KickCity plans to raise more than $7m (£5.3m/€5.9m) during the initial coin offering (ICO) of its ticketing blockchain.

KickCity, which has offices in Nevada and Delaware, said it plans to disrupt the event industry by introducing KICK – a decentralised, transparent and reward-based event token. The pre-sale, featuring a 40 per cent discount, is to launch on August 16.

KICK will be used for ticket purchasing, reward-based event promotion, event community building and will be available for trading in the exchange market.

It cites figures that suggest the blockchain community within the past year has witnessed over 2,000 events (free and paid) with more than 350,000 participants.

In a statement, KickCity said: “The event industry is in need of disruption with multiple problems like expensive ticket prices due to high transaction fees from banks and credit card companies; ineffective non-transparent advertisement and expensive event promotion campaigns; ticket touting, reselling and availability of fake tickets.”

Over the last year the company said it has focused on building a community around events, and providing organisers with tools to create, promote and monetise. As it looks to expand in 2018 and beyond, KickCity said it will begin general marketing, “allowing for mass adoption of cryptocurrency in the event industry”.

The company added: “Using blockchain, KickCity plans to connect event organiser with attendees without third party interruption like banks (for processing), provide a trust system and allow effective marketing.

“All users who will buy tickets for the blockchain events with our platform, will get some KICK tokens as a ‘KICKback’.”

IMAGE: KickCity