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Featured News

XTIXS announces DeFi-funded event in partnership with GET Protocol 

Boutique ticketing solution XTIXS has partnered with GET Protocol to announce a decentralised finance (DeFi)-funded event featuring artist Lewis Capaldi (pictured) in Reykjavik in August.

This means that the show, Reykjavik Live, is backed up by a bespoke application of blockchain technologies including DeFi, NFTs (non-fungible tokens) and GET Protocol’s utility token $GET. Future ticket inventory serves as collateral for a loan, with conditions programmed into a smart contract.

Tickets are claimable as an NFT, making fraud, scalping and secondary sales impossible, according to XTIXS and GET Protocol.

XTIXS offers a Web3-adapted alternative for on-demand show solutions, where people crowdfund a show and when the funding has reached its goal, the show is booked. This particular event featuring Lewis Capaldi on August 23 took just 24 hours to be funded by professional investors.

To power this funding mechanism, XTIXS uses blockchain and DeFi technology and product approaches designed by GET Protocol, before adding business strategy and services to create a platform integrating different actors in the financial side of the value chain of an event.

XTIXS’ blockchain ticketing system has been tested at numerous events including Switzerland’s Caprices Festival and El Bosque Sonoro – Brizna Festivals in Spain. However, this is the first full-scale roll-out at Reykjavik Live.

QR codes on XTIXS tickets change all the time, and the tickets are also linked to a personal phone number, prohibiting fraudsters and secondary scalping sales. While the ticket may look the same to its user, the technology behind it allows for a safer, more personalised experience while also incorporating art and memorabilia.

Former StubHub senior employee Antonio Valero, who is now the chief revenue officer from XTIXS, said: “The model under this partnership could mean a game-changer for many content creators and fans. We are extremely happy to be collaborating with GET Protocol in the creation of next-generation ticketing solutions and an alternative, independent and fair financing model for live entertainment.”

Maarten Bloemers, chief executive of GET Protocol, added: “By tokenising future revenue of events we are truly bringing web 3.0 to the industry and removing the most important barrier for democratisation.

“Creators are no longer dependent on a boardroom decision if their careers will take off, now they can put money where their mouths are, quite literally. This is truly a milestone that I am more than proud of. We look forward to crystallising the Event Financing approach and rolling it out to all Ticketing Partners in the GET Protocol ecosystem.”