Community

November 21 Update - There is a gap to be bridged

& NFT Tickets are the vehicle to bridge the gap.

Good to have you with us again.

A burst of news

In order to keep things somewhat digestible and save some space for the bigger topics, we’ll start by going over the months’ many highlights in a quick-and-dirty fashion.

Save the date!

Reminder: save the date for the community meetup on Friday, January 28th 2022. With the once-again-tightening restrictions in the Netherlands, we will have to evaluate whether an in-person element is possible. If it isn’t we will have a virtual event, so be sure to mark your calendar regardless of what you see on the news.

Coming to a town near you

Our team is attending several big conferences to share our tech and vision with peers from the events industry and to meet up with potential clients. If you are interested in meeting up with our team at one of the conferences shown below, just reach out to a team member on the GET Protocol Discord.

NFT events incoming

Since issuing our open invitation last month, we have seen a notable increase in inbounds from crypto-focussed events. A welcome increase, which brings the use case of NFT ticketing to the relevant events, while also sparking some interesting new connections in the space. Of course the offer still stands - so feel free to share the invite with suitable contacts or parties in your network.

$GET, now even more accessible

This month, time was put into making the buying and understanding of the $GET utility token easier. Besides a big move of the Liquidity Rewards program to Sushiswap, it came with a shiny new F.A.Q. and the news of a USD <> FIAT onramp for U.S.-based citizens through Dharma.

See the entire update here.

Innovation nomination

We were happy to hear that GET Protocol has been picked as a finalist for TheTicketingBusiness TBA21 Awards for product innovation with our Digital Twin product.

Stadium tour

November saw the announcement of several big stadium shows through the Dutch White-Labeler, GUTS Tickets. From multiple artists at the Ziggo Dome (17.000 capacity) to a new series of concerts by Guus ‘the Dutch Bruce Springsteen’ Meeuwis in the Philips stadium (35.000 seats), these can surely be called serious events.

Of course the current uncertainty regarding COVID-restrictions dampens the excitement somewhat, but the sales are live and any potential reschedules or communication for events on this scale are no problem at all - as we saw before when changing the venue of a 40K+ attendee event with the click of a button.

Ask Sander Anything

We’re also excited to announce another team AMA on the topic of business development! We’ll be joined by Sander who’ll be able to give you insight into this process and answer any of your burning questions. This will be taking place next Monday, the 6th December at 12pm CET in the #ama-channel in our Discord.

We'll be unlocking the channel this afternoon and any questions for Sander can be left ahead of time. Whether you’ve got questions about the processes involved with business development or you’d like to know Sander better, now is your time to ask! We’ll pick as many questions as we can for Sander to answer on Monday and start the live answering at 12pm.

Revisiting the big apple

At the very start of last month we attended the NFT.NYC conference, which gave us the opportunity to meet up with like-minded peers, potential collaborators and a variety of leads. It also helped us see how much potential there is for the GET protocol in its current state to be a major player in bridging event industry players from Web2 to Web3. (More on that later on.)

We proudly introduce our latest white-label integration: XTIXS!

https://twitter.com/GetProtocol/status/1463508321856598017

The integration will allow XTIXS to issue NFT-based tickets to all of its clients, enabling them to take advantage of innovative benefits such as scalp-free ticketing and advanced collectible & fan reward features.

About XTIXS To say XTIXS has been around the block would be an understatement. With team members and partners across all continents and a track record of serving attendees in more than 38 countries at large-scale events, it’s safe to say the ambition & experience is all there!

Antonio Valero, Chief Revenue Officer of XTIXS:

We're excited for our partnership with GET Protocol and its talented team, full of beautiful humans: the combination of our global expertise on entertainment with the excellence and innovation of GET's approach will provide a new voice and, hopefully, a new paradigm establishment into the industry.

The integration will push the usage of GET’s white-label infrastructure to an exciting array of new events on a global scale.

