Amsterdam-based GET Protocol, an NFT ticketing solution that bridges mainstream audiences into web3 at a large scale, announced that it has secured $4.5M (approximately €4M) in a seed round of funding.
The round was led by Flow Ventures, a Dutch-based early-stage venture firm that invests in the tokenised economy that fuels the decentralised web3.
The round also saw investors including web3 veterans such as Animoca Brands, Redbeard Ventures, Funfair Ventures, and the Tezos Foundation, alongside various funds and individuals, including Sebastien Borget, the co-founder of The Sandbox.
Flow Ventures says, “Ticketing is one of the few web3 applications that everyone agrees on, but very few people work on. That’s because it’s an incredibly hard industry to penetrate.”
“We strongly believe this will be one of the first web3 projects that becomes mainstream. One that puts NFTs and wallets in the hands of more than a hundred million users without most of them even knowing it. GET has proven its tenacity as one of the oldest web3 projects, and we think they are up for the task of fully disrupting the ticketing industry.”
NFT ticketing made easy
Founded in 2017 by Maarten Bloemers, Tom Roetgering, Ivo van der Wijk and Frans Twisk, GET Protocol is a digital ticketing infrastructure provider that has designed a ticketing technology that has been combat tested by non-tech-savvy attendees throughout the world.
“Our products are being used by creators and ticketing companies to offer a radically new way of ticketing,” says the company. So far, almost three million tickets have been processed.
The protocol offers total control over the sale and trade of tickets amongst ticket holders from the time the first ticket is sold until the final ticket is scanned, allowing organisers to easily tap into NFTs.
Since its inception, the company’s aim has been to design solutions that prioritise the end user, ensuring that event organisers, artists, and fans can reap the advantages of blockchain and NFT technology while reducing complexity to a minimum.
Currently, GET Protocol offers two products: a White-Label full-service ticketing solution and a Digital Twin NFT layer that current ticketing organisations can use.
All tickets sold using the GET Protocol are logged on-chain and visible in real-time via the company’s NFT Ticket Explorer.
Capital utilisation
The GET Protocol’s utility token (GET), which received support through an initial coin offering (ICO) in 2017, can now continue its 7-year worldwide operations and expand into new markets with this strategic alignment.
Maarten Bloemers, CEO and co-founder of GET Protocol, says, “We are thrilled to have completed this important step for the protocol. After laying low and building out the tooling that generates significant interest from the biggest decision-makers in the events industry, we are now stepping into the spotlight.”
“The strategic investors that are a part of this seed round provide us not only with ensured continuity but also most importantly the network and know-how to vigorously scale up our business across the board and grab the attention within the Web3 space,” adds Bloemers.
With a team of 50+ people working from Amsterdam and remote, GET Protocol is currently hiring for a range of positions.
Scalable NFT Ticketing
Besides the funding, the Tezos Foundation and GET Protocol also pledge to provide scalable NFT Ticketing to both current and future Tezos partners.
This will be made feasible by the integration of the NFT Ticketing capabilities of the GET Protocol on the future Ethereum Virtual Machine (EVM) network update for Tezos.
According to a statement, Tezos’ network and GET Protocol’s track record of development for ticketing solutions will form a strong alliance, bringing millions of additional users into web3 via the Tezos ecosystem.
Amar Odedra, Venture Capital Lead for the Tezos ecosystem, says, “We are immensely excited about NFT ticketing as a transformative application of blockchain technology.”
“Our partnership with GET Protocol to become their new native blockchain further solidifies our commitment to fostering innovation and embracing pioneers who are pushing boundaries in their respective fields.”
“Together, we will drive the ticketing industry forward and set new standards of innovation, efficiency, and trust for millions of users worldwide,” adds Odedra.
Web3 onboarding for mainstream event attendees
Through integrated ticketing firms globally, over four million blockchain-based tickets have already been issued for artists including Ne-Yo, Gucci Mane, Lewis Capaldi, Louis C.K., and a host of others utilising the protocol’s technology.
The procedure has not allowed for the scalping or resale of any of the tickets that have been distributed.
With completely secure and transparent ticketing, the protocol’s tooling has brought about a number of innovations such as on-chain pre-funding of upcoming concerts for independent artists and evolving souvenirs for sports fans.
The protocol claims to be the first in the world to feature entirely on-chain ticketing economics, in which integrator partners pay for protocol usage through the GET token while guaranteeing attendees have a “seamless” purchase experience in local FIAT currency.
Stadiums packed with spectators frequently make use of the protocol’s tools, turning them into unknowing users of blockchain technology and giving them access to a digital NFT-based collectable of the event that binds them permanently to the performer and event organiser.
The GET Protocol team believes that ticketing is the best way to introduce mainstream consumers to web3 since it immediately capitalises on and rewards their participation.
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