Venture Capital Firm A16Z Crypto led a $ 7 million seed seed for KYD Labs, a blockchain -based platform aimed at giving artists and areas control over ticket sales, fan data, and income.
The investment is coming as KYD looks to expand its existence in the live event space, showing success in iconic areas such as New York’s Le Poisson Rouge (LPR), the company said in a press release.
Founded by Ahmed Nimale, a former product manager on the ticketmaster, and David Barrick, creator of ad-tech platform Flipmass, KYD Labs is looking to address long-awaited issues: lost artists and places.
Usually, artists and areas are losing revenue as the second sales and ticket platform controls customer data. Kyd aims to change that by offering places directly accessing fan views and income streams.
“We have built KYD, which means ‘keep your distribution,’ to ensure that there is no artist or place to ask for something that they deserve,” says Nimale, who is a Speaker at CoinDesk’s Consensus 2025 in Toronto.
Blockchain -based efficiency
Kyd’s platform, built in Solana, offers a streamlined ticket purchase experience. Fans can buy tickets in under 30 seconds with only one phone number, by aspiring the complexity of the crypto wallet.
Areas are seeing the interaction and income increased -LPR reports a 30% increase in ticket sales and millions -million to further income from the KYD system adoption.
“Since KYD’s tools are adopted, we have doubled our return to investment and significantly improve the overall efficiency,” said Shannon Wiles, LPR Marketing director.
The platform also plans to roll out two new protocol layers: the $ KYD token to provide capital for places and tours, and the $ tix reward token to be incentive to the fan’s loyalty, which works similar to plane miles. These features are designed to strengthen financial stability for artists and areas while provoking community relationships.
Expansion
KYD processes $ 4 million in ticket sales and earns more than $ 1 million income within last year. It plans to expand more than 100 US areas by 2026 and later aims to power the live commerce of the event in Major Arenas worldwide.
By stealing the blockchain for sale, the KYD Labs positions itself as a modern alternative to traditional giant tickets, promising more autonomy for creators and a better experience for fans.
Divinity: The parts of this article were formed with the help from the AI tools and our editorial team reviewed to ensure accuracy and compliance with our standards. For more information, see CoinDesk whole You have a polycy.
