Today I’m introducing you to GET Protocol. GET Protocol offers a smart ticketing solution that uses blockchain technology. These smart tickets can be issued by anyone that is looking for a better and more transparent way to sell tickets. What a time to find this gem at a low market cap!
GET Protocol
Watch this video for a brief introduction:
The roadmap dates back to 2016, where the MVP came to live. GET Protocol is currently at a point where it’s already fully operational! That being said, GUTS Tickets is the first commercial company to implement this solution. Over 500,000 tickets have been sold so far, to over 200,000 unique wallet holders.
While you would expect a ticketing project to suffer during the COVID pandemic, 2020 has actually been a year of huge international expansion for GET. Starting with the launch of a Seoul-based joint venture, getTicket, and quickly following up with other ticketing integrators in Italy and Germany. More integrations are expected, which can significantly boost ticket numbers in the near future.
Last month alone, GET handled close to 50,000 state changes and more than 400 new events went on sale. You can check out their fan-made data site here.
Summarized, these are the core benefits GET Protocol lists for their smart ticketing solution:
- Event organizers have complete control over the sale and resale between ticket holders.
- Every smart ticket is unique, making fraud impossible (meaning fans are also protected from malicious third parties)
- The protocol will be made open-source
- DeFi investment module to go live in 2021, enabling organizers to sell ticket inventory in advance by tokenising future tickets in an NFT.
Event Examples
As said, GUTS Tickets has already sold tons of tickets through the protocol. GUTS Tickets offers a convenient mobile app that can be used to easily manage your tickets.
There’s various successful examples to share, I’ll highlight a few of them:
- Jochem Myjer. A Dutch comedian, sold out a nation-wide show using GUTS. Not a single ticket was resold, and Decrypt wrote an interesting article about this.
- More recently during lockdown, more and more live-streamed shows were ticketed. One of these shows was for the rockband DI-RECT, which pulled in more than 10,000 (paying) spectators.
- Quite a noteworthy mention is the fact that GUTS holds the record for the largest blockchain-ticketed show, which was obtained by selling tickets for stadium concerts of Guus Meeuwis, called ‘the Dutch Bruce Springsteen’ by GUTS CEO Maarten Bloemers.
Check out the smart stamp at: https://miro.medium.com/max/540/1*NHLntH5HJIiUzhc6C5my6w.gif
Roadmap
The team provides updates through Medium on a monthly basis, and the roadmap is an everlasting working document. Meaning the team is working hard on improving the project on all sides of things.
That being said, they recently introduced ‘liquidity mining’ in which liquidity providers on Uniswap receive additional GET rewards (and other extras). On top of that,
For the latest update, please see: https://medium.com/get-protocol/get-update-september-20-non-fungible-tickets-569e448b957
GET (Token)
Most details about GET can be found on their token overview page: https://get-protocol.io/token/.
GET is used throughout the protocol, meaning ticket organizers and ticket holders need GET to pay for transactions. After an event cycle completes, all tickets are validated and processed. In this process, a number of GET gets burned automatically, which reduces the token supply. With Q3 coming to an end, it will soon be announced how much GET gets burned this quarter.
Event organizers receive the costs up front, meaning they know exactly how much GET they will need to fuel their frictionless ticketing experience.
GET is already trading on various exchanges including Uniswap, HotBit and Bitcoin Meester.
The Team
GET Protocol is registered in the Netherlands. That being said, most of the team members are Dutch. That being said, chances are many of the Dutchies here have seen the team members around on events or throughout social media. Those of you from other countries have most likely not heard of the team members before.
A full overview can be found at: https://get-protocol.io/about.
What do I think about GET Protocol?
Those who’ve read my posts know that I typically only write about projects I’m positive about. I’ve been following GET Protocol for probably almost two years now. I’ve met the team at various events in the Netherlands throughout the past two years and I’ve always been positive about their presentations, communication and product.
I’m currently holding a small amount of GET. I’d like to increase my holdings in the (near) future. However, I’m currently still wary of increasing my altcoin bag at the moment. I’d recommend anyone to do their own research and decide for yourself if you’d like to add GET to your portfolio. This is one of these tokens where I buy and hold, rather than trade or look for a quick flip.
This post is for informative purposes only, I’m not a financial advisor and I currently have a position in GET. I am not planning to change this position within the next 48 hours. I have not been paid for this post, this post is out of personal interest.
