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*obligatory not financial advice*
What is the GET Protocol?
GET Protocol has recently gained a lot of popularity and many of its fans believe it will likely grow more than 10 times in value within a few years. It allows event organisers to create tickets as NFTs, or Smart Tickets, that can be used to prevent counterfeit ticketing and to reward true fans. GET runs currently one the Polygon second layer blockchain for Ethereum, but it is blockchain agnostic and could launch on different chains too.
The main idea is rather easy: Each ticket exists only once on a blockchain, so you can confirm if a ticket is real by checking the GET explorer. If you don't have it in your wallet, then you don't have a ticket. It is much more difficult to counterfeit or steal tickets. Another advantage is that event organizers that are creating the tickets have some control over the secondary market and can earn royalties from trades there instead of losing money to third parties.
Fans can also easily resell their ticket if they can't go to the event and they can keep their NFT ticket in their wallet as a collectable and trade them even after the event is over. Keeping all tickets stored on your wallet makes it easy to collect good memories at one place. Also, some tickets could become valuable collectables, imagine you would have gone to a Freddie Mercury concert and kept the ticket, there are definitely crazy fans that would buy it for thousands of dollars now. Another great feature is that performers and organizers could reward their biggest fans by dropping tokens or codes, that allow them to by some of their products at a discount, to any wallet holding a NFT ticket, which can give a ticket more utility and value even after its event is over.
GET isn't only a proof of concept or an idea, like many cryptocurrencies with a higher market cap, but an actual working product that is already being used in multiple countries, mostly in the Netherlands.
The GET Token
uaranteed oken is the native utility token of the protocol. It is an ERC-20 standard token of the Ethereum blockchain. It is used to pay for fees on the protocol. Each time a Smart Ticket is bought, scanned or send you need to pay GET fees, like you have to pay gas fees on Ethereum. When you buy a ticket you could also receive a small amount of GET, which you could use at the event to buy things like food or merchandise. To prevent sudden volatility during an event it is decided before the event what and how much you can buy with GET tokens, its value for the event doesn't change during the event.
One unique thing about the token is that it actually has a bottom line for its value. GET cannot have less value than $0.50. That is because there is a stability fund that is automatically trying to keep 14% of the supply, so that event organizers always have a place where they can buy enough GET, and this fund is buying GET from the open market for at least $0.50. This doesn't put a limit to how high the GET price can go, only to how low it can fall.
There is a total max supply of 33 million GET and no new tokens are being minted. The protocol fees are being burned, which means that the token is deflationary and it is believed that the total number of GET in circulation will be cut in half before the end of 2022. Since demand for the token will increase with more adoption, while its supply decreases, its value has insane growth potential.
One problem of GET is that event organizers must invest a lot of money into its token upfront in order to be able to use the protocol at their events. This is a problem because we are still in a pandemic, even though we are slowly returning to normality all over the world, there will be little need for uniting crypto with ticketing. But even after we are completely back to normal, many event organisers would likely not be financial stable enough to invest into new tech. And they would likely make some profits from all the people that are sick from sitting at home anyway, so they will have no need to take any risks here. However, the GET protocol does have many partnerships already and it seems to grow further.
I am sure that NFT tickets will become a thing soon but maybe we will not need a GET token for that, there could be other alternatives soon, Chiliz for example wants to make it possible to buy tickets for sport events with their CHZ token. Still GET is specialized in NFT tickets and is the leader in that sector right now and with its small market cap is has lots of room to grow. It’s definitely a better moon-shot than SHIB and it has a good chance to multiply its value in the coming years.
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