GET Protocol
Jun 30
Some months are more quiet than others — this has not been one of those months.
The protocol is firing on all cylinders, as you’ll see. Everything is falling into place to execute on our ambitions of global domination. Without further hyperbole, let’s get to it.
Hello World!
Meet your new protocol, same as the old protocol. Lol jk. It’s completely different — you just might have to squint to see it because our protocol upgrades are that smooth. This month we are introducing one of the biggest upgrades to the protocol we’ve ever launched, and while most of these upgrades are indeed behind the scenes, they will all have some noticeable impacts that we think will continue to solidify GET Protocol as a lasting provider of some of the best ticketing infrastructure in the world.
Kicking it all off, we have have a new dashboard just for integrators. This tool will enable our partners to manage their GET fuel balance top-ups, balance alerts, and usage stats. This last one is really exciting: For the first time, partners that wish to will be able to take a deep dive into their own stats down to the blockchain level, seeing exactly how their usage impacts the chain along with each smart contract deployed for their events. There will be documentation rolling out as a part of this tool, so keep an eye out.
We’ve also updated the Ticket Explorer to now (almost) only rely upon our subgraph for data population. As an end user, this changes very little, but from the backend this is huge: We are now relying almost exclusively upon web3 tooling for the backend of our tooling, meaning GET Protocol’s methods and tools are more decentralized than ever before and with that decentralization comes increased transparency and accountability.
And what major protocol update would be complete without an update in the tokenomic structure? We are happy to announce that as of V2, all ticket revenue is on-chain and settled in GET, using the newly launched Integrator Dashboard.
Starting with this upgrade, fees will be calculated slightly differently per product: For the White-Label SaaS application 3% of the primary and secondary market order value of each NFT minted on the protocol will be required as fuel and for the Digital Twin this will be a fixed fee of $0.02 per-NFT.
Not only will this result in more GET being used as fuel, we also want to point you to this section towards the end of the blog:
‘The true elegance of this system however is that it gives us a lot of flexibility on the terms in which the fuel is sold and we’re exploring a system that will work in lockstep with future staking mechanisms, offering this collected GET fuel directly to committed stakers so we ensure that this GET remains in the hands of those that also share this long-term vision of the protocol.’
We’re incredibly excited about this launch, as it enables the protocol and the GET token to do what they do best; and paves the way for further exponential expansion.
The V2 updates will be implemented throughout the next several weeks, at which time we will of course update the community.
If you haven’t yet, we highly recommend reading through the V2 update in its entirety. (Click on the image to check it out.)
Should you want to discuss this news or ask specific questions, feel free to jump in the GET Discord to do so.
Because the GET devs seemingly have some time on their hands following such a big release, we also announced a collaboration with Immutable X; to build out a fully on-chain global secondary market tickets issued using GET Protocol.
From the announcement:
‘GET Protocol aims to become the global data standard for ‘NFT proof to anything access.’ By leveraging on Immutable X’s cutting edge scaling solution and in-depth knowledge in facilitating top tier NFT marketplaces (GameStop, OKX, NFTrade, Venly and more), GET Protocol will access all the tools and resources necessary to build a seamless and scalable global secondary market. The development process has already kicked off and will be fleshed out over the coming months.
‘I am very excited about what this collaboration unlocks for the global expansion of the protocol and the international partners within the GET ecosystem. It’s a continuous dance to seamlessly deliver never-before-seen benefits to mainstream users around the world, this alliance is a huge step in the right direction,’ says Maarten Bloemers, CEO at GET Protocol.
‘We’re on a mission with GET Protocol to bring unparalleled transparency, security, and liquidity to the global ticketing industry for everyone through the power of zk-rollup on Layer 2. All ticket holders will soon be able to mint and trade NFTs with incredible speed and without gas fee limitations on the world’s leading open-sourced blockchain, Ethereum,’ says Robbie Ferguson, co-founder of Immutable.’
