Ahmed Nimale and David Barrick announced TIX Protocol at Solana Breakpoint today.
The platform aims to provide alternative financing for live event venues and artists through decentralized liquidity pools.
TIX converts tickets into programmable onchain assets on Solana.
The protocol targets what founders describe as a $10 billion debt problem facing venues and artists globally.
What Happened
Nimale and Barrick previously founded KYD Labs, which received backing from a16z Crypto.
Both executives have backgrounds at Ticketmaster, Live Nation, and Vivid Seats.
KYD Labs serves as the first ticketing platform built on TIX infrastructure.
Over the past 12 months, KYD Labs processed more than 300,000 tickets and facilitated over $10 million in sales.
The platform originated $2 million in venue financing with zero defaults reported.
Current venue partners include Le Poisson Rouge and The Brooklyn Monarch in New York.
These venues collectively host over 1,000 shows annually for approximately 600 touring artists.
TIX will launch on Solana Mainnet in Summer 2026.
The founders stated that a token launch will accompany the mainnet deployment.
Why It Matters
The live events industry has faced mounting financial pressure in recent years.
According to the National Independent Venue Association, over 60% of independent U.S. venues operated at a loss in 2024.
Traditional ticketing companies provide upfront capital to venues but typically require long-term exclusive contracts.
Artists including Taylor Swift and Oasis have publicly criticized these arrangements.
TIX separates financing from ticketing operations through smart contracts.
Venues can access capital from multiple sources without exclusivity requirements.
The protocol automates settlement when tickets are sold, transferred, or redeemed.
"Ticketing has been treated as a consumer product problem, but the issue has always been the underlying financial structure," Barrick said.
The founders aim to have major ticketing providers adopt the TIX standard by 2029.
The protocol plans to expand beyond music venues to sports, theme parks, and other ticketed experiences.