GET protocol — the sleeping blockchain giant
So bear with me as I try to explain why the GET token is currently the most bullish crypto token in the space. The price surge will be driven by adoption and not just mere speculation. And adoption is already there but will only now start to gain huge momentum!
By the time you have read this blog you will come to see how most other crypto projects lose value in your eyes when you compare it to a project with amazing fundamentals, a project that doesn’t need an “altseason”, driven by mere mindless speculation, to give you nice returns!
Most people in the crypto space have never heard of the GET protocol. This is on one side suprising because there are 202.680 wallet holders to be exact. This means that 202.680 people have used the GET protocol, mostly without even knowing it!
The focus has always been on building a product that works and where there is demand for. Where other projects have focused and spent their funds on marketing in the crypto space (meaning luring in new investors) GET has neglected that part a bit. Instead they focused their funds on building a waterproof system and acquiring clients who will use the protocol (venues, artists, governments, …). The effect of this is that the price hasn’t been affected by speculation.
The list of artists who use GET-fueled tickets is endless and I have honestly lost sight of everyone who uses it. But to give you an example of adoption, here is a list of some of the artists who sell GET-fueled tickets:
What is the GET protocol and what does it do?
The GET Protocol offers a blockchain-based smart ticketing solution that can be used by everybody who needs to issue admission tickets in an honest and transparent way. The goal of GET protocol is to become the worldwide ticketing standard.
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 in the industry. 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.
Read more about the scalping problem and how it effects the industry:
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This is where GET offers a solution proven to work
The tickets issued on the GET protocol are registered on your phone. 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…
It’s a waterproof system, like popular Dutch comedian Jochem Myjer tweeted recently:
Since the ticket is linked to your phone and is fully digital, here are some of the advantages that brings:
GET is currently the best adopted microcap
This is a bold statement but it’s not difficult to prove. Whereas other crypto “companies” confuse their investors with a lot of technical words that the average Joe doesn’t even understand and show off with meaningless partnerships, GET is actually changing the ticketing world for the better!
At the moment of writing there are 4 ticketing companies that are completely integrated in the GET protocol, and together have sold many GET-fueled tickets!
These companies currently run on the GET protocol:
Runs fully on the GET protocol and has sold over 400.000 tickets.
Established in 2009 and sells 2 million tickets/year. Is fully integrated in the GET protocol and will start selling GET-fueled tickets soon.
A new ticketing company in South Korea that will run fully on the GET protocol.
A Germany based ticketing company that will sell GET fueled tickets with a focus on the sports industry.
An additional Italian ticketing company has been announced at the end of June 2020. Not many details have been released yet but we know that during the Covid19 pandemic their first focus will lie on the Italian beaches and making sure it happens in a controlled and safe manner.
Integrating an existing ticketing company is a low investment move (only the GET token is needed) that offers traditional ticketing companies several benefits. That is why I expect many ticketing companies to integrate and GET to scale quickly.
Some people are scared by the big difference in the circulating supply and the total supply. This is an unneccessary fear. The GET supply is made up of 3 portions:
- Circulating supply (13.5 million)
- Stability Fund (12,6 million):
these tokens can never enter the circulating supply. They are used to supply the ticketing companies with GET so they don’t have to buy them directly from the market. The stability fund then buys these supplied tokens from the market to fill itself up. As the protocol shifts to open source the stability fund (together with all the tokens it holds) will be destroyed forever.
- User Growth Fund (7,24 million):
these tokens are used for discounts to new clients. These tokens should also in principle not enter the circulating supply. Only for marketing purposes and possible exchange listing costs a small portion of these might be liquidated.
This means that the circulating supply as it is now can only, ever, lightly increase for the purpose of growth. With the buybacks and burns being large enough the circulating supply will instead keep decreasing at a swift tempo.
The team working on GET consists of 30 full time employees. You can find some of them here:
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!
GET in times of COVID19
Some of the advantages
GET offers several advantages in different areas in the fights against COVID19. The right of access being linked to your mobile makes it possible for potential clients to monitor the number of visitors in real time all the time, to apply an automated seating selection which consideres an appropriate distance between all visitors, queue control, booking of timeslots for museums, shops, parks, beaches, … so overcrowding can be avoided.
When an event gets cancelled, whereas with paper tickets it’s sometimes impossible to track who owns the ticket at the current time, with GET’s technology the event organizer can, with one click, choose to make a refund to the current ticket owner, to communicate with him, to postpone the event, …
Eight museums are already making use of GET protocol’s digital ticketing system that allows them to offer timeslot-reservations and full control over their admission. Since museums have daily recurring ‘events’ and transactions, insights such as these are crucial.
Not only do they have a real-time dashboard that shows exactly how many people are in attendance at any time, they are also able to contact any individual ticket holder directly should this be necessary.
This can be of great added value when reminding upcoming visitors of updated rules and guidelines, or even potentially notifying them of an infected visitor who was present on the same day as them.
As mentioned above an independent sales agent in Italy has been finding opportunities for GUTS, which has recently resulted in serious leads and a first deal. Where? On the beach, of course. There are many, many beaches in Italy, and they all have chairs to rent out and food & beverages to serve. I already hear you thinking ‘But that sounds like a situation that could use a solid and innovative digital system!’ and I must say you are absolutely spot-on.
To give you an idea of this market:
There are 8500 beach clubs in Italy, with about 200 chairs per location. Beaches are open about 150 days per year.
In May Dutch group Di-Rect sold thousands of tickets for an online concert. They used GET’s technology to use a dynamic price setting. This means that fans were given the option to pay whatever they wanted for a ticket. Whoever paid €20 or more had the chance to win a lottery and be present at the concert.
Once the concert starts, whoever bought a ticket, will be able to watch the streamed concert on GUTS’ app.
On 27/05 Dennis van Aarssen, The Voice Of Holland 2019 winner, announced that he will also do a livestreamed performance of classic covers and original music on June 7th. All tickets will be issued through the GET protocol.
This is yet another proof of the advantages a digital ticket offers. As this was a big succes, the expectation is that more and more artists will make use of GET’s technology.
You know you’re dealing with a resilent project when they’re able to quickly turn a threat into an opportunity.
What more to expect in the (near) future?
There are so many amazing things to come in the very near future so I’ll only focus on a few of them:
- Integration with Klaytn
- GET-fueled tickets for K-pop
- Top tier exchange listing
- More focus on marketing in the crypto space
- Staking & nodes
- GET as an open-source protocol
Integration in Klaytn
Seeing the adoption the GET protocol has, the solution they bring and the enormous potential they have in conquering the ticketing industry, they have been asked by Kakao to join their blockchain “Klaytn”. So GET is an initial service partner of the Klaytn blockchain.
“Kakao’s global public blockchain project Klaytn is an enterprise-grade, service-centric platform that brings user-friendly blockchain experience to millions.” — Klaytn.com
The choice for choosing to be an Initial Service Provider of Klaytn is based on two aspects. The first aspect is the fact that Klaytn’s blockchain infrastructure is fully business and integration focused, more than any other blockchain in the market. This results in huge improvements in areas as cost-efficiency, scalability, and data reliability. The second aspect is fueled by the potential of being part of the Klaytn ecosystem.
Kakao is a giant in South Korea. GET will bring its adoption to Kakao’s blockchain and Kakao, with its giant network, in return will open many doors in South Korea. A win-win for everyone involved!
Read more about it in this blog:
Klaytn mainnet launch: The sun will never set on the GET Protocol
By Kasper Keunen, blockchain developer at the GET Protocol Foundation.
GET fueled tickets sold for K-pop stars
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:
K-Pop goes Blockchain
'In 1987, a trio called SoBangCha ("Firetruck" in English) was stealing the hearts of just about every Korean girl on…
In a survey conducted in 17 countries in 2019, around 37.5 percent of respondents stated that the genre K-pop was “very popular” in their country. The survey found that the popularity of K-pop reaches far beyond South Korean borders.
BTS tops Billboard 100 list: How K-pop helped Korea improve its economy
By Vimmy Sinha Korean pop's phenomenal growth worldwide and with Korean boy band BTS making it to the No.1 position on…
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!
Tickets for museums and beaches to be in line with COVID19 restriction measures
With the Corona virus still not wiped out but more under control, many countries are lifting restrictions. This needs to be done in a safe and controlled manner. This means avoiding overcrowding. GET’s technology can and will surely help here.
GET’s system can do all that is needed now for a safe experience. Whether it’s booking a timeslot for the beach, for a museum,… or even for a shop from your home. The system lets the client monitor everything in real time. Someone can that way for example choose to go when there is less crowd. This all while fully respecting the user’s privacy.
The GET sales team has been busier than ever, being in contact with governments, museums, … and the dev team is constantly creating custom made smart ticketing solutions for new costumers. I’m sure we can expect some major announcements in this area soon!
Read more about it in this blog:
Digital tickets for a post-lockdown society
Now that we are thinking about a world post-quarantine, the goal is to find possible ways of bringing life back to…
Top tier exchange listings & marketing in the crypto space
The team has confirmed that listing on a top tier exchange has already been agreed. They’re just waiting for the right time to announce it, fitting in their marketing campaign.
Besides that, a fiat on ramp exchange will list GET in a short timeframe.
Many projects invested most of their funds in exchange listings and fake volume, creating artifical demand. These exchange listings are almost always accompanied by paying for a market maker. Once the funds dry up (and we have seen this with many projects) delisting becomes a reality and the funds end up being spent in vain.
GET’s exchange listing and marketing campaign aren’t a means to pump the price but have the goal of creating liquidity for the end users (mainly ticketing companies) who will need to acquire a lot of GET from the open market in the short future.
Expansion in several other countries
GET’s business developer Sander:
I am reached out by ticketing parties all around the world on a daily basis. The main challenge is to vet these parties. The goal of GET Protocol is to be the worldwide standard of digital admission rights and to get there we need to stay extremely lean and flexible in order to scale well. In that sense we need to be 100% convinced the parties we partner up in this phase have a very high potential of becoming a big player in their respective geographies. From the onboardings we currently experience, we learn to speed up onboarding processes upcoming year.
And when asked how many tickets he expects to be sold in the near future and how many ticketing companies he expects to run on the GET protocol in 5 years time:
Along the journey, we here at GET and GUTS learned quite a few things. One of them is avoiding to publicly announce ticket sale estimates as the chances are that we shoot ourselves in the foot with that. If we don’t meet our estimates, life sucks and the community will let us know which is fine and rightful, but to be honest for GET nothing to win. If we meet our goal, it is okay but even then some people members manage to say they hoped for even better. In that sense, whatever we do, we can’t do well enough on that front, so I am reluctant about giving specific numbers (and I don’t have a crystal sphere either!).
That being said, regarding the amount of ticketing companies in 2025, I expect many, in many countries. It’s a matter of time that we can easier offer our products in a whitelabeled manner. Only this week we got requests for more information about our services from Germany, Paraguay, Mexico, UK and Italy and Australia. This certainly doesn’t always mean a ticketing company could lead out of such a request, but the interest is certainly there. If we keep on doing what we do now, I believe we can boost ticketeers and event organizers around the world pretty soon and let them issue fully digital and blockchain registered tickets, all processed by GET Protocol. If more ticketing companies are onboarded, the amount of ticket sales processed by the protocol will grow exponentially.
Knowing how GET’s team has always been very careful with their promises, I take such statements very seriously. If the past has taught me anything: they’re probably making an understatement. So expect GET to spread its wings in many regions around the world and take the ticketing world by a storm!
More about GET’s whitelabeling:
Next step for GET Protocol: Disrupting the global ticketing market
This content was originally featured in the January ’20 update blog, which you can read in its entirety by clicking…
Staking & nodes
GET’s blockchain developer Kasper Keunen has announced that a staking model is being developed. This means that you’ll be able to stake your GET. In return a portion of the ticketing fee will be rewarded to those stakers and nodes. So see it as a passive income. You sit down, relax and see it grow exponentionally as GET conquers the ticketing world :)
Not all details have been released yet but you can read about it here:
GET Documentation progress: Nodes & codes
For the last couple of months, a lot of work has been poured into documenting our ticketing transparency standard. In…
The end goal is to be an open source protocol
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!
Why the GET token is set to explode
Now that I’ve covered what the GET protocol is and where it’s going, it’s time to dig deeper in the token. And I have to say that I’ve never been more bullish on anything in my life. This for the simple reason that usage will drive the price to insanely high levels (where speculation isn’t even needed).
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 €0,07 in Q1 2020
- There are minimum 4 state changes per ticket
- This means that a minimum of €0,28 worth of GET is needed for every ticket sold
- In Q1 of 2020 107 059 GET were burned (proof of burn: https://etherscan.io/tx/0x96c86c69788ff35dc4963892d0a7705f2a870b76e5ac63293a081ce3b376aeeb)
- It is projected that at least 50% of all GET will be burned by 2022
- At the moment of writing €161.944 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 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 State Changes
A word Hi guys, I’m trying to maintain this site when possible When you have new idea’s for widgets, or want to see…
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 will be trading at 10€ per token and more in the near future.
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!
What kind of demand/buybacks can we expect?
