GET Protocol introduces NFT ticketing; minting 120.000 NFTs on BSC

Blockchain ticketing project GET Protocol is minting 120.000 NFT tickets on Binance Smart Chain as they begin their NFT ticketing approach. An exciting new use case for both the NFT world and BSC.

By
BSCNews
on
March 2, 2021
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Sponsored

Introduction

GET Protocol is one of the crypto projects with significant organic market demand; over half a million digital tickets have been sold (for concerts, theater shows, sports events and livestreams) using the protocol since its founding in 2016. You can see some of the artists who use GET here. Over the years thousands of events have been ticketed, without a single ticket being scalped.

Now they are launching their NFT ticketing. Starting with the minting of 120.000 NFTs on BSC, which is taking place at the time of publication.


The Problems Solved by GET Protocol

Manipulation of events’ ticket sales has been an age-long headache for performers, fans, and other entertainment industry stakeholders. Ticket rackets are always on the prowl trying to profit by scalping the ticketing process and hiking the price of tickets without adding any value to the system. 

This occurs as unauthorized resellers and middlemen often attempt to create artificial scarcity by buying up a massive stash of tickets. They then raise the prices before selling to desperate fans; some resellers outrightly sell fake/invalid tickets to unsuspecting public members. The result is that there is a lack of transparency and extensive fraud associated with the traditional ticketing system, which shortchanges everyone.

The GET Protocol was developed to make the ticketing process much more transparent and ensure a level playing field for everyone. In turn, GET Protocol applies the transparency of blockchain towards improving the industry. 

What is the GET Protocol?

GET (Guaranteed Entrance Token) Protocol is the brainchild of GUTS Tickets, an Amsterdam-based blockchain company. The protocol built on the Ethereum blockchain is designed to be a smart ticketing solution that will eliminate fraud from the industry and make the process transparent. It ensures that tickets are sold and resold within a fixed price range and that those tickets are originals with no possibility of cloning. It was founded in 2016 and has proven to be a working product with successful implementations already done in Holland by its parent company, GUTS. Since 2020, several international ticketing companies have begun to use the protocol to issue their tickets, specifically in Germany, Italy, and South Korea.

Video Introduction


NFT Ticketing
On top of the fully digital ticketing service; GET Protocol has begun to issue their tickets as NFTs. To kick this off, they are minting 120.000 NFTs for all the tickets that are currently sold but not yet used. This minting is taking place at the time of publication, you can follow along here.
Read about GET’s NFTs on BSC in their update blog from last week. 

From commercial & partnership lead at Spotify: https://twitter.com/iamjackstephens/status/1363638008059150339?s=20

NFT ticketing is an exciting new use case that adds benefits to organisers and ticket buyers. Visitors of events are able to have collectibles from their favorite artists. Even Mark Cuban is getting into it.
The NFT tickets by GET Protocol poses a lot of possibilities for
capturing the value in the primary and secondary market. Read all about the GET NFT approach here.

Over the coming period, the NFT approach on BSC will be evaluated by the GET team for feasibility, technical fit and scaling potential.


Features of GET

GET was created to tackle the ills of traditional ticketing and ensure that anyone who wants to issue admission tickets for an event can do so in an honest way, fair to all. The following features enable it to achieve these objectives 

  1. Complete Market Control

From the moment the first ticket is sold till the last ticket is validated is all facilitated through the blockchain. The protocol doesn’t control the ticketing process including the resale by a ticket holder. This removes middlemen and price manipulators from the process chain. 

  1. Unique Blockchain Identity. 

Every issued ticket has a unique identity locked to it and traceable on the blockchain. This absolutely eliminates the possibility of cloning or faking a ticket. 

  1. Open Source. 

GET protocol’s program will be open source and available for anyone to execute with a Software Development Kit (SDK) also available to make the implementation easy.

How it Works 

GET attends to every segment of the ticketing value-chain. It makes the ticketing experience stress-free for users, ensuring content-creators that their fans are not subjected to unfair pricing of tickets. On top of this GET provides organizers with an efficient and scalable tool for secure event management. The protocol adopts the following set of principles to achieve this:

  1. Whereas normal ticketing services validate a ticket using data about the event, GET goes beyond that to lock each ticket to a particular owner. It provides a dynamic code that is only revealed just before the event's start through the owner’s verified phone. 
  2. Reselling of tickets is done in a very professional way. A ticket owner who wishes to resell their ticket can do so only from their verified phone. This renders the typically manipulative secondary market redundant and ensures that the protocol has full control of the transfer of tickets.
  3. Huge events require fast verification of tickets before the start of the event and immediate deactivation of the validation code to avoid reuse. Current blockchain speeds may be inadequate to handle the traffic in a timely manner efficiently. To mitigate this, GET integrated an off-chain API and database for that purpose. 
  4. GET recognizes that the majority of attendees to an event would not want to be burdened with the technicalities of blockchain. All they are interested in is the event. The user interface of the GET ticket application is designed in such a way as not to require any knowledge of blockchain technology for the user to operate it. 

The GET Protocol ticketing process is just as easy as what consumers are used to from non-blockchain ticketing experiences. Maybe even easier. It’s a matter of simply creating an account and verifying the phone number of the ticket buyer. The digital ticket is registered to the user’s phone number and device, and is prevented from being duplicated or used for fraud by several innovations, such as a dynamic QR code that changes every 15 seconds.

At the moment the event is about to begin, GET protocol activates the user’s smart ticket and delivers the code needed for the event’s entry to the user’s verified phone. 

More explicit information on how GET Protocol works can be found in this documentation

Tokenomics 

GET is the native token of the protocol. It is an ERC-20 token utility token that drives the protocol’s transactions and operations of the smart tickets on the Ethereum blockchain. It has a total supply of about 33,368,773, of which about 11,388,257 is in circulation. The GET token is currently trading on Uniswap, Liquid, STEX, Coinone, and IDEX exchanges. Its legal status as a utility token has been reviewed under USA , European, and Singaporean laws.

It is important to note that GET incorporated a deflationary mechanism that uses GET as the fuel of the ecosystem. Meaning tickets that are sold and re-sold will require GET tokens to verify the transactions. Once events are completed the GET collected is burned by the protocol, reducing circulating supply and driving value to long term token holders.

Further metrics about the token can be seen on the website and on market aggregators Coinmarketcap and Coingecko


Project Updates

Since the inception of the project in 2016, several milestones have been realized. The team hosted a very successful Initial Coin Offering, deployment of the ticketing app to Android and iOS platforms, and use of GET’s smart tickets at events in Holland, Korea, and several countries across Europe.

Further diversification of GET Protocol is expected to take place in 2021. Plans are also at an advanced stage to add decentralized events financing to the GET Protocol. More information on what to expect in 2021 and beyond can be found here and here


Conclusion

The events management industry has been beset with ticket racketeering and other forms of ticket issuance manipulations. These flaws hamper the industry making the system inefficient for all parties. GET protocol was developed as a novel blockchain solution to deal with fraud issues in the system and making ticketing secure, transparent, and user-friendly. As the world moves more towards the application of blockchain technology to solving human needs, the GET Protocol has successfully implemented its ticketing protocol and is positioned to be a strong player in that field.

For more on GET Protocol, have a look at the project’s media links. 

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