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Seven-year-old non-fungible token (NFT) ticketing platform GET Protocol has announced a $4.5 million “strategic seed round” and doubled down on plans to “significantly disrupt the ticketing industry.”
Amsterdam-headquartered GET Protocol, which claims that it “bridges mainstream audiences into web3 at large scale,” unveiled the multimillion-dollar raise today. Self-described “thesis-driven venture firm” Flow Ventures led the newly detailed seed round, which likewise drew support from The Sandbox developer Animoca Brands, Limewire stakeholder Redbeard Ventures, Isle of Man-based Funfair Ventures, and the Tezos Foundation.
GET Protocol – which per its website affords clients “unrivalled data” as well as “total control and insights over the primary & secondary market” with NFT tickets – communicated that it intends to use the tranche to “break into new markets through strategic alignment.”
“Ticketing is one of the few web3 applications that everyone agrees on,” Flow Ventures elaborated in a statement, “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. … 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.”
Moreover, with north of four million tickets having been issued on-platform across 121 countries, according once again to the company’s website, GET Protocol higher-ups emphasized their intention “to vigorously scale up our business across the board and grab the attention within the Web3 space.”
As part of this scaleup, Tezos, besides contributing to the seed round, is poised to integrate GET Protocol’s “NFT ticketing facilities” into its forthcoming “EVM network upgrade,” the involved parties disclosed. The “formidable collaboration,” GET Protocol indicated, will drive “millions of new users into Web3 through the Tezos ecosystem.”
And in remarks of his own, Tezos ecosystem venture capital lead Amar Odedra added in part: “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.”
In closing, GET Protocol took the opportunity to name some of the acts (Gucci Mane and Lewis Capaldi among them) who’ve used its NFT passes at their shows – claiming also that “not a single ticket issued by the protocol has been scalped or resold outside the conditions set by an event organizer.”
Earlier this week, a report suggested that ticket resellers earn an average cumulative profit of $41,000 per show, and in Brazil, lawmakers last month moved to crack down on ticket scalping by introducing new legislation.
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