You can read the full announcement on Immutable X’s Medium.
To follow-up on the news, we did a joint Twitter Spaces with Immutable X. The team there was great, and we covered plenty of ground going over in depth the path that got us to here, from a foolhardy entrepreneurial grind to the largest NFT ticketing company in the world.
We discuss in detail the issues plaguing the ticketing industry “black box” as well as the inherent hardships and unknowns that come with creating a ticketing solution that most people don’t realize (like accounting for allergy options on tickets sold provided by venues with food).
And, of course, the topic of the DAO could not be left untouched, and we explored the first community vote along with musings on what the future may hold. For anyone that hasn’t checked this out, this is a must listen and a great introduction for anyone just joining us:
Listen to the Twitter Spaces with Immutable X here.
While the devs are crunching code and delivering features like never before, other team members have been traversing the globe. Here’s a brief rundown on where they’ve been.
NFT NYC
Despite the market downturn, it seemed like the whole NFT space showed up in New York last week. Besides participating in a ‘Future of NFT Ticketing’ panel, where our CEO Maarten got to speak out about how ridiculous it is that NFT focussed events, such as NFT.NYC still use traditional ticketing solutions, the time in the big apple also allowed us to meet with a big number of contacts on our ‘hit list’.
On top of fruitful meetings and a bigger rolodex, the trip also showed the increasing awareness in the industry about GET Protocol and its activity. It’s safe to say that the people that matter are aware of what we do, which is another good sign that we’re on the right track.
To recap, in Maarten’s own words:
MET AMS
Amsterdam was the setting for Europe’s Leading Metaverse conference, MET AMS. We were there, both as NFT ticketing issuer through our integrator GUTS Tickets, and as part of the ‘Application of NFTs Beyond Art’ panel. This was quite easy to do, as every single person in attendance was a user of our NFT application.
The conference had a terrific mix of attendees from all backgrounds; ranging from interested brand representatives to curious students to hardcore crypto degens.
Of course this provided the perfect environment to showcase some fancy NFT can do. So, in close collaboration with the MET AMS team, we facilitated the issuing of several different exclusive ticket artworks, dispersed at random in various degrees of scarcity, as well as additional goodies from partners of the event.
We took the time to draft up a showcase landing page around the NFT drop for MET AMS:
www.nft.get-protocol.io
Brussels Blockchain Week
The first edition of Brussels Blockchain Week, also ticketed by GUTS Tickets, took place just last week. Focussing in large part on the legislative and legal road ahead for mainstream adoption. We were also given the chance to share our approach at the beautiful venue, which we gladly did. The event proved there’s a serious and growing Belgian blockchain scene with serious players involved.
Sports Pro Live
Going a little further back, our team visited London in May, firstly to attend Sports Pro Live, where the decision makers in the global sports industry met up to compare notes and strategies. There is an obvious interest in all things NFT within the sports industry, but also a noticeable (and understandable) cautiousness from shot callers.
ILMC
Right afterwards we dove into the belly of the beast; the International Live Music Conference or ILMC. This is where the old guard of the events industry meet up to compare their papyrus scrolls and, well, keep things the way they are mostly. (Hammering this point home was seeing a panel with representatives from major old school ticketing players, where the topic of ‘should we still be issuing paper tickets’ was quite seriously debated, prompting an audible sigh from all GET team members present.)
Thankfully there was also space for new ideas, as we got to present our NFT ticketing approach. The visit yielded some great new forward thinking contacts as well, and solidified the continuous opportunity for disruption within the ticketing space.
Of course just last month we shared the news about our Event Financing feature going live for the first time, facilitating a Lewis Capaldi show in Reykjavik, in partnership with our integrator XTIXS.
www.theticketingbusiness.com
Hot off the press, we’ve received awesome support through our partner network with a number of publications picking up on the news and getting the word out there.
