Overview
Venture capital firm a16z Crypto has spearheaded a $7 million seed investment into KYD Labs, a blockchain-based ticketing platform. The goal is to empower artists and venues to manage their ticket sales, fan data, and revenue more effectively in light of historic revenue losses in the live event industry.
Key Developments
- KYD Labs plans to enhance its footprint in the live events sector, having made progress at the acclaimed Le Poisson Rouge in New York.
- Founded by Ahmed Nimale, a previous product manager at Ticketmaster, alongside David Barrick of Flipmass fame, KYD aims to tackle issues regarding revenue losses from secondary sales and ticket platforms, which typically withhold customer data.
“We built KYD, which stands for ‘Keep Your Distribution’, to ensure no artist or venue ever has to request what’s rightfully theirs,” said Ahmed Nimale, who is slated to be a speaker at CoinDesk’s Consensus 2025 in Toronto.
Efficiency Through Blockchain
The KYD platform, constructed on Solana’s blockchain, permits fans to swiftly acquire tickets within 30 seconds, simplifying the process by only requiring a phone number. Venues that have adopted KYD’s system report a significant booster in ticket sales and overall income.
“Since implementing KYD’s tools, we’ve doubled our ROI and drastically increased efficiency,” claimed Shannon Wiles, Marketing Director at Le Poisson Rouge.
The company is also set to introduce $KYD and $TIX tokens aimed at enhancing financial stability for participants in the ticketing ecosystem.
Future Prospects
Over the past year, KYD has facilitated $4 million in ticket sales and generated over $1 million in revenue. The objective is to expand to more than 100 U.S. venues by 2026 and eventually revolutionize live event commerce globally.
