Nikolas Sargeant
UTIX, the blockchain-based e-ticketing platform that provides event organizers across the globe with the ability to sell online tickets, announced on Tuesday that its native $UTIX cryptocurrency reward token will be available to buy and sell on the BitMart exchange from October 31.
The UTIX platform is a software-as-a-service offering that provides comprehensive and highly customizable e-ticketing solutions to event organizers. Its app on the Ethereum blockchain allows it to leverage smart contracts to monitor and control the sale of tickets via its e-ticketing ecosystem. UTIX generates revenue by charging small fees on each ticket sold, meaning its platform is completely free for event organizers to use.
In a press release shared with Cryptowisser, the team said the primary purpose of the $UTX ERC-20 loyalty token is to reward consumers for their continuous use of the UTIX platform and encourage them to come back again and again.
Earning $UTX tokens when users purchase e-tickets via UTIX will enable them to obtain discounts on future events listed on the platform. As such, $UTX loyalty rewards give event organizers a compelling incentive that entices users to purchase tickets for their events. UTIX has also registered its Whitepaper with the MFSA (Malta Financial Services Authority) and became one of only 3 digital assets in the world with this level of regulation.
By leveraging the UTIX platform, event organizers have a seamless way to implement smart contracts that control numerous variables pertaining to each ticket sold.
Furthermore, the platform enables sellers to control the secondary market price for e-ticket sales, preventing touts from buying up multiple tickets and passing them on at a huge markup.
By using blockchain technology, UTIX helps to combat fraud by minimizing the possibility of counterfeit tickets being sold.
UTIX’s features are contained within a simple user interface. Hence, ensuring that neither the event organizers nor end users will be aware they’re interacting with a blockchain platform. In this way, it provides all of the benefits of a blockchain-based ticketing platform without any of the complexity.
Listing the $UTX token on BitMart represents a big milestone for the team as it increases the token’s utility. The listing also makes it easier for users to cash in on their loyalty rewards.
While commenting on this latest development, Max Mayhew, Managing Director of UTIX, said,
“We’re thrilled to announce the first listing of our $UTX token, which holds the distinction of being 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.”
A BitMart representative added that,
“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 a transformative one that showcases yet another promising use case for blockchain. With $UTIX now available to trade on our platform, it’s a project that’s rapidly approaching maturity.”
BitMart is a leading global digital asset trading platform that counts more than 2 million users worldwide. Ranked as one of the world’s top cryptocurrency exchanges in both user count and trading volume, it will add support for $UTX/$USDT and $UTX/$BTC trading pairs on Oct. 31, providing greater exposure to the UTIX ecosystem.
UTIX is a blockchain-based online e-ticketing platform that enables event organizers across the world to sell online tickets with minimal hassle and greater control. Powered by Ethereum, UTIX aims to eliminate the efficiencies associated with legacy e-ticketing platforms through the use of smart contracts.
