NFT ticketing platform, GET Protocol, has raised $4.5 million in a seed round led by Flow Ventures, with participation from Animoca Brands, Redbeard Ventures, Funfair Ventures, the Tezos Foundation and The Sandbox co-founder, Sebastien Borget, alongside other investors.
Following an initial coin offering of GET Protocol’s utility token in 2017, which enabled the project to sustain its global operations for seven years, the seed funding will allow the protocol to enter new markets via strategic partnerships.
“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,” Maarten Bloemers, CEO and co-founder of GET Protocol, said in a statement.
Bloomers told Metaverse Post that GET Protocol’s tooling has been battle-tested at over 19,000 events around the world.
In addition to its participation in the seed round, Tezos Foundation will collaborate with GET Protocol to bring NFT ticketing to Tezos’ new and existing partners from the entertainment, sports and live events industry. This will be achieved by fully integrating GET Protocol’s NFT Ticketing capabilities into Tezos’ upcoming EVM network upgrade, with an aim of onboarding non-crypto natives into web3.
Introducing web3 to mainstream event attendees
According to GET Protocol, more than 4 million tickets have been issued for artists such as Ne-Yo, Gucci Mane, Lewis Capaldi, Louis C.K and others. NFT ticketing has been gaining traction among event organizers as it prevents ticketing fraud, counterfeit and scalping.
GET Protocol says that “not a single ticket issued by the protocol has been scalped or resold outside the conditions set by an event organizer.” The protocol’s tooling has also enabled evolving collectibles for sports fans and the on-chain pre-funding of future events for independent artists. It also has fully on-chain ticketing economics, where integrator partners pay for protocol usage via the GET token whilst attendees can purchase event tickets in the local FIAT currency.
Source: mPost
