Photo credit: Liam Shaw
Seven-year-old non-fungible token (NFT) ticketing platform GET Protocol has announced a $4.5 million “strategic seed round,” doubling down on its plans to “significantly revolutionize the ticketing industry.”
Amsterdam-based GET Protocol, which claims it is “engaging mainstream audiences at scale with Web3,” announced the multimillion-dollar raise today. Self-proclaimed “thesis-driven venture firm” Flow Ventures led the newly detailed seed round, which also received support from The Sandbox developer Animoca Brands, Limewire stakeholder Redbeard Ventures, Isle of Man-based Funfair Ventures, and the Tezos Foundation .
GET Protocol – which, according to its website, offers its customers “unrivaled data” as well as “complete control and insights into the primary and secondary markets” with NFT tickets – said it intends to use the tranche to “through strategic alignment in enter new markets”. ”
“Ticketing is one of the few Web3 applications that everyone agrees on,” Flow Ventures said in a statement, “but very few people are working on it.” That’s because it’s an incredibly difficult industry to penetrate. We strongly believe that this will be one of the first Web3 projects to go mainstream. … GET has shown tenacity as one of the oldest Web3 projects and we believe they are up to the task of completely revolutionizing the ticketing industry.”
In addition, more than four million tickets have been issued on platforms in 121 countries, as can be read again on the company’s website. Those in charge of the GET protocol also emphasized their intention to “vigorously expand our business across the board and attract attention within the Web3 space.”
As part of this expansion, Tezos is not only involved in the seed round, but also ready to integrate the GET protocol’s “NFT ticketing capabilities” into its upcoming “EVM network upgrade,” the parties involved announced. The “impressive collaboration,” according to the GET log, will “bring millions of new users to Web3 through the Tezos ecosystem.”
And in his own remarks, Amar Odedra, head of the Tezos venture capital ecosystem, added in part: “Our partnership with GET Protocol to become their new native blockchain solidifies our commitment to fostering innovation and engaging pioneers who push boundaries in their respective fields.” Together we will advance the ticketing industry and set new standards of innovation, efficiency and trust for millions of users worldwide.”
Finally, GET Protocol took the opportunity to cite some of the acts (including Gucci Mane and Lewis Capaldi) who have used his NFT passes at their shows — also claiming that “not a single ticket issued by the protocol was scalped or.” be resold outside of the terms set by the Promoter.”
Earlier this week, a report suggested that ticket resellers make an average total profit of $41,000 per show, and in Brazil lawmakers took action last month to crack down on ticket scalping by introducing new laws.