Dan Teree is teaming up with blockchain and business professionals to create a blockchain-powered ticketing platform. Teree, a veteran of companies like TicketWeb, TicketMaster, and Ticketfly, is aiming to leverage blockchain technology to provide a robust platform for selling tickets and expand into other similar digital goods such as virtual tokens, loyalty points, and video game coins. One of the primary aims of the project is to ensure equitable value creation in the virtual goods marketplace. The proposed project called Tari is going to be built on the Monero blockchain.
Tari is a blockchain-powered project that is set to revolutionize the ticketing industry. The platform will not only sell tickets but use the technology behind cryptos to track the movement of those tickets. Tari will also have its own cryptocurrency called “Tari tokens” as part of its operation. The Tari project will also be implemented in other markets such as virtual goods, concert passes, and video game tokens. According to Teree, Tari is being designed to be a secondary marketplace for previously untradeable virtual assets. The Tari project is yet another example of how the blockchain can be used to monetize an asset.
Teree is joined by stellar names like Naveen Jain and Riccardo Spagni. Jain will function as the startup’s CEO. He is a veteran angel investor who has supported over 40 startups companies. Jain also founded Sparkart in 1999, a popular online retail store that attracted patronage from many celebrities. Jain has close ties with bigwigs in the music industry, a relationship that could prove particularly profitable for the Tari project.
Riccardo Spagni aka “fluffypony” will function as the chief technology officer of the project. He is currently the lead developer at Monero, a popular cryptocurrency with a strong focus on privacy. Spagni will combine his duties at Monero with his job of building Tari as a sidechain on the Monero blockchain network. By building on an already established blockchain like Monero, the Tari team hopes to take advantage of the robust security framework available.
According to Spagni, the project plans to adopt a 30-year vesting schedule that will see a small percentage of the total Tari token supply shared among the founders over the 30 years. Vesting schedules are an essential part of the cryptocurrency project evaluation process as they project the seriousness of the project team. As a trade-off for the extended vesting schedule, the tokens will be immediately liquid upon release.
The Tari project has attracted significant backing from mainstream venture capital firms as well as cryptocurrency investment funds. VC companies like Trinity Ventures, DRW Ventures, and Canaan Partners as well as crypto investment funds like Pantera Capital and Blockchain Capital have invested in the project. John Pleasants, the former CEO of Ticketmaster and a veteran of EA, Disney, and Samsung has offered his endorsement for the project. According to Pleasants, Tari can put a stop to the occurrence of lost revenues in the entertainment market by revamping the ticket sale and resale process.