A crypto project that deserves a lot more attention

GET protocol has issued close to 1 million NFT tickets, is used at international scale at large and is about to grow immensely

Content:

GET protocol explained
How NFT tickets will revolutionize ticketing
GET’s valuation in the (near) future
What’s coming in the short term

GET protocol is a project that’s producing a lot of revenue. Already close to 300.000 $ worth of GET tokens have been bought by ticketing companies from exchanges (and burned), because they need it as gas to process tickets (proof of this). In this blog I will try to explain why these buybacks will grow exponentially, why GET is a project that’s ethically very important and why the price is set to explode organically, irrelevant of the crypto market sentiment.

In a crypto world of meme coins being hyped, that are destined to lose all of their value, GET protocol is a project that is really changing the world for the better, through blockchain.

Just like during the dotcom bubble a company like Amazon didn’t particularly stand out. An enormous amount of people lost all of their money during that period (hence why it’s called a bubble). But people who invested in companies like Amazon or Ebay had their money go over x300–400 after the bubble.

GET protocol has been processing around 1500 tickets sold a day on average — even during covid19

GET protocol is a project that has been ignored thus far by the crypto community despite being miles ahead compared to other projects when it comes to the problem is solves, its tokenomics, the adoption it has, …

What is GET protocol?

The GET Protocol offers a blockchain-based smart ticketing solution that can be used by anybody who needs to issue tickets(NFTs) in an honest and transparent way. Any ticketing company can implement the backend through the whitelabeling process to make their tickets digital and scalpfree. And the adoption is is set to explode in the coming years as more and more people are realising what benefits NFT, digital and smart tickets bring to artists, event organisers, fans, …

To date GET has processed around 700.000 sold tickets and there are over 300.000 wallet holders. This means that over 300k people have used the GET protocol, mostly without even knowing it! That’s the beauty of GET: the ticket buyer doesn’t even know blockchain is involved. He only experiences the benefits.

Where is GET being used?

You can track all the events published on the blockchain here.

What’s the problem with the ticketing industry?

To put it in simple terms: the ticketing industry is plagued by dishonest players. Not only ticket fraud but also scalping are an enormous problem. Once a ticket sale starts bots buy up the tickets and later sell them for enormous profits. Fans are sidelined and are forced to buy tickets of their idols for a much higher price. The scalpers, not adding any value in the process, make tons of money at the expense of artists, fans, venues, event organizers, … and everybody who makes the event industry what it is.

CBC went undercover at a Las Vegas ticket scalper conference to learn more about Ticketmaster’s secret scalper program.

Read more about the scalping problem and how it effects the industry:

This is where GET offers a solution proven to work

The tickets issued on the GET protocol are registered on your phone and linked to your phone number and sim card. This means that only the person in possession of the phone also owns the ticket. Every ticket is unique and is based on a QR code that updates itself and rotates to prevent fraud and scalping.

The tickets are all registered on the blockchain as a mean of transparency and accountability. This means that fans can check ticket authenticity whenever they want. This is also where the GET token comes in play but more on that later…

How does GET Protocol prevent scalping in the secondary market?

There are multiple measures in place to prevent scalping which when combined create a robust scalp-proof system. Each ticket is linked to a phone number + device (IMEI) and has an ever changing dynamic QR code that shuffles every 5–10 seconds. The QR code on the ticket must match the QR code on the back end in order to be valid, this prevents any screenshots of an old QR code from being validated.

To showcase the secondary market, visit this example of a sold out event:

https://guts.events/knzvi8-guus-actie-final/h8fm6a

If you go to “Check Ticket Market” under a seating option, you can see the tickets offered in the secondary market. This is the only way and place to sell your ticket and the rules for re-sale are set by the event organiser. When buying a ticket from the secondary market, the seller and buyer remain anonymous to each other so that the system is safe and easy.

When combined together, these systems help keep buyers and sellers safe and make the process of the secondary market easy, there is no price manipulation and the event organiser/artist gets to control the rules of the market instead of a third party system.

It’s a waterproof system, like popular Dutch comedian Jochem Myjer tweeted recently:

Jochem showing off that not one of his tickets has been resold for a bigger price on the secondary market since he’s selling his tickets with GUTS

What benefits does GET Protocol give event organisers over traditional ticketing companies?

