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

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

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, …

Where is GET being used?

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.

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.

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:

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!

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 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.

  1. 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.
  2. 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

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.

  • 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:

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
  • x% of the trade profit goes to the event organizer
  • a certain trading fee goes to the event organizer

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).

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:

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!

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).

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.

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 $.

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.

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.

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”.

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.

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.

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.

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.

New whitelabel integrators

Several new integrators are coming in the short term.

Big names using GET protocol

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.

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!

Where you can buy/invest in GET

A video explaning how Uniswap works

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: