In this review, we’re taking a look at UTIX, a blockchain-powered e-ticketing platform with a goal to remove some of the inefficiencies characteristic of the traditional e-ticketing market and streamline processes involved in event organizing.
More specifically, we’re taking a look at what UTIX is precisely, how it works, and who can benefit from it. Along the way, we’ll consider some pros and cons of the platform and see what its future API might have to offer to those looking to implement similar solutions on their own backend.
About UTIX
What is UTIX?
Brief History of UTIX
UTIX was founded in 2019 by Maxwell Mayhew, an industrial economy major from London who sought a blockchain solution to prevent scalpers from buying and reselling tickets online. By that time, Mayhew had founded one e-ticketing company (ClubCo) and gained some experience working with Web3 event-organizing platforms, so he had a clear idea of some of the challenges event organizers had to tackle when creating a feasibility study and proof of concept.
Once Mayhew’s idea had crystallized, the company went for an initial round of investment. Soon, the team applied to become a virtual financial asset (VSA) to avoid any issues operating as an e-ticketing platform in Europe. Since then, the company has raised around $4 million through various investments and found its way to some 120 event organizers as their go-to e-ticketing platform (including, for example, Bitget).
How Does UTIX Work?
The UTIX business model rests on business-to-business (B2B) and business-to-customer (B2C) value propositions:
- B2B: The UTIX B2B business model relies on a scalable Software as a Service (SaaS) blockchain solution that enables event organizers to sell tickets more safely by utilizing blockchain technology. That is, users can access the blockchain network via iOS and Android applications and gain access to comprehensive network analytics, which can allow them to sell tickets more efficiently and ensure each ticket is unique and in the hands of the buyer who really needs them, not scalpers or bots.
- B2C: On the other hand, the buyer can rest assured their tickets are authentic, sold legally, and not subject to price inflation. Moreover, UTIX is developing API solutions for customers to create their own blockchain-based e-ticketing solutions.
It must be noted that the UTIX business model is somewhat of a hybrid. That is, the platform relies in part on parallel databases, which helps it avoid the limitations of blockchain technologies.
For example, one of the downsides of purely blockchain- and smart-contract-based solutions is that scalability comes at the cost of decentralization, which defeats the purpose of using a blockchain in the first place. This is because a large group of incentivized, security-conscious users is necessary for the network to become scalable, which is not always possible for smaller-scale projects that are the target audience of UTIX.
UTIX Loyalty Token
UTIX has its proprietary Ethereum-based virtual financial asset called the UTIX Loyalty Token. The chief purpose of the token is to incentivize the user to invest in it and return to the platform, as well as to reward them for doing so by offering them discounts on future events listed on the UTIX website.
The capital raised by token sales will allow UTIX to scale to the enterprise level and allow the company to hire sales, marketing, and customer support teams in order to ensure the further success of the platform.
Those who can benefit from the platform include:
- Event organizers;
- Event visitors;
- Developers who are working on similar blockchain-powered e-ticketing platforms.
Products and Services Offered by UTIX
UTIX offers three main services:
- Ticket creation;
- Ticket purchasing;
- API solutions for third-party developers (upcoming).
1. Ticket Creation
The most important service offered by UTIX is even ticket creation. When creating tickets, event organizers have control of a number of parameters, including (but not limited to):
- The name of the ticket;
- Number of tickets available;
- Ticket price;
- Release date;
- Refundability status;
- Etc.
Event organizers can also choose to allow or disallow the transfer of tickets between different users. In addition, the platform allows for already purchased but no longer needed tickets to be re-listed on the website if the client should desire so.
For tickets to be redistributed and exchanged among users, they both need to be registered and verified on the platform. This is necessary to counter scalping and counterfeiting. Moreover, the tickets are transferred only once the payment has been processed.
2. Ticket Purchasing
While event organizers can create tickets, end-users can buy and, if they choose to, sell their tickets by having them re-listed on the website. Moreover, if the event organizer allows for it, the user can add a premium to the ticket price, that is, sell it at a higher price.
3. APIs
UTIX is developing a user-friendly e-ticketing API to facilitate white-labeling. That is, it seeks to allow businesses to incorporate UTIX solutions into their existing e-ticketing eco-systems.
The API aims at a high degree of flexibility and customization, allowing for smooth integration with various platforms (websites, apps, etc.). Moreover, it will allow businesses to experiment with their own unique ticket designs, ensuring their unique brands remain recognizable.
The UTIX API will feature an array of functionalities, such as:
- Ticket transfers;
- Resales;
- Data analytics;
- Etc.
Pricing
UTIX is completely free to use for all event organizers and does not demand any upfront payments. Instead, the platform generates income by applying small fees (7.5%) to each ticket bought by the end consumer.
How to Get Started
To register as an event organizer, you’ll have to have a registered company operating in the sector. Registering as a user and purchasing tickets is quite straightforward, and it takes only a few steps:
Step 1
First, head to the UTIX webpage and click on the My Account button in the upper right corner. Then, select Register from the drop-down menu (as shown below):
Step 2
Next, enter all the necessary information to fill in the required fields (as shown below):
Step 3
Once you’ve made your account, head over to the website. Then, click on My Account (as in step 1), choose Settings from the drop-down menu, scroll all the way down to the verification panel, and click on the Get verified button (as shown below):
Step 4
Finally, you can upload proof-of-ID documents by clicking on the Upload document button and submit your account for verification (as shown below):
Why Do Users Choose UTIX?