Besides ending ticket scalping and offering the event organisers (EO) a way to earn on every secondary market resale through royalities, GET offers many other benefits compared to traditional tickets. Here are just some examples listed by GET protocol user Tectix:

A fully digital ticketing approach offers benefits that traditonal ticketing competitors cannot or will not offer. Event organisers who use GET’s system are able to get a deep insight into who owns their tickets at every point in the event life cycle.

An EO also gets the ability to interact with event goers through the ticketing SMS system, are given a far clearer picture of demographic information for their audience and access to real-time statistics. Results from events are far easier to analyse since the flow of tickets and change of ticket states are accessible statistics, giving greater insights into how audiences use their tickets.

From a development approach, the GET Protocol team is agile with a system that is flexible and new. If a product feature can be thought of or required for specific events, then it can be added to a sprint and worked on quickly. With traditional ticketeers, legacy systems are slow to pivot towards newer technologies and ideas.

GET is currently the most adopted “smallcap”

Whereas other crypto projects like to promise to solve all world’s problems and show off with meaningless partnerships, GET is tackling a certain niche with big adoption and is actually changing the ticketing world for the better!

At the moment of writing there are 5 ticketing companies that are completely integrated in the GET protocol, and together have sold many GET-fueled tickets.

GUTS

Runs fully on the GET protocol and has grown into one of the biggest ticketing companies in the Netherlands.
https://guts.tickets

ITIX

Established in 2009 and sells 2 million tickets/year. Is fully integrated in the GET protocol and should start selling GET-fueled tickets soon.
https://www.itix.nl

getTicket

A new ticketing company in South Korea that will run fully on the GET protocol. Has a big network in Korea and deals to sell big kpop events.
http://getticket.kr

TecTix

A Germany based ticketing company that sells GET fueled tickets with a focus on the sports industry. They’re right now for example responsible for Corona testing registrations in Germany.
https://tec-tix.com

Wicket

Wicket is a ticketing company based in Italy. Despite the virus restrictions Wicket has already done many events in the wine industry.They for example ticketed the digital version of the Milano Wine festival in 2020. Before Covid19 this was a festival that atracted more than 300.000 visitors every year.
https://www.wicketevents.com

Flockey

Flockey is a new ticketing company that has been established in the Netherlands. They have a special monitoring system during covid19, work with the Dutch government for the test events, are ticketing the 2021 Eurovision Song Festival and all the tickets are fueled by the GET protocol
https://flockey.nl

The great thing about the ticketing companies running on GET protocol is that they take eachother’s strong points, they improve one another as explained in this infographic below:

Integrating an existing ticketing company into GET protocol is a low investment move (only the GET token is needed) that offers traditional ticketing companies many benefits. That is why I expect many ticketing companies to integrate and GET to scale quickly.

The GET protocol foundation has set out a whitelabeling process. This means that anyone can build a ticketing company (or integrate an existing one) on top of GET protocol fairly easily.

The team communicated that that right now they on average receive 3 requests a day from serious potential whitelabel candidates all across the globe. A lot more integrated ticketing companies are coming in the short term!

The supply

At the inception of the GET protocol a stability fund was created. The tokens in this fund were used to supply the ticketing companies with GET so they didn’t have to buy them directly from the market. The stability fund then bought these supplied tokens from the market to fill itself up. As the stability fund was deemend unnecessary, it was completely destroyed. It had 12,6 million tokens, 10 million GET were burned forever and 2,6 were delegated to a DAO.

So the supply as it is right now:

  1. Circulating supply (15.9 million)
  2. User Growth Fund (4,85 million):
    These tokens are used for discounts to new clients. These tokens will for the most part not enter the circulating supply. Only for marketing purposes, possible exchange listing costs and the liquidity mining program a small portion will.
  3. DAO (2,6 million)
    As GET protocol will be a fully decentralised protocol, governed by the token holders, the first steps are being taken towards this. 2,6 million GET tokens will be governed by the community. The token holders can decide how they spend this treasury (worth around 15 million $ at the time of writing).