FYI - XTIXS is hiring for a variety of roles, from Human Resources to Metaverse strategist. If you know talented folks who are looking for a fun challenge, point them this way.

Be sure to keep an eye out for XTIXS’ first GET-powered events!

Introducing the new CEO of GUTS Tickets

Hi Rempko, great to have you on board. Do you mind introducing yourself?

‘More than happy! My name is Rempko de Bie and for the last 2 decades I have been working in start-up / scale-up environments in roles that span from the start to the end of the customer journey, from marketing to customer success. All in fast growing organizations. I experienced successes but also had a fair share of failures which, in hindsight, I am thankful for because they were brilliant learning opportunities. Friends and former colleagues would call me compassionate with a drive to support people in their personal and professional growth.

At GUTS / GET I will take on the responsibility for the GET White-label product (including GUTS Tickets) so Maarten can fully focus on the growth & strategy of GET Protocol. I’m really excited about the challenge and looking forward to helping the organization grow!

Oh yeah… although I love to work, in my free time I enjoy Amsterdam, my girlfriend and 2 teenage kids and spend a lot of time on the beach to swim, surf and hunt/gather my dinner.’

How have the first few weeks at the companies been?

‘Amazing! The team is really passionate, smart and creative and I felt super welcome from the first minute. Had the possibility to get to know everybody on a personal level already and was pleasantly surprised by the team spirit and willingness to help each other, what I consider fundamental for a smoothly operating team.

I was very pleased to learn that there is a huge demand for our White-Label product from the market and that our existing customers are happy overall. I was also happy to see that we are one of the few blockchain projects that have a use case that actually is used on a daily basis even without the end users / ticket owners being fully aware that they are making use of blockchain technology. Of course, in order to scale there is work to do but I caught myself, two weeks in, cycling home whistling because I was confident that I can add a lot of value here!’

What are your focus points going to be?

‘Actually all focus points can be peeled back to one objective: get the foundation for fast scaling in place. This focus has an impact on our people, processes and products. Although we have a solid demand for the market and we did sign up our first customers for GET White-Label there is still a lot to learn and iterate on from the product site and how we get new customers, onboard them and help them achieve their desired outcomes. Solid metrics need to be brought in place so we have a good understanding of what happens and learn what works, what doesn’t and where we need to adapt and improve.

Our own internal White-Label, GUTS Tickets will set us up for success, it allows us to keep our feet in the mud and learn what event organizers run into on a daily basis so we can incorporate improvements that all our White-Labels can benefit from. Also gives us the opportunity to test all kinds of crazy new things via a big pool of possible beta testers.’

Where do you see the company headed in the next two years?

  • ‘We will have executed well on the potential and made existing and new ticketeers successful;

  • We are flooding the market with new ticketeers;

  • We are still the most innovative party. Miles ahead ahead of potential competition, all self-respecting organisations want to partner with us;

  • We are the standard for the ticketing market that gives ticketeers, EOs and other people that handle entrance assets in a transparent and data driven way.’

What can the GET community do to help achieve your goals?

‘First I wanted to thank you all for your support so far. I was really excited to learn that we have such a loyal and active community. We are always looking for new people, especially developers. Spreading the word about the project and what we are doing helps us immensely. The same goes for creativity and application around our products, your ideas can help us improve our features. (Editor’s note: be sure to post your ideas in the ‘suggestions’ channel on the GET Protocol Discord.)

Together we are going to make this a huge success!’

The last burnback report

It has been 3 months since the last buyback report, which means it is time for a new and last burn (report). As communicated before the token economics of the GET Protocol has been running fully on-chain for the months. This makes this type of report unnecessary as all the relevant data can be extracted in real time by either monitoring contract events in real time or querying the graph-QL endpoint.

Even though some in the GET community might have liked these quarterly recaps of activity and its resulting demand for GET, the method itself was archaic and an ironic wink to corporate reporting. Evidently this means of communication about results and progress; centralized, periodic and with unpredictable and opaquely set variables, doesn’t fit in the DAO model we are moving towards.

