Tix was built by former Ticketmaster, Live Nation and Vivid Seats veterans.
As per The Ticketing Business, it addresses common pain points for venues, artists and other industry business such as lack of available liquidity and lenders.
By providing upfront capital through transparent pools on blockchain platform Solana, Tix seeks to break businesses’ reliance on ticketing companies to provide the funds to book artists and pay deposits before a ticket is sold.
“By separating financing from ticketing,” says The Ticketing Business, “Tix will enable venues to access upfront capital from multiple liquidity providers, while artists can sell their own tickets, regain control of fan data, set resale rules,” and share in the revenue from resold tickets.
KYD Labs is the first ticketing platform to be built on Tix.
It has already processed over 300,000 tickets, $10 million in ticket sales, and over $2 million in venue financing over the past 12 months with zero defaults.
Ahmed Nimale, Co-Founder and Chief Executive of Tix and KYD Labs: “Ticketing companies are banks for artists and live events. This means they control the capital needed to operate while also dictating and inflating service fees which are actually interest rates placed on fans by ticketing companies from these capital deployments, as well as resale markets, exclusivity, and data access. Tix will change the entertainment industry for venues, artists, and fans through onchain event financing to bring new capital options for artists and venues which we believe will ultimately lower fees for fans. 100B+ in liquidity onchain will bring another bigger and more decentralizing banking competitor to Ticketmaster.”