The team

The team working on GET consists of 30 full time employees. You can find some of them here:

Just a small portion of people working on the GET protocol

With an anymous team a rug pull is always a risk. The founders of GET are not only known to the outside world, the CEO is often on TV. As seen here, on probably the most famous Dutch TV show, when they had just started:

Due to the enormous growth the GET protocol is expecting, the foundation announced it is forced to double the team this year… and then double it again! A foundation doesn’t quadruple the work force unless enormous growth is expected.

GET/GUTS is constantly hiring. If you like what they’re doing, want to change the ticketing world for the better and have the necessary skills then keep an eye on this page!

Tokenomics

As mentioned above: to have full transparency and accountability (both missing links to make the ticket industry fraud- and scalpfree) all tickets sold are registered on blockchain.
You can compare GET to a gas that is needed to fuel the protocol (every state change of the ticket needs to be registered — for which GET is needed). So for every ticket sold GET is bought back from the open market and burned forever.

  • A single state change cost 0,12$ in Q1 2021
  • There are minimum 4 state changes per ticket
  • This means that a minimum of 0,48$ worth of GET is needed for every ticket sold
  • In Q1 of 2021 7 336 GET were burned, Worth $57 220 at the moment of burn (proof of burn: https://etherscan.io/tx/0x96c86c69788ff35dc4963892d0a7705f2a870b76e5ac63293a081ce3b376aeeb)
  • At the moment of writing 300.000 $ worth of GET have been bought from the exchanges and burned forever (all triggered by adoption and ticketing companies needing the token). You can find the burned tokens here:

https://etherscan.io/token/0x8a854288a5976036a725879164ca3e91d30c6a1b?a=0x0000000000000000000000000000000000000000

You can find info on all the conducted buybacks here

The beautiful thing about blockchain is that you don’t have to take anyone’s word for it. That’s why the community created a website that tracks all the GET state changes that are registered on the blockchain:

GET’s digital tickets + NFT’s = match made in heaven

How NFT tickets will revolutionize the ticketing industry

After the DeFi hype we’ve witnessed last year, the next hype in crypto that has been developing are NFT’s. In this case it isn’t about riding the hype. Tickets being NFT’s on the blockchain really makes sense and it will change ticketing as we know it. Let me explain…

An email Coinbase sent out to its users

So what’s a NFT exactly? NFT stands for non fungible token. This is a token that’s unique on the blockchain and not mutually interchangeable. This in contrast to for example Bitcoin where it doesn’t matter which Bitcoin you have (1 BTC = 1 BTC). Every ticket issued by the GET protocol will become a getNFT.

getNFTs are indivisible, meaning that a getNFT can only be held by 1 address at the same time. This ensures that whoever owns a certain NFT will be the only one to decrypt the QR code.

Eventhough GET’s NFT’s will be the most used, bought & traded NFT’s in the crypto space the goal isn’t to ride the hype. Ticketing + NFT = a match made in heaven. And here’s why:

As every ticket on the blockchain will become a NFT and thus unqiue, it will allow non custodial ownership of the ticket asset. This gives many interesting advantages but 2 stand out for me personally: P2P ticket trading & DeFi event financing.

P2P ticket trading
NFT’s will allow P2P ticket trading and GET’s almost done building it! Peer to peer ticket trading means that everyone who owns a getNFT ticket will be able to trade it with another “peer”. This will happen in a closed and regulated ecosystem. This means that certain rules can be set by the event organizer. For example:

  • The ticket can be sold for only x% profit
  • x% of the trade profit goes to the event organizer
  • a certain trading fee goes to the event organizer

This will be the first and only ticketing system that will allow ticket trading while at the same time making scalping impossible. Regulators have been struggling for a long time to solve this problem and what seemed impossible to achieve will be made possible by smart contracts! The impact of this will be huge and will change the ticketing space for the better.
Additionally and not unimportantly it will give the event organizer an extra revenue stream. The money that right now for a large part goes to scalpers (the secondary ticket market is worth $15B) will be tapped into by the event organizers.

The advantage for GET holders is twofold:

The P2P market will atract more users (artists, venues, ticketing companies) of the GET protocol (= more GET needed in the primary market)

every ticket exchanged in the secondary market is an additional statechange (= more GET needed)

Event financing
Without a doubt one of the most promising and exciting things to look forward to in 2021 is the introduction of decentralized event financing to GET Protocol.
Event organizers often struggle to get financing for their events. This doesn’t only apply to starting artists, but even to famous stars. The artists need to have a lot of capital in advance as they have to pay for the venues, organisation, … upfront while only receiving the money after the show is over. Enter GET’s DeFi solution!

