Our monthly update on the progress at GET Protocol
As the month of February flies past us, we’re excited to update you on the progress we’ve been making as a team and shine a further light on the ramping activity of GET Protocol’s integrator partners.
Our major release this month was our Protocol Owned Liquidity program, which kicked off on the 17th February through Olympus Pro.
With Protocol Owned Liquidity you create ‘dependable liquidity’. When the protocol needs it, it’s available for use. This is particularly important for GET Protocol as we’ve consciously built our global ticketing infrastructure to remove all crypto & blockchain complexity away from the end user experience. This means GET Protocol needs to operate seamlessly in the background and as such liquidity must be available to accommodate ticketing activity at all times.
For the protocol, owning liquidity provides several benefits:
The protocol has autonomy over its LP, guaranteeing dependable liquidity
The protocol can earn fees from trading activity; the more trading volume, the more liquidity grows.
The $GET reward emissions that go towards incentivising liquidity providers can then be used to fund new initiatives that promote longevity and optimisation of the treasury and network effect of the protocol.
You can access the GET bond page on Olympus Pro through: https://pro.olympusdao.finance/#/bond/get_eth_slp
On top of this we released an FAQ to dive into further detail on the reasons for implementing Protocol Owned Liquidity as well as provide a walkthrough guide on buying GET bonds using your GET-ETH LP tokens.
Protocol Owned Liquidity page: https://faq.get-protocol.io/get-protocol-tokenomics/get-protocols-liquidity
We are excited to have brought POL into fruition as it was one of the staples of our 2022 roadmap and a significant step for the protocol moving forward.
As emphasised during the POL launch, the acquisition of LP and issuance of discounted GET, is purposefully created to be a gradual process across several months. This ensures that the program runs smoothly without affecting supplied liquidity or influencing price volatility.
The Olympus Pro system is built to carefully control the discount rate of bonds using what is known as the Bond Control Rate (BCR). This can be seen quite evidently through a Dune analytics dashboard built by community member Treaqura to show the status of the POL program.
The blue area on the right visually indicates the liquidity owned by the protocol
The protocol currently owns just over 4% of the liquidity supply for GET-ETH on Polygon in just under two weeks of launch, with ambitions to own the majority of liquidity within the next 6 months.
When we released our revamped website back in August 2021, we focused on delivering clear information around our two products, the digital twin and white-label so that any first time visitor could understand what our infrastructure achieves without being overwhelmed.
Since $GET is a critical part of our ticketing infrastructure, it’s only fitting to improve the content and resources covering the token. As such we’ve added a new page to our website which takes any reader through the role and utility of the $GET token.
You can visit the token page here: https://www.get-protocol.io/token
Last week Relic Tickets launched the arrival of the ‘Relic’ which until this point remains a mystery, what could it be? If you’re curious, we suggest you join their Discord to stay up to date..
Besides bringing an exciting and hype-worthy approach to the table, the roll-out of Relic’s plans is highlighting the way GET Protocol will settle into the role of a facilitating protocol, with an increasing allocation of time and resources for amplifying the activity of our partners & integrators.
Embracing this role allows us to generate maximum hype around exciting NFT ticketing applications, which helps every participant in the protocol's ecosystem by putting them, deservedly, in the spotlight.
We look forward to the reveal of the 'Relic' + everything else that is sure to follow.
We checked in with our CCO, Tom for an update on GUTS Tickets:
The past 2 years provided a lot of uncertainty in the event space. The Dutch government announced on a regular basis new measures that became effective the next day. This uncertainty created a lot of turmoil for our clients but also for their attendees. As a ticketing company, we were happy that we could at least provide some consolation to event organisers by reducing headaches through our smart tickets.
Thanks to the nature of GUTS’ smart tickets, any ticket seller has a direct connection to every ticket holder, so communicating about these types of unexpected changes at the last minute is no problem. Organizers can easily issue refunds, offer credits or reschedule the event to a time in the future.
When a pandemic requires the movement of 40.000 attendees to a different venue, how do you solve that problem? Well it turns that smart tickets fix this issue with the click of a button, during the pandemic we wrote this article about it.
Fast forward to today and we’re very happy that a lot of events are now going to take place! Tickets that were sold 2 years ago and during the pandemic are finally being scanned. A couple of big events are going to take place this year, Guus Meeuwis in 013 in Tilburg, Miss Montreal in Ahoy Rotterdam, BLØF in Ziggo Dome Amsterdam, Volendammer Havenfeesten Marinapark Volendam, Raccoon in Ahoy Rotterdam, Suzan & Freek Ziggo Dome Amsterdam, Chef’ Special in Ahoy Rotterdam, Klokgebouw Eindhoven and AFAS Amsterdam, Di-rect in Ahoy Rotterdam and much more.
