GET Protocol is a digital ticketing infrastructure that provides blockchain and NFT products to end users. The platform has built and tested products like NFT tickets that have served non-crypto-savvy audiences at real events. Since its founding in 2016, GET Protocol has sought to release solutions that give users the advantages of NFTs, with tickets serving as the primary value.
Tickets processed using the GET Protocol are registered on-chain and accessed in real time. The tickets are tracked using the NFT ticket explorer.
Statistics provided by the GET Protocol team show that their product usage has covered 121 countries, been in 217 events for over a month, and has onboarded 423 unique artists and organizers. Additionally, from the 2,000,000 tickets processed on via the Get Protocol more than 500,000+ are NFT tickets.
NFT tickets are on-chain processed tickets that have NFT features which include immutability, transparency, and digital ownership. Get Protocol is leveraging these features to offer a Web3 bridge to the events industry, and a global connection between artists and their communities using collectibles.
What Does GET Protocol Offer?
White-Label
GET Protocol white label is a system for scaling ticketing employed by the team for events. Other ticketing companies, known as “white-labelers,” are allowed to use the white label system in addition to GET Protocol’s GUTS Tickets.. Key features of the GET Protocol’s white label include a branded ticket wallet app, web access, 24/7 dashboard, and support. Current GET Protocol White-Labellers include GUTS Tickets, Wicket, tectix, getTicket, Flockey, Djebber, DeFy Tickets, XTIXS, Relic Tickets, and NeonOx.
Digital Twin
The Digital Twin product is an NFT and blockchain tool running on the polygon blockchain for ticketing that creates an NFT copy of every ticket issued. It makes available tickets as a digital collectible for fans and enhances secondary market value via increased patronage.
NFT Ticket Explorer
This product gives a view of all ticketing operations and shows the tickets being processed through the protocol. Similar to a block explorer, the GET Protocol provides both fundamental and technical information on tickets; that is purchase history and market metrics in tickets. Features include a homepage for real-time ticketing data, a page for recent ticket sales, states and changes, and the cycle of the ticket process.
Post-Event NFT Collectibles
GET Protocol NFT Collectible allows tickets to remain valuable even after an event. NFT Tickets obtained through the GET Protocol’s white label can be claimed as a digital collectible. They can be exchanged on decentralized marketplaces. This works by scanning a ticket at an event the ticket is dropped automatically to the attendees’ wallet via the polygon wallet.
GET protocol token and tokenomics
The protocol launched an ERC-20 utility token, $GET on the Ethereum and Polygon blockchains. Its core utility is for settling ticket transactions done on the protocol. GET has a circulation supply of 16,750,000, and a total supply of 23,368,773. Certain factors determine the amount of GET used in payments, these factors include the price of the ticket, the ticket issuer, and what the ticket would be used for.
GET Protocol runs two types of liquidity programs- Protocol Owned Liquidity and LP Reward Program. The LP reward program is an incentive program the protocol launched in 2020 to reward participants when they provide liquidity to polygon GET-ETH pools on the polygon and Ethereum networks. The Protocol Owned Liquidity (POL) model allows the protocol autonomy over the LP tokens and the ability to own its liquidity via LP tokens purchased from participants in the market.
GET can be acquired on centralized and decentralized exchanges and stored on ERC-compatible wallets, both hot and cold wallets.
GET Protocol Product Benefits
The benefits of the GET protocol cover three main categories of people, ticketing companies, event-goers, artists, and event organizers.
- Ticketing companies: Integrating NFT tickets to scale business, have a wider reach, and become a GET protocol white-labeler
- For attendees (event goers): The benefits are pre-event, during the event, and post-event.
- Artists and event organizers: The products allow for direct communication, more event connection, and a scalp-free ticketing process.
NFTs have been leveraged by institutions, the Get Protocol White-labellers to provide a new approach to everyday events like conferences and workshops. For the GET protocol, it is revolutionizing tickets and ticketing by making them valuable assets even after the event. With a 50+ team GET protocol provides tickets as a claimable collectible user can trade on secondary marketplaces in exchange for equivalent forms of value. The NFT market itself is volatile and therefore should be engaged with proper knowledge of the risks involved.
Read also;
Get Instant Loans with NFT as Collateral on BendDAO
What do you think of this article? Share your comments below.