The pre-financing of events for event-organizers is not a solution looking for a problem; it’s a widely known and used tool that enables event organizers to make the investments needed to get their shows or festivals off the ground.

In the past we have encountered Event Organizers who select their ticketing partner solely based on the amount of money and loan conditions that they are offered up front.

Thanks to getNFT tickets you’ll be able to pre-finance events of your choice. You can choose to finance new artists (more risk/more APY) or established kpop stars (less risk/less APY).

This is how it will work:

The technical side of the process

If the concept seems complicated, here’s what you need to understand about GET’s decentralized financing solution:

1.) Event organizers will be able to easily pre-finance their events. (Something they desperately crave.)

2.) Investors will be able to invest in events of their choice, at a risk & reward level that they feel comfortable with.

3.) The $GET token is an integral part of the financing process, as it is required for ‘skin in the game’ from

The advantage event financing for GET token holders will bring is again twofold:

As a GET holder you’ll be able to finance events and share in the profit of the ticket sales. This means that GET will allow you to profit without selling = passive income. An important note is that this is profit without inflation. While other DeFi projects give you returns by increasing the supply (and thus decreasing the value of the token) the returns here will not increase the GET supply, as the returns come from real profit(ticket sales).

As the GET token will be an integral part of this process, it will:
- increase the buy pressure of the GET token (everyone who wants to participate will need GET)
- decrease the supply (everyone who participates will have to locks his GET tokens).

For a deeper insight I recommend the blog below:

GET’s valuation in the (near) future

Bear in mind that this is my own expectation, based on big changes in supply and demand that I will try to explain below. Also keep in mind that I’m not a financial advisor and nothing is guaranteed in the crypto space!

But I will try to explain why I personally believe that GET trading at a much higher token price almost feels like programmed.

As time goes on and more tickets are sold, the demand for GET will keep increasing while the supply will keep decreasing. You don’t need to have a PhD in economics to understand what this will do to the price!

The demand for GET will keep increasing through adoption and the supply decreasing as the used GET are destroyed forever

The equilibrium price and equilibrium quantity occur where the supply and demand curves cross. The equilibrium occurs where the quantity demanded is equal to the quantity supplied. If the demand increases and the supply decreases then the price will rise until it finds a new equilibrium.

What kind of demand/buybacks can we expect?

As explained above: for every ticket sold 0,48$ worth of GET is needed by the ticketing companies. This GET is bought back from the exchanges (the money to do this is included in the ticket fee).

Since the buybacks are based on the amount of tickets issued by the protocol, to calculate what kind of buybacks we can expect in the future we need to look at the ticket sales. As mentioned before there are 5 ticketing companies using the protocol right now (GUTS, ITIX, TecTix, Flockey and getTicket). A lot more integrators will follow (as announced). Below I will make an estimation of what to expect from them.

GUTS tickets (1,5 million $/year)

In 2020 ticketing volume in general was down like 90–99% due to corona. Yet GUTS managed to sell over 236k tickets. Or an increase of 27% compared to 2019.

If GUTS was able to sell 236k tickets in a year where ticketing volume is down at least 90% then I think it’s safe to assume that they’ll sell over 3million tickets once everything is allowed again (2022 most likely). 3 million tickets would result in the need of around 1,5 million $ worth of GET tokens.

ITIX (0,5 million $/year)

ITIX sells 2 million tickets a year on average. Let’s assume they swicth half of their tickets to GET by 2021, they will thus need around 500.000 $ worth of GET tokens a year.

TecTix, Wicket & Flockey (1 million $/year)

As new ticketing companies, it’s hard to predict what kind of numbers they’ll be running at the start. But given that Wicket for example will most likely ticket the Milano wine festival (over 300k visitors from just one festival) I think 2 million tickets is a safe bet to start with. That would put us on at around 1 million $ worth of GET tokens needed/year.

getTicket (0,5 million $/year)

A ticketing company based in South Korea. In their case it’s also difficult to make a prediction because they’re new and we have no previous data to rely on. But judging from the comments made by the team that “everything is bigger in Korea” and that they’ll be selling stadium concerts for K-pop stars (just one concerts can mean over 100.000 tickets sold) I think it’s safe to say that they’ll be selling at least 1 million tickets/year. That would bring their need for GET tokens to around 500.000 $ a year.

