- UTIX is among many platforms that have successfully managed to develop a blockchain-based e-ticketing platform.
- UTIX platform had to register its Whitepaper with the Malta Finacial Services Authority before engaging BitMat Exchange.
- The Blockchain-based e-ticketing platform has raised over $4 million through several investments.
The web3 industry is renowned globally through its diversity and ability to improve several sectors. Blockchain or decentralized applications have grown significantly in penetrating industries like agriculture, insurance, and education.
Its application in NFT, Crypto, and the Metaverse has significantly affected today’s world. Blockchain is among the key technologies ushering in the first industrial revolution. Its practicability is highlighted extensively, and we have yet to explore its limits fully.
As a result, blockchain has become a widely sought-after technology when dealing with the digital market. Startups have emerged with innovative ideas on how blockchain could improve our lives. Among its numerous applications, blockchain in ticketing is a well-known concept within the community.
Through digital ownership, companies have created immutable e-ticketing systems without fear of fraud. In recent news, the UTIX platform, a blockchain-based ticketing platform, has officially announced the listing of its native token, $UTIX, in the BitMart exchange.
This new milestone only strengthens the reputation of blockchain-based applications even further.
Who is the UTIX Platform
Throughout the journey of decentralized applications and the web3 industry, great wealth is attaining digital ownership. The ability to permanently link a digital entity to a user is a feat Web2 couldn’t accomplish. This discovery led to the establishment of the NFT marketplace. A digital global market where artist from every genre can expand their horizons to new heights.
This formulated the backbone of several new enterprises amid the we3 industry. For instance, the metaverse heavily relies on digital ownership, allowing users to sell, buy, and own digital assets within the virtual world. It also led to the development of digital IDs and voting systems, which maintain the integrity of its users.
Also, read about new CBDC possibilities: Attain CAR citizenship through the Sango coin CBDC.
This would eventually lead to many blockchain-based applications, each emerging with new ways to deal with real-life issues through digital ownership. It also solved a major issue plaguing the entertainment industry: ticket distribution.
Today, blockchain tickets are a rising trend, with numerous industries eager to apply the technology.
History of UTIX
UTIX is among many platforms that have successfully managed to develop a blockchain-based e-ticketing platform. In 2019, Maxwel Mayhew, an industrial economy major, sought a permanent solution to ticket distribution for the Media Industry. His drive and zeal led him to discover blockchain technology and its plethora of functionality.
He founded ClubCo, an online e-ticketing company, and gained some experience working with event organisation platforms. There, he learned the ins and outs of the web3 community alongside the capabilities of blockchain technology. Its ability to attain digital ownership would be the spark that lit his ambitious dream.
This enables the UTIX platform to provide top-notch blockchain services, allowing its clientele to sell tickets more safely and securely. Its B2C authenticates the e-tickets, preventing any fraudulent activity within its system. In addition, it ensures that its price is unaffected by financial inflations.
As a blockchain-based e-ticketing platform, the UTIX platform has its native token, the $UTIX coin. So far, the company has raised over $4 million through several investments. Its security, integrity, and functionality have led over 120 event organizers to the blockchain network.
UTIX Platform listed in BitMart Exchange
BitMart exchange has officially announced the listing of the UTIX platform native token, $UTIX coin. According to the blockchain-based ticketing platform, its $UTIX coin will be used to reward consumers for our continuous use of the UTIX platform. Users earn this native coin by using their platform as a purchasing ticket. Through this method, the $UTIX oin can incentivise organisers to purchase more tickets.
Also, Read Crypto Coins vs Crypto Token: Are they the same?
UTIX platform had to register its Whitepaper with the Malta Financial Services Authority before engaging BitMat Exchange. This additional milestone has placed the UTIX platform among the only three exchanges with this level of complexity.
Max Mayhew, Managing Director of the UTIX platform, said, “We’re thrilled to announce the first listing of our $UTX token, which is the world’s first MFSA-regulated digital asset. As we scale UTIX to become the dominant platform in the broken e-ticketing market, the listing will increase exposure to the project and $UTIX’s novel utility. BitMart’s massive user base will bring more liquidity to the market and greater value to our community.”
BitMart Exchange is a leading digital asset trading platform with over 2 million users. A representative for the exchange said, “BitMart is proud to become the first major global cryptocurrency exchange to list the $UTX loyalty rewards token. UTIX’s mission to bring new efficiencies to the online ticketing industry is transformative, showcasing yet another promising use case for blockchain. With $UTIX now available to trade on our platform, it’s a rapidly approaching maturity project.”
Wrapping up
The UTIX platform joining the BitMart exchange highlights the significance of blockchain-based applications. Blockchain in ticketing may be a lesser contributor to the web3 community, but it showcases the true flexibility of the technology.
Digital ownership is still a concept many developers are tinkering with. Its use in NFT and government-based projects will become the building blocks to ensure the global implementation of blockchain technology.
Also, Read Brazil introduces a new blockchain-based digital identity.
