XP raises $6,2 million with Solana and NFTs

• XP raises $6,2 million using Solana blockchain
• Tickets are sold as NFTs with payment in USDC
• XP Platform challenges TicketMaster with transparency and discounts

XP, a ticket resale platform built on the Solana blockchain, has completed a $6,2 million seed round. The investment was led by Blockchange, with participation from L1D and Reflexive, signaling strong venture capital interest in the use of decentralized technologies for the entertainment industry.

Using Solana's infrastructure, XP done the issuance and sale of tickets as NFTs, allowing for fast and low-cost transactions. Despite the use of crypto assets, the platform's website presents a traditional interface, with the option to pay in USDC and integration with digital wallets, without strongly highlighting aspects linked to cryptocurrencies.

XP’s proposal directly contrasts with large companies in the sector, such as TicketMaster and SeatGeek, which are often criticized for hidden fees and lack of transparency. The new regulation from the Biden administration, which prohibits the charging of undisclosed fees on ticket sales, further reinforces XP’s model, which displays final prices with all charges already included.

According to Mike Saunders, CEO of XP, the platform already generates millions of dollars in annual sales, serving thousands of customers. “XP has sold millions of dollars in annualized ticket sales to thousands of customers,” said Saunders. When asked about a possible launch of its own token, he preferred not to give a definitive answer.

Saunders has a history in the technology industry, having sold a startup to GrubHub in 2011 and led the company Blueprint before founding XP. This is his first venture into the blockchain space.

XP promises to expand its services beyond ticket sales. Among the plans is to offer users the ability to advertise and resell tickets directly on the platform.

“Fandom is deeply personal, and we believe blockchain opens up a wealth of opportunities for fans to be recognized, celebrated and rewarded,” Saunders explained. The proposal includes exclusive rewards and experiences targeted at XP community members, enhancing engagement with audiences through technology.