New integrators (1,5 million $/year)

The team announced that several new ticketing companies will be joining and integrating the GET protocol soon. By the end of the year we should have a solid number of new integrators. It’s hard to predict their numbers but I think we could be seeing 10 new integrators by the end of the year, including some established ticketing companies. That’s why I believe 3 million tickets from them isn’t far fetched. This would bring their need for GET tokens to around 1,5 million $.

So if we put this together the ticketing companies will need around 5 million $ worth of GET on a yearly basis. Bear in mind that more ticketing companies will keep joining and the existing ticketing companies will keep growing, taking away marketshare from ticketing companies that can’t offer all of the advantages mentioned before.

Based on all of this I, pesonally, would say that 5 million $/year in GET buybacks by 2022 is not an unreasonable prediction.

Those are buybacks of over 400.000 $ every month. This the kind of buy pressure that sent GET from 0,30$ to 10$. The big difference here being that all this GET will be burned and can’t be sold again as it will be gone forever.

The equivalent of this would be a lot of people with a good amount of money buying and putting money in a certain token and never selling it again.

What can we expect from GET’s supply?

Demand for a token means nothing if the supply is unlimited. The best example of the importance of the supply is the recent Bitcoin halvening that got everyone excited.

Before the halvening around 1800 BTC were mined every day. Let’s say that at current prices this was around $100 million worth of BTC per day. The miners obviously have to sell a large portion of this to cover their costs. So even if there are no other sellers, a large number of BTC has to be bought from the market every day just to keep status quo of the current price.
Halvening basically meant that the speed at which the supply increases was halved (900 BTC mined on a daily basis instead of 1800). The supply of BTC will still continue to increase, only at a slower tempo.

Scarcity should be the ultimate goal when investing in utility tokens.

With GET’s utility token things are different: every GET bought by a ticketing company will be burned. Contrary to BTC the supply of GET will thus continue to decrease as time goes on, removing the stacks of those eager to sell. This is not a dig at Bitcoin by the way as I’m a fan. Just highlighting the advantage an adopted utility token with good tokenomics has over “the king”.

As GET becomes recognised as truely deflationary through buybacks and burns, it will incentivise people to buy and hold GET as a hedge against inflation.

Every burn decreases the marketcap of GET. This means that GET’s price can keep increasing while the marketcap remains the same.

Putting a correct marketcap valuation on a crypto project is an extremely difficult task. With traditional companies we can for example rely on the revenue, profit, dividend payments, … to estimate what the company is/should be worth. But one thing’s certain: with an increasing demand (due to tickets being sold) and a decreasing supply (through the bought back tokens being burned) a price going up feels programmed.

Another great thing about holding a token with mass adoption and guaranteed buybacks is that I don’t have to worry about the price. As the buybacks are a guaranteed thing, the lower the price of GET the more GET is bought back and destroyed forever. So even a price decrease, as contradictory as it may sound, is bullish for longterm holders!

For those of you who like to read more technical stuff regarding GET’s tokenomics, I recommend the following blogs:

Improved tokenomics

The above doesn’t include improved tokenomics, which are on their way. With the release of DeFi event financing, the protocol will be able to ask a certain price for the financial services it offers. This revenue will flow back to the token holders.

As the margins you can ask in financial services are a lot bigger than in ticketing, I believe this will be a big boost to the tokenomics and usage of the GET token. I haven’t included them in my calculations as the details are yet unknown.

The governance value proposition

When you look at a token like UNI (Uniswap’s token) the only value proposition it has is governance. This means that token holders can vote on certain changes/improvements/… on the protocol. Uniswap doesn’t have a passive income through event financing like GET, it doesn’t have a buyback/burn mechanism, … and yet it has a value of 20 billion $ at the time of writing.

This is something that’s coming for GET as well. The endgoal of the GET protocol is to become open source. There will be a governance model where changes to the protocol will be determined by GET token holders. That’s why I expect ticketing companies to acquire a lot of GET in time as their revenue relies on the direction of the protocol.

