Weekend Spotlight: GET Protocol
Posted on: 2/11/2022,
2 minutes read
House of Chimera x GET Protocol!\
GET Protocol is a fully transparent NFT ticketing protocol for any event with coordinated entry. The ecosystem ensures that all parties involved in an event (e.g. users, event organisers, associates) can trust the counterparty without intermediaries such as Ticketswap. The current event industry is relatively non-transparent and inefficient while being relatively profitable. This particular combination does attract malicious actors who perform harmful acts to exploit the opaqueness for financial gain. A few examples of harmful behaviour are: forging entry admissions or exploiting sophisticated ticket-buy scripts to scalp tickets. Since national policy frameworks are lagging behind the innovation of ticketing, these harmful actions are not necessarily punished. The industry's opaqueness is caused by intermediaries between the artist and the consumer. A significant chunk of intermediaries adds an unnecessary service, resulting in a ticket price increase. Additionally, the connection between the fan and the artist decreases due to the added intermediaries. A typical example is when a malicious ticket holder scalps their ticket in a secondary market to earn profit. Consequently, the overall sentiment of fans towards that artists turns more negative, due to that the fans are not able to attend the event without paying considerable premiums.
Read our whole weekend spotlight on GET Protocol here!