Boom and bust, bulls and bears, new and old… 2024 has seen it all for the Open Ticketing Ecosystem – and we are only halfway done!  Following a highly anticipated rebrand and the launch of the OPN token, things cooled off a bit as we were reminded that onchain ticketing is a complex beast requiring patience and careful development.

And yet, as OPN slipped from its early highs, we still find ourselves in the midst of some exciting developments, staking rewards continue to add up, and one important number continues to rise at a rapid pace – ticket sales.  Open has already issued over 1 million tickets in 2024 for events ranging from stadium concerts to conventions, and a whole lot in between.  Let’s see where the ecosystem stands by the numbers as of the end of Q2.

6 Millionth Ticket Celebration

We are on an “open” road to 10 million tickets… with virtually no competitors in sight!  On May 4, Open Ticketing sold its 6 millionth ticket.  The milestone comes with the potential for plenty more onchain events from both new and existing partners, meaning that numbers 7, 8, 9, and 10 million might be coming faster than we think.  Be sure to follow the community channels for events and promotions surrounding these incredible achievements as we count down (or is it up?) to the big 10 million.

Massive New Events

Wondering where this huge spike in ticket sales is coming from?  Open integrator Guts Tickets announced some major events at the largest venues in the Netherlands, highlighted by acts such as Suzan & Freek and Blof.  Expansion within the Dutch market has been swift and thorough since day one, but other integrators continue to have success as well.  American ticketeer DeFy Tickets has expanded its Thriftcon tour, hosting or announcing large events in Atlanta, Houston, Denver, and Portland.  Meanwhile, UK integrator Ontapp has continued its student night events, generating some nice steady ticket sales and bringing more people into Web3 in the process.

Portals NFT Launch

The month of May saw the release of an exciting new NFT series.  This is a collection of 1000 NFTs based around the theme of Portals, one-way entries into Web3 that are already swallowing up a nice share of traditional ticketing volume.  Accompanied by some pretty wicked artwork, these NFTs are available for purchase on Magic Eden: https://magiceden.io/marketplace/portals_by_open.  They come with the potential for some exciting utility, such as airdrops, access to livestream events, and various other evolving perks.  So grab yourself some SOL, check out the collection, and buy one or two if you haven’t already!

Staking for the OPN token has arrived!  Earn a slice of Open’s ticketing sales by locking up tokens here: https://token.onopen.xyz/stake.  While other projects pay out staking rewards by creating new tokens out of thin air, Open allows long-term holders to enjoy rewards paid out from actual RWA revenue.  Members who staked from the beginning of 2023 using the old GET token earned 12.8% and 9.7% on Polygon and Ethereum, respectively.  The launch of OPN staking also came along with a nice 2,000,000 OPN lottery promotion for early stakers.

So how does it work exactly?

When OPN tokens are staked, the coins are locked and the staking wallet receives xOPN tokens based on the current ratio of OPN:xOPN. The xOPN token increases in value over time as more fuel enters the staking pool, and stakers can thus withdraw more OPN than they began with. Important to note, withdrawals from staking require a 6-month waiting period OR a 15% fee.  This is designed to reward those with a long-term commitment to the ecosystem and prevent people from gaming the event cycle. Withdrawal fees are distributed among current stakers, creating an extra reward stream for those who remain in the pool.

Open’s long-awaited event financing feature is in its final stages of development.  Take a look at the RWA blog series introducing this potential game-changer to the world: https://mirror.xyz/openticketing.eth/cvA-YMneWUORpSLYhr2JbsM8YKtOQcG89DXyQY4ov74.

Additionally, the Open team recently released a Roadmap Blog laying out various ambitions for the rest of the year.  Highlights include a proprietary L3 chain and an onchain secondary ticket market.  Check it out here: https://mirror.xyz/openticketing.eth/GBsYoCliErgMeBVUuheFTfCXuAgNWUM6RLbJlcuc_xM

Community Rewards - Earn extra $OPN!

Active members of the Open community can earn rewards in a variety of ways. Along with various lotteries and promotions, such as the ongoing Road to 10 Million Tickets giveaway, members can earn rewards for marketing activities. the Open Legion serves as the exclusive community marketing task force for the ecosystem. If you are serious about helping promote onchain ticketing and the OPN token to the broader cryptosphere, consider joining the Legion Telegram (link below). Our upcoming competition will award OPN tokens to participants based on social media activity and other tasks. Last quarter’s competition saw roughly 40 people take home a share of nearly $10,000!

Finally, we would like to welcome any new members finding us for the first time, and thank all existing community members who have ridden the crypto waves and managed to stay afloat. The OPN token can be purchased on Uniswap (Ethereum or Polygon or Base), Raydium (Solana), Gate io (ticker OPN1), or MEXC (ticker OPN1).  Be sure to follow Open on Telegram, Discord, Twitter, and Warpcast, and don’t hesitate to join the discussion about onchain ticketing on these platforms!

Telegram: https://t.me/openticketing

Open Legion: https://t.me/OPNLegion

Discord: https://discord.gg/sphA7swY

Twitter: @onopenxyz

Warpcast channel: /opentickets

Official Website: onopen.xyz