We are continuously in contact with a lot of prospects in the Netherlands, all of them have the same requirements that they first need to get their pre-existing tickets scanned before discussing a new deal with us as a ticketing company. During the pandemic we found out that the GUTS brand has really landed in the Netherlands, we received interesting RFP’s (request for proposals). You can say that event organizers know us and want to know more about our technology. Not every event use case aligns with our technology, but it's very nice that all the seeds we’ve planted over the years are finally blooming into a stable group of customers along with new customer growth.
Since the addition of the WL product to our products, we have made it mandatory to use our own ticketing system GUTS Tickets first for a trial event. You can see it as dating; first a couple of dates, before we marry with our new WL Partner ;-) this give us a better understanding of their business and the people behind the WL. And for the WL they can try out the software before committing as a partner. (Or as we say in the Netherlands, first drink the milk for free, before buying the cow).
It’s also good to know that 4 members of our team are heading to SXSW (South by SouthWest) next month. Our agenda is filling up with nice prospects that are interested in using our technology. These are for example:
Ticketing companies that want to swap their old tech (read ticketing system) without investing in development.
Content creators/festivals/venues that want to sell their own tickets under their own brand.
Event organizers that want to start selling NFT Tickets.
Always welcome to connect us with similar parties or interesting players from the music industry. Let’s connect.
It’s been a while since we’ve provided you an update on the continual hiring process at GET Protocol.
We’re now up to 45+ team members and counting based either at our office in Amsterdam or remote across the world. The past six months has seen a number of new hires, from development hires to HR our team has grown with new and familiar faces alike.
If you’d like to help further our collective ambitions to become the defacto global NFT ticketing infrastructure, have a look at open positions: https://careers.guts.tickets/
Restrictions are drastically decreasing across the world, which means we’re seeing a variety of new (types) of events pop-up. Over the last month, over 138K NFT tickets were issued, with 730+ events being set up. All using GET Protocol.
While every event is of course equally important, there are a few we wanted to shout out individually:
Comedyclub Toomler faclitated a late-night show by American comedian Louis C.K. last Friday. The tickets were sold through GUTS and sold out in minutes.
Dutch singer and household name Guus Meeuwis is building the excitement for his series of stadium shows this summer with three ‘warm-up’ shows, to be held over the next few weeks. Tickets for both the warm-up and the stadium shows are issued through GUTS Tickets.
We’ve seen a big influx in attention and publicity since the start of the year. Not only is the use case of NFT ticketing generating steadily rising interest from the events industry, the NFT and blockchain publications are increasingly curious about our specific application.
This allows us to clearly focus our energy in advancing the use case in two directions:
Convincing live industry professionals of the advantages of NFT tickets issued by GET Protocol.
Show the NFT scene how to achieve mainstream adoption on a level never before seen.
Let’s do a quick round-up of the publicity garnered so far this year:
GET Protocol was mentioned and prominently featured in IQ Mag’s blockchain special.
We also ran a full-page ad in the magazine, hitting its live events readership with a healthy dose of FOMO.
To compound the visibility, we ran a banner campaign in IQ’s mailing list, which goes out to thousands of event industry professionals around the world.
We also released the NFT Starterpack for artists, highlighting tangible usecases from the NFT space, and was shared by the projects mentioned in it, such as The Sandbox.
A Cointelegraph article about the rise of NFT ticketing highlighted GET Protocol’s advancement for the use case ticket volume, alongside some thoughts.
We were asked to talk about GET Protocol’s NFT ticketing use case on Bankless’ Overpriced JPEGS podcast with Carly Reilly.
Colby spoke at a Web3 X Nightlive twitter spaces, while Olivier was part of an NFT creators-focussed panel at the Eurosonic Noorderslag conference for live event professionals.
A certain up-and-coming entrepreneur by the name of Mark Cuban mentioned GET Protocol - and proceed to incorrectly explain it. Whether by mistake or strategy - we set the record straight on twitter.
Most recently, we took part of The Defiant’s livestream episode to talk about, NFTs in mainstream culture and the role NFT Ticketing plays in bringing artists and their fans into Web3.
We will of course keep spreading our message on both sides of the industry and will not rest until every ticket is an NFT. If you know publications, podcasts or people who would benefit from hearing about what we do, feel free to make the introduction or drop a suggestion on Discord.
We will be back before you know it, we already look forward to sharing the news of what's being worked on.
Since 2016 we have been building ticketing infrastructure powered by the latest technology to upgrade the experience for all in the ticketing chain.
Ticketing companies of all sizes use our infrastructure to get clearer insights, generate greater revenue and maximise the connection through their tickets.
Keep up to date with GET Protocol on social media via our Twitter.