Blockchain-based ticketing platform Tixbase has announced an exclusive partnership with Turkish event ticketing firm Passo, bringing their ticketing to the Avalanche blockchain.
According to a news release, the 5-year partnership is the largest deal a blockchain ticketing company has sealed so far. Tixbase and Passo will leverage the Avalanche (AVAX) network to tackle prevalent issues in the ticketing industry, such as security, transparency, and user experience.
The blockchain technology will also enable the companies to monitor and regulate secondary market sales, addressing counterfeiting, scalping, and inflated prices.
Why is this big?
Passo, which has been offering and managing ticket sales since 2014, is the largest ticketing provider in Turkey. The company provides services for 38 teams and is the official ticketing partner for the Turkish National Team, as well as top European football competitions like the UEFA Champions League and Europa League.
Passo handles over 25 million tickets annually, covering various sporting events, concerts, theater performances, and festivals. This partnership could significantly impact the online event ticketing market, which is expected to reach $107 billion by 2032.
Passo to integrate TixChain
The collaboration will utilize TixChain, an Avalanche layer-1 chain that complies with the European Union’s General Data Protection Regulation (GDPR) and other data privacy laws.
“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 novel solution that benefits all participants in the ticketing ecosystem,” said Emil Ljesnjanin, founder and chief executive officer of Tixbase.
The use of blockchain will see Tixbase issue non-fungible tokens of the tickets, creating collectible digital assets that fans can collect, trade, or sell. The NFTs will also play a crucial role in fan engagement and in Passo’s loyalty program.
