Ship or Die at Accelerate 2025: The Golden Ticket

Michael Saunders, founder of XP, unveils a groundbreaking blockchain-based ticketing platform that promises to revolutionize the event industry. By leveraging Solana's technology, XP aims to eliminate middlemen, reduce fees, and enable trustless peer-to-peer ticket exchanges, potentially disrupting giants like StubHub and Ticketmaster.

Summary

Michael Saunders, the founder of XP and former Grubhub executive, presents a solution to common ticketing problems using blockchain technology. He recounts a personal experience that highlights the frustrations of buying and selling event tickets, emphasizing the need for a more efficient and trustworthy system.

XP, a Solana-based ticketing platform, offers access to 50 million tickets nationwide at prices 20-30% cheaper than traditional platforms. The company's new feature, set to launch soon, will enable peer-to-peer ticket swaps, allowing fans to sell their tickets safely and securely without the need for intermediaries.

Saunders demonstrates how XP's smart contract-based system works, showing how it creates a trustless environment for ticket exchanges. This innovative approach aims to solve issues such as high fees, potential scams, and the lack of immediate ticket transfers that plague the current ticketing industry.

The presentation concludes with the announcement of a recent funding round, signaling XP's readiness to scale and challenge the established players in the ticketing market.

Key Points:

The Problem with Current Ticketing Systems

Michael Saunders begins by highlighting the issues with existing ticketing platforms. He shares a personal anecdote about purchasing Olivia Rodrigo tickets for his daughters, only to realize he bought them for the wrong date. This situation exposed him to the two main problems in the current ticketing ecosystem: high fees and potential scams.

When trying to resell tickets, users face a significant price spread on platforms like StubHub or SeatGeek, often losing 35-40% of the ticket's value. Alternatively, attempting to sell tickets through social media exposes users to potential scams, with no guarantee of secure transactions. These issues underscore the need for a more efficient and trustworthy ticketing system.

XP's Blockchain-Based Solution

XP leverages blockchain technology, specifically on the Solana network, to address the shortcomings of traditional ticketing platforms. The company's platform, accessible at XP.tickets, currently offers 50 million tickets nationwide for various events, including sports games and concerts. By cutting out middlemen, XP can offer these tickets at prices 20-30% cheaper than competitors.

While XP supports payments in USDC and allows users to log in with Solana wallets, it's designed to be user-friendly for "normies" who may not be familiar with blockchain technology. The platform's main selling point is providing better, cheaper tickets without hidden fees, making it attractive to a wide range of consumers.

Peer-to-Peer Ticket Swapping

The most exciting feature of XP, set to launch soon, is the ability for fans to engage in peer-to-peer ticket swaps. This functionality addresses the initial problem Saunders faced when trying to resell his daughters' concert tickets. The system uses smart contracts to create a trustless environment where fans can safely and securely exchange tickets without intermediaries.

Saunders provides a demo of how this process works: A seller initializes a smart contract with their ticket information, generates a link, and a buyer can then lock in the purchase by depositing USDC into the contract. Once the seller transfers the ticket (which still requires exiting to Ticketmaster for venue access), the transaction is completed. This system eliminates the need for trust between parties and avoids the high fees associated with traditional resale platforms.

XP's Growth and Future Plans

XP recently announced a round of funding, signaling its readiness to scale and challenge established players in the ticketing industry. The company is actively hiring and looking to expand its operations. By addressing the pain points in the current ticketing process, XP aims to disrupt the industry and provide a more efficient, cost-effective solution for event-goers.

Facts + Figures

• XP won first place in the payments track at the 2023 Grizzlython
• XP.tickets currently offers 50 million tickets available nationwide
• Tickets on XP are 20-30% cheaper than on traditional platforms like StubHub
• The price spread for reselling tickets on platforms like StubHub or SeatGeek can be 35-40%
• XP's peer-to-peer ticket swap feature uses smart contracts on the Solana blockchain
• The platform supports payments in USDC and allows login with Solana wallets
• XP recently announced a new round of funding to accelerate growth
• The company is actively hiring to expand its team

Top quotes

1. "Blockchain's supposed to be built for trust. And really, that's what we're trying to solve here."
2. "We've ended up getting the same inventory that you're going to find on a StubHub from the same set of brokers, but we're able to offer it at a 20 to 30% cheaper price."
3. "Most normies don't really want to know Solana. They just want to get better, cheaper tickets without all the BS, without all the hidden fees."
4. "We really allow two people without knowing each other to connect directly and trustlessly trade tickets, and we think this one's a game changer."
5. "We're hiring, and they're ready to take on all those evils of the ticketing process that I'm sure you all know and don't love."

Questions Answered

What is XP and how does it aim to revolutionize the ticketing industry?

XP is a blockchain-based ticketing platform founded by Michael Saunders. It aims to revolutionize the ticketing industry by leveraging Solana's blockchain technology to eliminate middlemen, reduce fees, and enable trustless peer-to-peer ticket exchanges. The platform offers tickets at 20-30% cheaper prices than traditional platforms and is developing a feature for safe and secure fan-to-fan ticket swaps.

How does XP's peer-to-peer ticket swapping feature work?

XP's peer-to-peer ticket swapping feature uses smart contracts on the Solana blockchain. A seller initializes a smart contract with their ticket information and generates a link. The buyer can then lock in the purchase by depositing USDC into the contract. Once the seller transfers the ticket, the transaction is completed. This system creates a trustless environment for ticket exchanges without the need for intermediaries.

What advantages does XP offer over traditional ticketing platforms?

XP offers several advantages over traditional ticketing platforms. It provides access to 50 million tickets nationwide at prices 20-30% cheaper than competitors. The platform reduces hidden fees and offers a more secure way to buy and sell tickets. Additionally, XP's upcoming peer-to-peer swapping feature will allow fans to safely exchange tickets without the risks associated with social media transactions or the high fees of resale platforms.

How does XP make blockchain technology accessible to non-crypto users?

While XP is built on blockchain technology and supports payments in USDC and Solana wallet logins, it's designed to be user-friendly for "normies" who may not be familiar with blockchain. The platform focuses on providing better, cheaper tickets without requiring users to understand the underlying technology. This approach makes the benefits of blockchain accessible to a wider audience in the ticketing industry.

What recent developments has XP announced?

XP recently announced a new round of funding, which will be used to accelerate the company's growth and development. This funding will help XP scale its operations and challenge established players in the ticketing industry. The company is also actively hiring to expand its team and further develop its innovative ticketing solutions.