As a researcher with a background in blockchain technology and a deep interest in the music industry, I find this partnership between Le Poisson Rouge (LPR) and KYD Labs to be an exciting development. Having closely followed the evolving landscape of Web3 technologies and their potential applications in various industries, I am particularly intrigued by this collaboration as it marks the first instance of a major U.S. venue fully embracing on-chain ticketing.
As a seasoned analyst, I would put it this way: At the renowned New York City music venue, Le Poisson Rouge (LPR), we’ve made an exclusive deal with KYD Labs, the live event ticketing platform, to transition our ticketing system onto the blockchain.
On Tuesday, Aptos Labs revealed that KYD Labs and Live Nation Entertainment’s Ticketmaster (LPR) have signed an exclusive four-year agreement. Under this deal, the Aptos blockchain will be utilized to facilitate all events and ticket sales at historic NYC venues.
LPR is first major U.S. venue to go all on-chain
For the first time, a significant American venue, Le Poisson Rouge, has fully embraced blockchain technology through its collaboration with Aptos, as announced on X. This marks an important achievement for Web3, according to Aptos, bringing a novel experience to the events and music enthusiasts of Le Poisson Rouge.
“A prominent US ticketing platform handling over half a million tickets annually shifting to blockchain technology is a significant advancement in the practical application of this technology. It’s only a matter of time before ticket sales become exclusively on-chain. This transition brings several benefits, such as improved interoperability, direct connections between event organizers and buyers, hassle-free promotions, and the assurance of authentic secondary sales,” Avery Ching, CTO and co-founder of Aptos Labs, explained.
KYD Labs will enable LPR to harness the advantages of blockchain technology, enhancing the ticketing process for spectators. Artists, in turn, will significantly benefit from Aptos’s technology, enabling them to foster deeper connections with their fans through on-chain initiatives.
Going on-chain removes challenges and barriers associated with legacy ticketing systems.
In summary, LPR intends to utilize Aptos not just for tracking secondary market ticket sales but also to establish a clear system for managing its rewards programs, pricing structures, and reservation fees through this partnership.
The historic music venue Le Poisson Rouge in New York opened its doors in 2008. Over the years, it has become a significant landmark in the city’s music scene. On the other hand, Aptos is a newly launched Layer-1 blockchain that became operational in October 2022. It prides itself on delivering a scalable network with relatively low transaction costs.
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2024-07-16 22:08