GET Protocol completes successful first buy-back after largest blockchain ticketing sale Comments Off on GET Protocol completes successful first buy-back after largest blockchain ticketing sale 1614

50.000 Dutch theatre and comedy lovers just became early adopters of blockchain assets in an instant – without realizing it. And millions more await the same fate.

More sales, less scalpers
Just over two week ago, on September 22nd, more than 50.000 tickets were sold by GUTS Tickets, the first user of GET Protocol, all in 3.5 hours. These tickets were all for a big batch of shows from Dutch comedian Jochem Myjer in the Royal Dutch Theatre Carré. This sale marked the first time ownership states and changes for the sold tickets were registered on the Ethereum main-net. These registrations can be found here. Note that some transactions may be more recent, these are from people selling their tickets back to the system.

This event marked the largest blockchain based ticketing sale conducted to date. What’s more important, none of the tickets sold were offered on resale platforms for dishonest mark-ups. By working with GUTS and the underlying GET Protocol, Jochem Myjer has effectively protected his fans from scalpers and fraudsters.

Buying back & moving forward
The demand created by this first main-net sale also meant that the protocol needed to conduct its first buy-back. As per design, this buy-back facilitates the purchase of GET from the open market to satisfy the Event Organizer’s (in this case royal theatre Carré) demand for GET tokens, needed to register and distribute the tickets on blockchain. More info on the why & how of this process can be read here.

The first ever GET Protocol buy-back auction (needed for Carré’s previously sold tickets) was held on Sunday, September 30th 2018. The total demand was filled within exactly 20 seconds. You can track the submitted transactions on Etherscan. This is the first of many buy-backs, all driven by demand from tickets sold using the protocol.

What might be more important than the success and speed of the buy-back is the fact that this chain of events (the large sale & subsequent buy-back), proves the concept and structure of the protocol – not to mention that it’s all driven by actual, real world demand. It underlines the vision of GET Protocol; to apply the benefits of blockchain, immutable transparency and accountability, in the world of ticketing, where it is so desperately needed. This is the case not just for the event industry, but for many other markets. GET Protocol is designed to service ticketing companies in a broad scope, from sports to public transportation to any situation where a ticket provides a right to access.

Get to know GET Protocol:

The achievement of this milestone and having the protocol up and running is the beginning of the next phase for GET Protocol. More buy-backs are already in the works, as every ticket sale conducted by GUTS Tickets will now require GET to be bought back from the open market. GUTS has already secured the sale of over 1 million tickets in 2019, through a growing number of partnerships with artists and talent agencies. GET Protocol offers a blockchain-based smart ticketing solution that can be used by everybody who needs to issue admission tickets in an honest and transparent way.

GET in touch
There are numerous ways to stay up to date with the GET Protocol team and community:
Join the GET Protocol Telegram group;
Read up on the latest GET Protocol blogs;
Join the GET Protocol Subreddit;
Follow GET Protocol on Twitter.

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