Q3 summary:

GET Protocol processed a total of 503 492 state changes in Q3 of 2021.

112 814 tickets & 5442 up-sells have been issued and 3538 tickets have been resold for a total of 1018 events.

To fuel these state changes a total of 10,998 GET has been burned.

Proof of burn Q3: Etherscan

Previous buybacks and burns:

Q2 2019 -> 44 468 tickets sold |20 839($7 627) GET burned

Q3 2019 -> 20 592 tickets sold | 12 293($3 834) GET burned

Q4 2019 -> 62 215 tickets sold | 98 348 ($31 997) GET burned

Q1 2020 -> 81 061 tickets sold | 107 059($25 997) GET burned

Q2 2020 -> 48 090 tickets/upsells sold | 60 607($12 317) GET burned

Q3 2020 -> 53 197 tickets/upsells sold | 52 893 ($12 317) GET burned

Q4 2020 -> 53 841 tickets/upsells sold | 58 824($20 104) GET burned

Q1 2021 -> 41 926 tickets/upsells sold | 7336 ($26 801) GET burned

Q2 2021 -> 99 552 ticket sold, 15 384 upsells sold | 12 647 ($30 274) GET burned

Q3 2021 -> 112 814 tickets sold, 5442 upsells, 3538 ticket resells | 10 998 GET ($30 102) GET burned

Sourcing of GET

All the GET for the Q3 Buyback has been acquired directly from Uniswap in 3 transactions:

Buyback @ Uniswap tx 1 -> 3 330 GET

Buyback @ Uniswap tx 2 -> 2 378 GET

Buyback @ Uniswap tx 3 ->2 333 GET

Etherscan UGF Discount Tx -> 2 956 GET

Basic Burn Calculations Q3:

Total state changes: +-503 492

Target rate per state change: $ 0.055–0.065 (est)

Total GET acquired: +- 8041 GET

Total GET discount: 2956 GET

Total value of Q3 burn = $30 101 (10 998 GET)

Reflections on Q3

Even though most of the markets where GETs integrators have been operational still had active event or gathering restrictions, the protocol managed to hit a series of records and “ATH milestones”.

ATH-record most tickets ever issued in a quarter (112.8k sales)

ATH-record most events published/serviced (1000+)

ATH-record most ticket resales (3.5k+)

This growth, despite the viral headwinds in the entertainment space, is extremely encouraging for the long term GET demand perspective.

The promise of the secondary market

The growth in the amount of registered secondary market sales (literally 30 times higher as any other quarter) clearly proves that the secondary ticket market is working. This confirmation is quite exciting and bullish for protocol value proposition. The secondary market is by far the most inefficient in the whole vertical, the ability to make a market (match buyers and sellers) opens up high margin value sinks for the protocol and its native token.

The on-chain tokenomics and what this means moving forward

Out of all defining moments on our quest for maturity this year, it is our on-chain tokenomics release in October that has set GET Protocol on the tracks towards the eventual end goal of a globally accessible, decentralised ticketing protocol governed by a DAO.

Since our inception in 2016, we envisioned a tokenomic model, where ticketeers could seamlessly top up their $GET, process tickets through GET Protocol and reap the benefits of blockchain technology with every ticket processed through the protocol requiring $GET as operational fuel.

Our ‘mainnet’ release in October 2021 fully realised this idea, creating a trustless layer that underpins all of our robust ticketing infrastructure. Our on-chain tokenomics has enabled:

  • On-chain value flow that is transparent with clear activity records.

  • Ticket integrator accounting handled via smart contracts.

  • A pricing model that is clear & easy to understand.

  • Real-world intrinsic demand for $GET.

