GUTS Tickets is the first ticketing company using the GET Protocol to provide honest and transparent ticketing. As such this company will take the lead in using the protocols main-net capabilities that are going live(on the Ethereum main net) in Q3 of 2018.
As of now GUTS Tickets has secured to sell 140 000+ theater tickets in Q3 and Q4 of this year. Due to the characteristics of these theater tickets(seating, certain privileges or complexities per rank, etc.) and the added value of using GET for this type of ticket, GUTS Tickets will require 0.60€ per smart ticket transferred to a consumer. This accounts to a total of €84 000 euro worth of GET that will be required to use the protocol. As described in our white paper this GET will be acquired from the open market.
How much GET will be acquired from the open market by event organizers (via the buy-back mechanism) is dependent on the average GET price on the moment of acquisition. As also explained in this blog the bottom price for the buy-back mechanism is 0.50€ per GET **and is uncapped upwards **(so depending on market price on exchanges). This makes the GET utility token anti-fragile in relation to Ethereum and the blockchain trend/volatility in general. Consolidating further that smart ticketing does need an own token/protocol-layer to make it usable and stable enough for mainstream consumers that just want a service to work as expected.
A milestone to look forward to
While this buy-back can be seen as rather modest considering how much volume in demand it actually entails. It will be the first time demand for the token is driven by actors that will use the token for smart ticketing(without knowing it).
This live-net launch will mark the first time mainstream customers will (unknowingly) be assigned a main-net ethereum wallet and receive GET as fuel to perform the functionalities the ticketing system of GUTS Tickets offers. This main-net launch will put ethereum wallets with GET in the hands of more than 100k Dutch consumers.
Fun fact: As of now GUTS has sold 60 000 smart tickets to more than 48k unique
users. These buyers of tickets unknowingly own/have been assigned a kovan-ethereum address associated with their account. Read this blog to see a list of the kovan-etherscan event contracts addresses that assigned these tickets to these users.
Why? How? —The token-economic fundamentals
A lot more digital ink will be spilled in the upcoming period concerning the economical logic behind these buy-back matching between organizers and the open market holders of GET. To give a short overview of the subjects we’ll cover in the blogs/commits/published documentation:
- The method used/chosen to fill demand of GET for a certain event from the open market.
- How much GET will be needed per smart ticket and in particular more insight in why other ticketing companies will be incentivized to use the GET Protocol.
- How the GET price evaluation at the moment of buy-back will be set/calculated.
- Where the GET acquired from the open market will end up (hint: not back on the open market).
- And a lot more!
Humble beginnings, bright futures
As you can read in this blog covering our efforts and ambitions to ensure that GET will not only be necessary to fuel theater tickets in The Netherlands but for events all over the globe. Huge steps are being made as we speak to on-board ticketing companies worldwide to use the protocol and make people aware tickets can actually be sold fairly and easily without middlemen scalping their cut(or chunk).
More than 1 BILLION CD-ROMs of this kind where produced.
This first buy-back acquisition is just the beginning of a continuous stream of market demand. Like the ‘1000 Hours of free internet CD-ROM’ of AOL kick-started mainstream usage of internet back-in-day, making access to the web easy and
understandable for the average Joe. We believe that our approach mirrors that of the the CD-ROM. Allowing for non tech savvy consumers to use a blockchain service without knowing how it all works under the hood. Remember, people aren’t
even aware they have an Ethereum wallet and make use of an ERC20 token when they are interacting with smart tickets sold by GUTS Tickets (see a list of all events we are currently ticketing for here).
**Yet all these people do use a blockchain driven infrastructure when buying, selling and verifying their ticket. **Even more important they love the end result!
In addition; people that don’t know they own GET can’t sell, so they’re HODLRs by default ;). Perfect.
We are very excited you’re with us on this! As with the CD-ROM of AOL we fully expect to make a lot of drastic changes and radical improvements in how we deliver our blockchain powered ticketing service/protocol in the future. Of
course I know the CD-ROM eventually got replaced with a better way of getting people on the web. The end goal of this tool; connecting people and businesses on the world wide web, remained the same for every on-boarding succeeding the
CD-ROM. The same goes for the blockchain protocol we are building. While we will
most definitely change the way how we expose and further involve actors in the ticketing sphere, our intended end result; a transparent, secure and fundamentally honest ticketing industry will consistently be our end goal.
Transparent ticketing. Forever and always, until the heat death of the universe do us part. Amen.
And now I’m off to Asia to spread our gospel of transparent ticketing. I’ll be back soon with more words, formulas and additional contextual information about what we are building here in Amsterdam. But for now this is it, so long!
More about the GET Protocol
Any questions or want to know more about what we do? Join our active Telegram community for any questions you might have, read our whitepaper, visit the website, join the discussion on the GET Protocol Reddit. Or get yourself a smart event ticket in our sandbox environment.