GET will have a role as governance for the project as a whole. Such a role for the token is the most natural in a fully open-sourced environment of the protocol(currently not the case, yet). As then governance by stakeholders (ticketing companies) with a serious stake in the game as their ticketing revenue relies on the direction/quality of the code to be on point.

As of yet, we do not really assign too much fundamental value to this role for the token (we barely mentioned it actually) as it is still a bit early for it to have serious merit. So pushing that value of the token now would be a bit false advertising. As we onboard more and more ticketing companies we will develop the governance of the token role more and more!

What can we expect in the (near) future?

A large increase in events as restrictions are lessened

Looking at Israel: they are almost covid19 free after vaccinating around 60% of the population. Most Western countries are weeks away from being at the same place. This means that we’ll most likely see a lot of restrictions being easened in the following weeks/months.

With the restrictions being lessened we’ll see a big increase in ticket sales and with it more demand for GET in the form of buybacks!

New whitelabel integrators

Several new integrators are coming in the short term.

The beauty of GET protocol is that it won’t be just one company responsible for the adoption. The seeds are planted all across the world and the ticketing companies will generate growth for the protocol.

Big names using GET protocol

With some very big players not only endorsing NFT ticketing but also eager to implement it, it’s inevitable that we’ll see one of them implementing GET sooner or later. Take this example of the team being in contact with large players in the USA:

Event financing

As described above: event financing will be introduced in the second quarter of 2021. This will be a huge milestone for both GET as crypto in general. People will be able to invest in real events and reap the rewards through DeFi once the tickets have been sold. Passive income without inflation is a rare thing ion crypto.

New/upgraded tokenomics

The team has announced that additional feautures will be added to GET’s tokenomics. So the awesome tokenomics we already have will stay in place but additional stuff will be added that will include the margins from event financing.

Kpop selling GET fueled tickets

As mentioned earlier: South Korean ticketing company getTicket will run fully on the GET protocol. They have already deals in line to sell tickets for K-pop stars in their country.

K-pop legend Mr. Won-Kwan Jung, as someone who has a lot of connections in the K-pop world, has joined the GET protocol as an advisor. He is an iconic figure and innovator in the world of K-Pop, owing to the fact that he was one of the three original members of SoBangCha, (or ‘Firetruck’ in English) which is regarded as the first K-Pop group to exist in the world.

Read more about it here:

The fact that their idols will be selling GET-fueled tickets hasn’t reached the Korean audience yet. It is still a “public secret”. The news will be released in a directed marketing campaign later this year. You better believe that once the Koreans find out that they’ll be buying GET like hot cupcakes!

The release of the NFT tricket explorer

The new NFT ticket explorer is set to be released in the short term. This will be a groundbreaking explorer that will let you check the validity of your ticket and the entire history it went through. Much needed transparency coming to the ticketing world!

These are just some of the catalysts that will change the sentiment. GET protocol is still miles ahead of most other crypto projects when it comes to adoption, tokenomics, the problem it solves, … It just lacks hype.
But that hype will come once people realise what an awesome project has been built. Just imagine Mark Cuban tweeting about this, let alone implementing it…

We like to joke around in the community that 1000$ / token is programmed due to the increasing demand (buybacks) and decreasing supply (the bought tokens are burned forever) but one thing is certain: Time is in favour of GET holders and patience will certainly be rewarded!

Where you can buy/invest in GET

Uniswap has the best liquidity but depending on the Ethereum network fees, the fees to swap can be pretty high (you can track them here).

A video explaning how Uniswap works

Disclaimer: I’d like to note that I did not receive any payment for writing this blog (not in GET tokens, not in FIAT or any other currency). I was asked by many people why I’m so bullish longterm on GET and that is the sole reason I’ve written this blog: to explain my thought process. I do hold a portion of GET tokens, of which all have been bought with my own money.

Questions

If you have any questions I’d recommend to go through this FAQ:

Stay up to date

I hope I have given you enough reasons to keep an eye on the GET protocol. GET’s announcements and developments follow eachother at a fast tempo lately, I suggest to follow the sites listed below closely and join GET’s telegram to stay up to date with the latest developments: