There are many great ideas in the blockchain space. While projects like Bitcoin worked to change the way we view money, other projects like the GET Protocol have their sights set on more focused issues, like the sale of event tickets.
While many startups have come and gone in the last few years, the team at GET Protocol has shown it has what it takes to survive, and expand an interesting business model.
We all love to see live events, but the ticketing system that most venues use is less than perfect. In some places, there are major companies that get in the middle, and make a huge markup on an event’s ticket sales.
As tickets are sold into the public sphere, things get even more complex. Not only are tickets marked up by unauthorized resellers, counterfeit tickets are also an issue for everyone in the events industry. When overpriced or fake tickets are sold, it is bad for everyone by the unscrupulous actors.
GET Protocol has a blockchain-based solution to mitigate all these risks, and it has been shown to work in the real world.
GET Protocol is Working Today
The Guaranteed Entrance Token Protocol (GET Protocol) project was founded in the heady days of 2017 and has been able to expand its global reach, even as cryptos and blockchain struggled through a rough 2018, and volatile 2019. Unlike many start-up companies that have big dreams and no income, GET Protocol is the opposite.
One of the company’s most recent success stories involves the new Klaytn blockchain platform, which GET Protocol was invited to join as an initial service partner. Klaytn is backed by South Korea’s Kakao (via Kakao subsidiary GroundX), which is the nation’s largest mobile platform.
According to the Klaytn homepage:
Klaytn is a service-centric blockchain platform that provides easy development environment and friendly end-user experience. It is an advanced hybrid platform, combining an enterprise-grade performance based on solid reliability and significant stability with an open access in a decentralized trust system. The platform allows real world applications of large scale to be produced right away.
The move to work with the Klaytn platform is a natural progression for GET Protocol, which has sold more than a quarter-million tickets via the platform since it went live. That number is projected to expand by as much as 800% over the next calendar year, as more people use the service.
How it GETs Done
As mentioned above, the existing ticketing chain has multiple flaws that affect entities at every level, from the performing artist to the venue, all the way down to the person who is buying the ticket.
GET Protocol addresses the entire ticketing chain by ensuring transparency at all levels. Unlike some systems that make tickets non-transferable, the GET Protocol platform allows tickets to be resold by end-users, but not at a profit.
Here is how GET Protocol works for everyone in the ticketing ecosystem (via GET Protocol whitepaper):
Users: GET ensures that event participants enjoy a secure and stress-free ticketing experience, and provides a simple and inexpensive way for ticket holders who cannot attend the event to securely sell their tickets to other consumers/users.
Content-creators: The GET Protocol prohibits commercial ticket resellers from disturbing the value chain; artists can be certain that their fans pay a fair price for a guaranteed, authentic ticket.
Event organizers: GET provides a scalable ticketing protocol to manage ticket sales for any size events in a secure and controlled manner. GET controls and accounts for the true value and cost of transactions, the ticket and possible margins/discounts. The blockchain ensures transparency in the true price and properties of the tickets sold. This transparency by design aims to eliminate middlemen from the value chain. The protocol increases market efficiency as a whole while increasing margins for the stakeholders delivering actual value.
Venues: GET provides users with an honest and fraud-free experience that promotes a higher occupancy rate of the venue. The token will also allow venues to offer dynamic pricing of their tickets and thereby maximizing for attendance. As tickets are only used by actual attendees it allows for accurate re-marketing (on opt-in basis) and giving discounts to their loyal and non-scalping customers of their venue.
It is easy to see that GET has created a system that works at every level of the ticketing ecosystem, and makes sure that anyone who is working within the rules is given a fair position to use, or sell their tickets. Additionally, GET ensures that any secondary ticket sales are free from corruption, as well as scalping for abusive profits.
Grassroots Success Story in Native Holland
GET was founded and is based in the Netherlands, where it has found a home in the local economy. One of the most recent successes for the company was an agreement it signed with ITIX, a Dutch company that works with the entertainment industry.
ITIX was founded a decade before GET, and today the two companies will be working to use blockchain and the internet to deliver the best possible ticketing experience to the Dutch public. ITIX has sold more than 14 million tickets in its history, which bodes well for an expansion of GETs usage rates.
GET Protocol CEO Maarten Bloemers commented on the new partnership:
Our partnership with Dutch ticketing company ITIX is very exciting in various ways. Not only will we learn how to make the technical onboarding for ticketing companies as easy as possible with a committed local partner, also the opportunity costs for choosing not to service theaters directly but through an established brand are virtually non-existent. GET Protocol is extremely committed in helping ITIX grow in market share with our unique features, to both our benefit.
There is little doubt that GET will learn more about how to expand into the existing marketplace with this new partnership, which should help the company to continue its global growth trajectory. The world needs companies like GET, who are committed to creating fair systems that reward entities who play by the rules.
The GET platform doesn’t require that end-users interact with a blockchain interface of any kind, which makes it an easy sell for ticketing platforms that don’t want to make buying tickets a hassle. On the other hand, the GET Token has compelling tokenomics that could see its exchange value rise over the next few years.
While the end-users won’t use GET tokens directly, they are at the core of the GET platform and are designed to drop in quantity as the platform is used. This may lead to a virtuous price cycle for the tokens as the usage rate of the GET platform rises, and the amount of tokens in circulation drops.
GET Protocol has a Growing Niche Market
Live performances aren’t going anywhere, and GET has created a platform that allows people to buy tickets, and ensures that they are the real deal. Not only is the legitimacy of a ticket ensured for every entity in the ticketing ecosystem, but end users are also able to sell their tickets to other end-users at fair prices.
The team at GET has demonstrated that it can launch a great idea, and develop it in adverse market conditions. Blockchain is a novel solution to numerous problems, and GET is demonstrating that blockchain has a home in the global ticketing ecosystem.
If you want to learn more about GET, GET tokenomics, or the recent, successful sale of GET tokens in Korea, have a look at the company’s website, or Medium account. GET is bringing honesty and transparency to a long-overlooked market, and the company likely has a bright future ahead of it!
The post What is GET Protocol? Blockchain-Based Smart Ticketing Solution appeared first on Blockonomi.