Benedefi welcomes to the portfolio this NFT ticketing token that we believe is showcasing one of the many ways blockchain can transform an industry for the better.
The internet and Web2 has allowed us to advance the ticketing process in some amazing ways. The old days of having to print off your ticket, forgetting it, or buying a fake one from the scalpers outside the ball park are virtually gone. Today, the majority of event goers don’t use a ticket at all, rather a secure bar code sent directly to our phones. This cuts entry lines, reduces waste, limits the counterfeits, and creates less friction upon entry for customers.
However, it’s no secret the industry has been brutally exposed by automated bots and resellers, allowing intermediaries to gobble up tickets seeking to make a profit. This leaves purchasers deeply frustrated, and consumers are fed up. Major ticketing companies like Ticketmaster and Live Nation have long held a monopoly over the ticketing industry, controlling pricing, distribution, and resale. Almost any popular live event is forced to go through these platforms. This project challenges this dominance by providing a decentralized and transparent alternative, empowering event organizers and ticket buyers alike.
We’re talking about non-fungible token (NFT) ticketing platform, GET Protocol.
You see, NFTs are a technology that will stretch far beyond digital art collections. Non-fungible by definition is something that is unique and cannot be replaced. Physical money, for instance, would be considered fungible. There is no difference between this $1 dollar bill or that one, as each carries equal weight. When something is non-fungible, this means there is a unique value that is represented through the item, which cannot be replicated. Think diamonds, parcels of land, rare baseball or pokemon cards, or anything that is not interchangeable. In the digital world, non-fungible items are now tokenized on the blockchain - hence the term NFT.
GET Protocol has facilitated nearly 6 million tickets across over 20,000 events worldwide. Since 2016, this Amsterdam based team is revolutionizing the way tickets are managed and distributed. By use of blockchain technology and NFT’s, this project guarantees integrity and exclusivity of event tickets, ensuring that each ticket is genuine and secure.
NFTs as tickets are stored and managed on the blockchain, allowing for a seamless verification process. Every NFT contains a digital signature, making each one unique. Event organizers even have the option to incorporate “token-gating” technology into NFT tickets, which addresses the major issue in the ticketing industry today. Token gating is a function that works by limiting access to specific services or resources online, ultimately ensuring that only authenticated purchasers can gain entry to events. This could virtually eliminate the chances of encountering bad actors with ill-intentions.
One of GETs standout features is its innovative scalping-proof mechanism. This allows event organizers to attach a fixed price to each ticket, with an option to set maximum resale prices. This approach to ticketing could be a serious game changer. Organizers are empowered with control over pricing, and the ticketing markets will foster a level playing field for consumers.
The ticketing industry is primed for disruption. GET is solving a problem that is currently costing consumers money and frustration. The ticketing industry is worth about $82 billion globally. GET protocol has risen over 200% just in the past few months, and we think there’s much more to go. For starters, GET has a market cap of around $40MM today. That pales in comparison to industry giant Live Nation, which currently sits at a $24 billion dollar market cap. That’s more than 500x today’s token price. Now, we’re not suggesting that we could see those kinds of returns in the near future, but we want to be clear just how much room there is for projects like GET to capture market share.
As GET Protocol makes a push into the mainstream markets, we believe the token could see 10X gains or more during the next bull market. Blockchain-based conferences around the world and small artists are already using GET Protocol as their ticketing solutions for entry. It’s only a matter of time before big named artists decide to use this as infrastructure for their events, and take this solution mainstream.
The best part about it, ticket buyers won’t even know they’re using blockchain. The front-end user experience is strikingly similar to the way event goers interact with tickets today. And when the event is over, users can even keep the ticket as an NFT collectible by sending it to a personal Ethereum wallet. This opens the doors for potential NFT marketplaces in the future, similar to how historic tickets are sold by auction today on sites like EBAY. One day, these tickets could be auctioned off and sold on NFT collectible marketplaces. Pretty cool.
Lastly, let us explain to you how the GET token works.
You see, Guaranteed Entrance Token (GET) lives in the ethereum ecosystem and is the token that powers GET protocol. The token is used to power the issuing of the NFT ticketing technology. The more users of GET Protocol, the more the GET token is needed to help the platform run. Think of these tokens as a tool for ticket integrators to use the protocol. As more users come, the more tokens that ticketing companies will need to buy and hold in order to function with the platform. Simply put, more demand for the token equals higher prices.
As we mentioned, the ticketing industry is in desperate need for a shake-up. As consumers demand transparency, security, and fairness in ticketing, solutions like GET Protocol are well-positioned to capitalize on the opportunity.
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Want to get in touch?Matt@benedefi.com