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Consensus Toronto 2025 Coverage
By Aoyon Ashraf, AI Boost|Edited by Benjamin Schiller
May 15, 2025, 1:00 p.m.
- Venture capital firm a16z Crypto has led a $7 million seed round for KYD Labs, a blockchain-based ticketing platform.
- KYD Labs aims to give artists and venues control over ticket sales, fan data, and revenue, addressing issues of lost revenues.
- The platform, built on Solana, allows fans to purchase tickets quickly and plans to expand to over 100 U.S. venues by 2026.
Venture capital firm a16z Crypto has led a $7 million seed round for KYD Labs, a blockchain-based ticketing platform aimed at giving artists and venues control over ticket sales, fan data, and revenue.
The investment comes as KYD looks to expand its presence in the live event space, already showing success at iconic venues like New York’s Le Poisson Rouge (LPR), the firm said in a press release.
STORY CONTINUES BELOW
Founded by Ahmed Nimale, a former product manager at Ticketmaster, and David Barrick, creator of the ad-tech platform Flipmass, KYD Labs is looking to address long-standing issues in ticketing: lost revenues by artists and venues.
Typically, artists and venues lose out on revenue as secondary sales and ticket platforms control customer data. KYD aims to change that by offering venues direct access to fan insights and revenue streams.
“We built KYD, which stands for ‘Keep Your Distribution,’ to make sure no artist or venue ever has to ask again for something that is rightfully theirs,” said Nimale, who is a speaker at CoinDesk’s Consensus 2025 in Toronto.
KYD’s platform, built on Solana, offers a streamlined ticket-buying experience. Fans can purchase tickets in under 30 seconds with just a phone number, bypassing crypto wallet complexities.
Venues see increased engagement and revenue—LPR reported a 30% rise in ticket sales and millions in additional income since adopting KYD’s system.
“Since adopting KYD’s tools, we’ve been able to double our return on investment and significantly improve overall efficiency,” said Shannon Wiles, Marketing Director at LPR.
The platform also plans to roll out two new protocol layers: the $KYD token to provide capital for venues and tours, and the $TIX reward token to incentivize fan loyalty, functioning similarly to airline miles. These features are designed to strengthen financial stability for artists and venues while fostering community engagement.
KYD has processed $4 million in ticket sales and earned over $1 million in revenue within the past year. It plans to expand to more than 100 U.S. venues by 2026 and eventually aims to power live event commerce at major arenas worldwide.
By leveraging blockchain for ticketing, KYD Labs is positioning itself as a modern alternative to traditional ticketing giants, promising greater autonomy for creators and a smoother experience for fans.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
Aoyon Ashraf is CoinDesk’s Head of Americas. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ADA, SOL, ATOM and some other altcoins that are below CoinDesk’s disclosure threshold of $1,000.
“AI Boost” indicates a generative text tool, typically an AI chatbot, contributed to the article. In each and every case, the article was edited, fact-checked and published by a human. Read more about CoinDesk’s AI Policy.
