Sander | OPEN 🎟
@42
Today we’re excited to announce our first internal onchain payments test, paving the way in bringing ticketing fully onchain. We’re partnering with @Inflow to make this a reality and very much look forward to bringing the multi-billion dollar revenue flows of the events industry onchain in a fast and borderless manner. Our first internal test event can be found below via GUTS. Please note buying a ticket in this shop doesn’t get you anything other than a commemorative NFT to mark the occasion (and flex to friends). https://app.guts.tickets/cu84nd/v84dmu 🧵
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Sander | OPEN 🎟
@42
What does onchain payments truly mean for the OPEN ecosystem? Good question! Until now, all payments processed for tickets issued through OPEN have been done using legacy PSPs offchain through bank accounts. This provides several restrictions: Each region has its own PSP and PSP rules which ticketeers need to adhere to PSP fees can be expensive and eat into the bottom line of a ticket sale Offchain payments provide no programmability and cannot adhere to the rules defined onchain with ticketing smart contracts. 2/
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Sander | OPEN 🎟
@42
By bringing onchain payments to life, for the first time ever, the true rules of primary and secondary sale can be enforced on the smart contract level. Event organizers can define the sale prices of their tickets and any platform or marketplace could feasibly sell those tickets enforced by the onchain standard set by the organizer. Revenue splits can also be baked into the contract natively, ensuring that all rightful parties selling tickets receive their cut of the sale, transparently for all to see and instantaneously onchain, no more waiting at the mercy of a centralized third party. 3/
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Sander | OPEN 🎟
@42
Last but certainly not least - onchain revenue flows allow tickets to be fully composable onchain assets, that means allowing these assets to be integrated into any platform that recognizes the ERC-721 standard and enforces smart contract sales rules. From secondary marketplaces to primary ticketeer front ends, to DeFi applications, raffles and rewards in other dapps, onchain affiliate systems and more - the world becomes a ticket’s oyster. 4/
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Sander | OPEN 🎟
@42
How does this work from a technical and user perspective? For user’s not much changes, they purchase a ticket with FIAT currency and behind the scenes that money is brough onchain through Inflow and deposited into a wallet generated by OPEN on behalf of the user before being transferred to the Event Organizer’s wallet and if requested, offramped. All of this done, seamlessly on a global scale. Pretty exciting right? 5/
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Sander | OPEN 🎟
@42
This is an important moment in OPEN’s plan and we look forward to expanding native onchain ticketing functionality together with Inflow. In the meantime, as always you can track all of the action in real-time on our explorer: https://explore.onopen.xyz 6/
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