Blockchain-based ticketing platform Tixbase has announced an exclusive partnership with Turkish ticketing company Passo, bringing their ticketing to the Avalanche blockchain.
According to an August 29 press release, the five-year partnership is the largest deal a blockchain ticketing company has made to date.
Tixbase and Passo will leverage the Avalanche (AVAX) network to address common issues in the ticketing industry, such as security, transparency and user experience. Avalanche’s blockchain technology will also allow the companies to monitor and regulate sales on the secondary market, while also addressing concerns such as counterfeiting, scalping and overpricing.
Why is this big?
Passo, which has been offering and managing ticket sales since 2014, is the largest ticket provider in Turkey. The company provides services to 38 teams and is the official ticket partner for the Turkish national team, as well as for top European football competitions such as the UEFA Champions League and Europa League
Passo processes more than 25 million tickets annually for various sporting events, concerts, theater performances and festivals. This partnership could have a significant impact on the online event ticketing market, which is expected to reach $107 billion by 2032.
You might also like: Le Poisson Rouge brings ticketing on-chain with Aptos integration
Passo will integrate TixChain
The partnership will use TixChain, an Avalanche layer 1 chain that complies with the European Union General Data Protection Regulation (GDPR) and other data privacy laws in the jurisdictions where it operates.
We are excited to partner with Passo, a visionary leader in the Turkish ticketing industry. This is the largest deal signed to date for any blockchain ticketing company, proving the value of our technology and paving the way for global adoption of Tixbase’s new solution, where all ticketing participants ecosystem from benefiting.
Emil Ljesnjanin, founder and CEO of Tixbase.
Through the use of blockchain, Tixbase will issue non-fungible tokens of the tickets, enabling collectible digital assets that fans can collect, trade or sell. The NFTs will also play a crucial role in overall fan engagement and Passo’s loyalty program.
You might also like: Donald Trump releases fourth NFT collection