$GET is not just built to support one ticketeer, but rather a global ticketing industry. The token and eventual DAO will be there to support all parties utilising the protocol, each and every integrator will become a stakeholder, incentivised to see the protocol succeed. This is applicable for both digital twin integrators tapping into our blockchain and NFT layer, or white-labellers utilising our full suite of infrastructure.

By accommodating a global ticketing industry and adding value across the board, the usage of $GET is not destined by crypto trading volume, but rather real-life ticketing executed through an end to end flow, from ticketeer top up to $GET in the DAO treasury fund.

Best of all, the usage of $GET for ticketing activity is viewable for all to see through our SubGraph. Insights can be broken down across event and usage metadata giving a crystal clear picture of $GET flow through the protocol:

https://thegraph.com/hosted-service/subgraph/getprotocol/get-protocol-subgraph

Since our on-chain tokenomics release in mid October, a total of 11,770 $GET has been used to fuel tickets through GET protocol.

We’ve said all along that the proof is in the pudding and with $GET demand tied intrinsically to real world usage driven fully on-chain, the $GET token is in a position to resist potential market volatility as processed ticketing demand eclipses sell pressure volume. This mechanism will only become further evident as ticketing through GET Protocol picks up pace across the globe.

So remember, no matter what the conditions of the cryptocurrency market may be, the protocol will keep ticketing along providing a foundation of growth that culminates in a grander picture being painted.

The Web 3 Bridge For The Events Industry

A recent concept we’ve introduced into our communications is the unique positioning that GET Protocol finds itself in as the Web 3 bridge for the events industry. Firstly what do we mean by this and what really is Web 3?

Web 3 is all about decentralised ownership and control, where the user owns the underlying assets instead of renting them from centralised parties. In essence Web 3 is ushering in property ownership over the internet. For more information on why Web 3 matters, we recommend this read by Chris Dixon: https://future.a16z.com/why-web3-matters/

Needless to say, Web 3 is the future, unlocking incredible experiences and democratised value for everyone.

So how is GET Protocol able to become a vessel for introducing Web 3 to new users? Simple, it’s all in the ticket.

As many of you know by now, our ethos has always been to build infrastructure that everyday people can use, whilst being backed by blockchain technology. This allows anyone no matter age, tech knowledge or location to use our ticketing systems.

As GET Protocol goes global, NFT tickets represent the perfect bridge for introducing everyone to the world of Web 3 as event tickets are accessible, provide clear utility and overcome the major hurdle of kickstarting access to blockchain backed assets.

Whereas traditional onboarding into crypto and blockchain often occurs through word of mouth, adverts, news articles or the like, it is high time for there to be an innate gateway that lowers the difficulty of understanding.

By claiming an NFT ticket as a collectible, the user has their ticket (if you’ll pardon the pun) to Web 3 experiences.

So what are these Web 3 experiences?

They are a direct connection method for communities with shared interests, a value layer that benefits all participants and digital playgrounds built on top of user owned assets.

For GET Protocol, ownership of an event’s NFT collectible can be used as an access token into communication channels with fellow event attendees, organisers & artists. Provide entry into metaverse spaces that reignite or create new event moments and give artists and event organisers methods to kindle relationships with their event attendees, creating loyal fans in the process.

On the other side of the coin, existing Web 3 protocols and applications get the opportunity to welcome new users onto their platforms, creating a user-friendly onboarding experience that puts the right foot forward in showing the immense potential of this new web age without the high skill floor.

If there’s one take-away from this month’s update it might be that we are in the middle of a very fruitful time and both the GET protocol & team are uniquely positioned to seize the new opportunities that are popping up every day.

The GET Protocol Foundation

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.

Digital Twin

Get involved in NFT ticketing easily and without any risk!

Learn About Digital Twin

White-Label

Isn't it time for a modern ticketing solution?

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A parting note

Keep up to date with GET Protocol on social media via our Twitter.

White-Label

Changing the venue of 40K+ attendees with the click of a button

© 2021 GET Protocol Foundation

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