One of the key selling points of UTIX is the company’s focus on smaller-scale events. This makes the UTIX model attractive because the market is disproportionally oriented towards larger projects and since it’s somewhat monopolized by a handful of e-ticketing services (such as Ticketmaster and Eventbrite) that often do not offer event-organizing solutions for users with more niche ideas.
Moreover, the company has assured the public that it is willing to work with the user to implement additional functionalities tailored specifically for their events. This can be an interesting addition to the upcoming UTIX API functionalities, which will allow users to create their own e-ticketing solutions and implement them on their websites.
In addition, a lot of users welcome blockchain-based solutions. Certainly, Web2 developers can create solutions similar to what blockchain offers. However, such operations typically require multiple apps working in unison. In contrast, a blockchain solution, in theory, allows for validation, tracking, and price control within a single app.
Is UTIX safe?
Yes, UTIX is a relatively safe platform: it is registered under the laws of Malta, and its company registration number is C 102405 a.
The company also puts a lot of emphasis on digital security. Namely, each user must go through a thorough registration and verification process that includes validating their phone number, email, and ID. As a result, the platform is capable of minimizing fraud and the number of discredited accounts.
Those registering on the platform have the choice of signing up as event organizers or users. When users register on the platform, they automatically receive a newly generated UTIX Ticket NFT Wallet and a UTIX Loyalty Token Wallet. This ensures the UTIX Loyalty Tokens can flow more freely through the protocol and that users can have first-party safety insurance.
Further, UTIX Loyalty Token wallets make use of keystore files, but the company does not keep user password data. Consequently, the platform cannot recover user data if their passwords are lost or forgotten. While this might deter some users, it ensures that user wallets can remain uncompromised in the event of a cyber attack.
Moreover, UTIX ensures users that it has only one master wallet that retains full control of all Utility Token contracts. The key to the master wallet is stored in an encrypted cold wallet system and cannot be accessed only by authorized parties.
UTIX pros and cons
Pros
- UTIX can be used for free by all sorts of event organizers;
- The platform is available on mobile (iOS and Android);
- Targeted towards small-scale projects;
- The company is open to developing new solutions and implementing additional functionalities to their platform should the user have the need for them;
- The upcoming UTIX API will allow users to integrate similar blockchain solutions within their own platforms;
- The company has been approved by the Malta Financial Services Authority (MFSA) to become a Virtual Financial Asset (VFA);
- Huge emphasis on security;
- Good customer support.
Cons
- A lot of users are still skeptical of blockchain technology;
- Blockchain transactions can be a bit slow;
- The website could use some additional, more clearly laid out information in regard to the AP;
UTIX’s Community and Support Channels
Most of the necessary information regarding UTIX and its e-ticketing solutions can be found on the company’s website and social media platforms listed below. In addition, users are encouraged to read the company’s whitepaper to get more insight into the mechanisms behind the project.
Website: https://www.utix.io
UTIX social media platforms:
Instagram: https://www.instagram.com/utix.us/?hl=en
Facebook: https://www.facebook.com/UTIX.IO/
Twitter: https://twitter.com/utix_us
LinkedIn: https://www.linkedin.com/company/utix-ticketing/
YouTube: https://www.youtube.com/@utixio3183
Final thoughts
Even though we tend to associate it with the crypto sphere, blockchain technology is becoming more and more mainstream, having uses in all sorts of industries, for example, online banking, medical data logging, etc. With UTIX, it is making its way into the e-ticketing market as well.
UTIX has the advantage of being one of the first companies to focus on event organizing and all the ways blockchain solutions can streamline some of the common challenges faced by those in the business. However, its chief appeal rests not in its pioneering idea. It lies on its insistence on bespoken business models that promise new functionality implementation based on the user’s specific needs, as well as on its focus on smaller-scale projects often left out by e-ticketing platforms.
How much of an impact is the UTIX model going to have on e-ticketing and event organizing? Making any accurate predictions is still too difficult. After all, we’re talking about somewhat of a niche sector, and since copious user reviews are still lacking. Still, the roadmap for the future looks promising, and many event organizers are most likely to welcome some UTIX policies, such as their insistence that no upfront payments are necessary, not even in the shape of their utility token.
Risk Disclosure and Disclaimer: The information provided in this review should not be regarded as an explicit endorsement of any of the mentioned services, and Finbold is responsible for neither good nor bad experiences when using the platform.
Frequently Asked Questions on UTIX
What is UTIX?
UTIX is a blockchain-powered e-ticketing platform that lets users streamline some of the processes involved in event organizing by preventing scalping, counterfeiting, and other malpractices.
Who can use UTIX?
UTIX is available for all event organizers, no matter the scope of their project and their experience levels. Moreover, UTIX services can be tried for free.
What does UTIX offer?
UTIX offers blockchain-based e-ticketing solutions and APIs for developers looking to create similar applications and implement them on their own platforms.
Is UTIX free?
Yes, UTIX is free for event organizers to use.
