GET Protocol (GET) Analysis – The New Standard In The Ticketing Industry
GET aims to improve the ticketing industry by providing a transparent ticketing protocol where secondary ticket prices and ticket fraud are non-existent, using the Ethereum (ETH) blockchain and the GET protocol.
The project tackles many negative aspects of the current industry:
Removes ticket fraud by creating a trustless ecosystem.
The problem with current ticketing services is that copies are sent, not original documents. Therefore, it is currently possible to sell tickets with fraudulent bar-codes; making reputation and trust important in order to sell a ticket. Via the GET protocol, original tickets – not copies – are sent, as the tickets are transferred from ETH wallet to ETH wallet. The issue of fraud is removed and ticket purchasers are guaranteed to enter the event.
Decreases third-parties fees.
Unlike traditional platforms such as TicketMaster.com, where arbitrary fees can be applied for options that should really save them money (such as printing your tickets at home), fees on the GET platform are close to non-existent as the market functions without intermediaries.
In 2009, Europe Economics found that for popular music festivals, 20-30% of the tickets are resold at a mark-up of 30% while for exclusive events (such as a Madonna concert), 60-70% of the tickets are resold with mark-ups above 500%. Using the GET protocol, event organisers and artists can be sure that tickets are not bought with the aim of reselling them later at an absurd markup, as the protocol enables a maximum resell price to be embedded within the ticket.
Team and Partnerships:
GUTS, the company behind GET, already has a working product with which they sold 10,173 tickets for approximately 50 events in the Netherlands.
The team itself is not all that impressive. None of the founders have a solid track record of start-up management or industry-related jobs. However, the project already has a proof of concept and a working product, which thus far outweighs any hypothetical concerns.
Moreover, the team has advisors from the very top of the industry, such as Watse De Jong, Martin Garrix’s manager (ranked 1st in the top 100 DJs), and Chris Payne, an agent at International Talent Booking – a company managing events for Adele, KISS, Aerosmith, Bob Dylan, Maroon 5, One Republic, and many more.
In terms of partnerships, the team has already disclosed the following:
- Hekwerk Theaterproducties: A company organizing 800 theatre shows annually – GET already secured more than 310,000 tickets for 2019.
- Modestus: the company filled up the Phillips Stadium (35,000 capacity) more than 50 times!
- Get in the Ring: A network of start-up events worldwide.
The native token of the ecosystem is GET, and is required for the creation and trading of smart-tickets; without it, using the network is impossible (for event organisers and ticket purchasers alike). The economic model makes GET being a pure utility token – meaning that the token value is completely tied to its velocity and demand.
The maximum supply of GET is 13.5 million while its current circulating supply is 10.3 million. Given these figures, the current market capitalisation of the project is around $47 million. In our opinion, given the fact that the company already operates on the market, it may sound like a good investment – in comparison to many other crypto projects which is no more than vaporware.
Given the benefits provided by the platform and the fact that the product is already has real-world application, we see a high potential for mass-adoption and the network effect coming into play. However, on the downside, the team doesn’t have much experience and the economic model is poor, with the token created mainly to fund the project.
We will not currently be investing in this project, though we will be keeping tabs on its progress. However, we cannot wait to use the protocol itself; getting rid of scalpers and being able to buy and sell tickets frictionlessly and in a trustless manner will be a pleasure compared to existing options.