And many more covered the news:
Crypto Times, UDiscoverMusic, Musically, Unterhaultang News, Crypto News BTC, Digital Noise Mag, Work4BTC, Crypto Currency, Broadway World, MarketWatch, Benzinga, Grit Daily, WFMZ, Finanzen, Street Insider, Canadian Insider, Informazione, European Business Magazine, Crypto Compass, CEO Canada
We are currently compiling and applying the learnings from this first time of putting our DeFi approach into action, and are receiving steady interest about the solution through our website. We will keep you updated as we get ready for a follow-up!
Earlier this month, it was our pleasure to introduce the world to the GET Protocol DAO for the first time formally. As an introduction, we’re laser focused on feedback right now, and are starting the process of expanding on a complex system slowly and gradually in an effort to gather this feedback so we can get it right by our future members. We’ve examined the DAO landscape right now: It both excites us and worries us at the same time.
Time and again we see projects succumbing to the whims of whales, operating in a centralized manner with proposals mostly just a sham put up by a core team of voters with unilateral authority, and even proposals to hijack membership wallets. This is unacceptable to us at GET Protocol and these euphemistic machinations hold no place in our vision of a decentralized future.
And so, we are working hard to involve our community in the design choices of the final product as much as possible. GET is building a DAO for all, carrying forward our theme of exposing and fighting against corporate interests and elitism that plagues our industry. If you want to catch up on this, we encourage you to read “The Path to Governance” on our blog:
medium.com
As a first step to that end, we have introduced not only a general overview of what we’re building, but also introduced the component of the Council in depth as the first Constitutional Element of the DAO. Elected from the Community to lead, but shackled from unilateral decision making, we believe this governing body to be a major step forward in DAO governance and architecture in general and hope to lead by example on this one.
If your curiosity is piqued and your wanderlust for a new DAO family whet, then check out our Discord and connect your wallet: All the information you need to be successful within our upcoming launch is in there with more coming every day.
As many of our readers already know, GET Protocol exists at an intersection of being a B2B business while also offering a hub for direct interaction with and between consumers. Rather than just build out some kind of support community as we’ve seen with competitors, we believe NFTs offer a unique opportunity to build a greater community of event goers, a place to build a lasting connection as it were between artists and fans.
And so, we are happy to introduce our newest blog series that we’re giving the namesake “Lasting Connections” where we will explore and highlight all the ways NFTs can bring communities together in the context of ticketed events.
And with the introduction of our Evolving Collectible (one of the first in the industry) there was a lot to explore! GET Protocol has powered events behind some of the biggest names in the industry, from Gucci Mane to Lupe Fiasco and with an immutable, publicly traceable lifespan of the ticket we are able to build communities that last and are even strengthened and grown further beyond the traditional lifespan of a ticket.
Be sure to read our first entry in this series for a great in depth dive into the story we’re building collectively with NFT ticketing and how it will impact the industry moving forward:
medium.com
Aside from the usual selling of tickets, the expanding of the protocol’s usage and the undoubtedly there are a few events that deserve to be marked in the calendar:
Winding down: In July two longstanding cycles are coming to a close.
If we take a look at the latter, we see that on both Polygon and Ethereum trading pools, the Protocol Owned Liquidity percentage hovers between 40% — 50%.
A very decent number at this stage, that will allow us to plow ahead confidently in the short to mid term. If you want to see the stats of where things stand, community member Treaqura has made a terrific Dune dashboard to do so.
The observant type will conclude that both of these programs winding down will of course result in a decrease in GET entering the open market.
FOMO incoming
Also, on July 8th the GET FOMO Summer Party will take place, providing a great opportunity to mingle with team members, other community folks, and users of the protocol.
We look forward to it, hope you do too!
Tickets are fully sold out, but should one come up for sale, you will find it on the secondary market.
We’ll leave it at that for now — as was the case last time we already have new things lined up for the weeks to come, you’ll surely see them as they occur. On top of that, next month we’ll share some business development insights and news from around the GET ecosystem.
We can’t wait.
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