As explained above: for every ticket sold at least €0,28 worth of GET is needed by the ticketing companies. Most of this GET is bought back from the exchanges (the money to do this is included in the ticket fee). Some GET is supplied by the “user growth fund”. This is a fund created to give potential new customers a discount. This is done by subsidizing them a portion of their need for GET so these new customers don’t need to pay the full price immediately. Bear in mind that as time goes by this fund will dry up and all the GET that is needed will from that moment on be bought from the exchanges.
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 4 ticketing companies using the protocol right now (GUTS, ITIX, TecTix and getTicket). Below I will make an estimation of what to expect from them.
- GUTS has sold over 400k tickets. From just the deals already signed, over a million tickets would have been sold in 2020. Due to Covid19 most events had to be posponed (not cancelled). In the meanwhile the GUTS sales team hasn’t been idle and has atracted many more customers. This means that the 1 million tickets number is probably even on the low side. But let’s say a minimum of 1 million tickets will be sold the first year where all events will be allowed again. This means that at least €280.000 worth of GET will be needed in that year.
- ITIX sells 2 million tickets a year on average. If fully integrated they will thus need at least €560.000 worth of GET on a yearly basis.
- TecTix & Wicket, as new ticketing companies, it’s hard to predict what kind of numbers they’ll be running at the start. But given the expertise of the TecTix and Wicket teams I think 200.000 tickets is a safe bet to start with. That would put us on at last €56.000 worth of GET needed/year.
- And finally getTicket, 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 to at least€280.000 a year.
So if we put this together the 4 ticketing companies will need over € 1 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 2023 is not an unreasonable prediction.
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 $16 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 means that the speed at which the supply increases will be 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”.
So what kind of supply can we expect in the (near) future? Fortunately the GET protocol website has created a “scarcity tool” that lets us calculate how many GET will be destroyed by making an input of how many tickets will be sold:
GET Protocol — Guaranteed Entrance Token
The GET Protocol offers a blockchain-based smart ticketing solution that can be used by everybody who needs to issue…
So let’s test this scarcity tool! Due to Covid19 I want to take 2020 out of the equation and start in the year 2021. Unfortunately the scarcity tool doesn’t allow us to change the starting year so keep in mind that in my projection every year in the image below is actually +1 (2020 is 2021 and 2022 is 2023).
- I apply 4,5 million tickets sold as explained above
- I apply a 100% growth rate per year (the existing ticketing companies will expand and many more will join in the near future so this is certainly a modest expectation!)
I hope you now understand my expectation that the price will explode. Many holders will obviously not be willing to sell at current prices with such an increasing demand. As the price is determined by many factors and we don’t know what the price will do exactly, it’s not possible to pin down the exact supply in the future. We do know that it will keep decreasing at a swift tempo unless the price goes parabolic.
Finding the equilibrum for the price
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.
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.
In most countries a 5% rental yield is considered a good investment. Of course it’s not fully comparable as these buybacks don’t automatically put money on your account. But they do increase the price and destroy the supply. So I think it’s in a way reasonable to extrapolate this 5% yield to our case.
Having explained why I expect atleast €5 million in yearly buybacks by 2023, that would mean the marketcap should be around €100 million (5% = the buyback of €5 million multiplied by 20).
The current circulating supply of GET is around 13,5 million. The expectation is that the burning mechanism will destroy more than half of that by 2023 (this takes into account an increasing price of the GET token). So let’s round it up to 5 million GET remaining.
A marketcap of €100 million with a supply of 5 million GET would mean a price of €20/GET. This would be an increase of 6566.67%.
Of course these numbers are not set in stone and merely a prediction but if you’ve been reading this blog you have come to understand why I am extremely bullish on the GET token. I have completely taken the speculation factor or an “altseason” or “fomo” out of the equation and only focused on a price increase driven by an increasing demand and decreasing supply! So the focus is on an organic price growth.
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:
The utility of destruction — GET
First and foremost, this blog isn’t announcing or changing anything regarding token economics. It is merely providing a…
GET token economics: Digging a network-moat
Being active in such a novel and ever-changing environment as crypto, we constantly challenge our assumptions and…
GET 2020 vision — Token economic review & outlook
In 2019 we conducted a decent amount of experiments on the token economics of the protocol. Moving forward in 2020 it…
Disclaimer: I’d like to note that I did not receive any payment for writing this blog (not in GET tokens, not in FAT 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.
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:
GET Protocol - Announcement Channel
GET Protocol - Announcement Channel In this announcement channel only GET Protocol/GUTS Tickets team will be able to…
Blog - GUTS Tickets
Blog about all things related to GUTS Tickets and the mission for honest ticketing.