UTIX, the blockchain-based e-ticketing platform that provides event organizers across the globe with the ability to sell online tickets, has announced 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 built atop of the Ethereum blockchain network, which enables it to utilize 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.
The main 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. By earning $UTX every time they purchase e-tickets via UTIX, users can obtain discounts on future events listed on the platform. In this way, $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.
With the UTIX platform, event organizers have a seamless way to implement smart contracts that control numerous variables pertaining to each ticket sold. In addition to its ease of use, the UTIX platform allows 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. And because it leverages blockchains immutability, UTIX helps to combat fraud by minimizing the possibility of counterfeit tickets being sold.
Most importantly, the capabilities of UTIX are wrapped around a simple user interface, meaning that neither the event organizers nor end users will be aware theyre 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.
The listing of $UTX on BitMart is a big milestone that increases the tokens utility, enabling users to cash in on their loyalty rewards, in addition to using them for discounted tickets. The event is also expected to garner more publicity for the UTIX platform.
Were thrilled to announce the first listing of our $UTX token, which holds the distinction of being the worlds 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 $UTIXs novel utility. BitMarts massive user base will bring more liquidity to the market and greater value to our community, said Max Mayhew, Managing Director of UTIX.
BitMart is a leading global digital asset trading platform that counts more than 2 million users worldwide. Ranked as one of the worlds 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.
BitMart is proud to become the first major global cryptocurrency exchange to list the $UTX loyalty rewards token. UTIXs 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, its a project thats rapidly approaching maturity, said a BitMart representative in a statement.
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.
Users and event organizers will be unaware they are using the blockchain, yet by harnessing its unique capabilities, UTIX allows full control of event-specific variables that would otherwise be impossible. In addition to eliminating the threat of counterfeits, UTIX provides a way to set the secondary market price for e-tickets, permanently solving the problem of ticket touts who routinely try to sell tickets at a massive markup.
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