
Ticketing firm XTIXS has announced some of the plans for technology around it. “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,” it announced. “In addition to this, all tickets are claimable as an NFT, which makes fraud, scalping and secondary sales of any sort totally impossible.”
For all the blockchain lingo, at its heart this is a web3 take on crowdfunding concerts – XTIXS says it took 24 hours for this particular concert to be funded – with the anti-touting measures also key.
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!