Update October ‘18 — Quiet after the storm

After all of the excitement from the recent buy-back and main-net launch, things may seem a bit quiet. To give you some insights into current events and what you can expect in the upcoming period, we present you with a nice juicy update.

First things first, a little housekeeping. From here on out we will be releasing a blog like this one every month, to keep you informed on what’s going on. This does not mean that we won’t write other, more specific blogs on other relevant topics. It does mean, however, that you will know exactly when you can expect a new update from our end: In the last week of every month.

Recent news

It will probably not be news for you to read about TicketMaster’s acquisition of blockchain ticketing platform Upgraded. There have been some questions about this with regards to our views on this purchase and what this means for GET and the viability of our project.

Firstly, our opinion is that this is a positive step. Although you could raise questions about the way Upgraded tackles the dishonest reselling of tickets and with that the ultimate motive behind the acquisition -the truth is you never know what these kinds of moves will mean for the future- we are ultimately happy with this news, as it validates the application of blockchain ticketing on a larger scale.

For us it has obviously been clear for quite some time that this is the way the ticketing industry is headed. Seeing the major players now dip their toes into blockchain is good PR, both for them and for us. As mentioned it remains to be seen if and to what degree this acquisition will have any impact on the ticketing sphere. Meanwhile we are building and growing.

Buy-back recap

Let’s move on by looking back! 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. (Note that since the demand was met relatively quickly, all tokens sent after this point were returned, hence the outgoing transactions.)

What might be more important than the success of these transactions is the fact that this chain of events (the large sale & subsequently executed 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.

Let’s just watch this one again, shall we? Have you shared this with everyone you know? Even that Nigerian prince you’ve been corresponding with? Thought so. Send it to him. Have him invest.

The next buy-back will be announced before long, pending the release of exact details of upcoming sales.