GET Update Oct ’20 — Widening the net
Another month, another blog with reasons for GET Protocol followers to be excited about what is coming.
If you want to check out a specific topic, you can click on its header.
A lot can happen in a month!
You might not think it logical in a world of lockdowns, but more clients are still being added every week.
Announcing an update to the GET tokenomics
Based on the developing workings of the protocol and the developments into DeFi & NFT, we have begun an optimization of the tokenomics that will suit the growing and evolving demand of the protocol and its supporters.
What we’re working on
A quick update on several exciting topics, from blockchain registration of tickets, to NFT documentation & DeFi activity.
Presenting the End Of Year STRAW Lottery
Winner winner, chicken dinner. Some details about the lottery, some prizes and how to get more STRAWs.
Liquidity Mining continues!
Info about the continued Liquidity Mining program.
Dev update — The power of Gates
Not Bill, don’t worry. Product Owner Frans shows us a cool new way for event organizers to provide acces to ticket shops.
A lot can happen in a month..
Holland’s biggest live-streamers DI-RECT did it again, with a concert and release party for their new album ‘Wilde Hearts’ in one. The show once again connected the band with thousands of viewers.
Following this month’s tightening of the Covid restrictions for most industries in The Netherlands, DI-RECT announced that they were doing yet another live-streamed show, on December 11th, from the iconic Kurhaus hotel in Scheveningen.
Tickets are once again pay-as-you-like, ticketed by GET Protocol user GUTS Tickets, and can be purchased here.
Wicket Events, the Italian integrator of GET Protocol, serviced their first big event this month, at the Verona Wine festival. All signs and pictures indicate a successful, happy and somewhat tipsy couple of days.
From Wicket’s Instagram:
‘Our best shots of the 6th edition of Hostaria Verona: three intense days of toasts, good wine and happy people. Our digital tickets worked and we are looking forward to the next edition.❤️’
Chainlink VRF is now officially live on the Ethereum Mainnet.
This is good news for GET, as we have previously announced our intentions for an integration of Chainlink VRF to improve the transparency towards ticket buyers. If you missed this announcement you can find it here:
GET Protocol integrates Chainlink VRF to further improve blockchain ticketing solution
Making digital ticketing even more transparent and accountable.
GET Protocol was also mentioned in ‘Asset Tokenization: Bringing Real-World Value To The Blockchain’.
Now that the function is live on Mainnet, we can take our plans to integrate Chainlink VRF to the next step and apply it at a ticket sale in the near future. Stay tuned for more!
IDEX 2.0 was released this month, which means that you can of course trade GET in the sleek new environment. If you want to check out the new version of IDEX, you can do so by clicking on the image:
Viral sensation Mart Hoogkamer also used GUTS to give his ‘Worldwide Livestream’ performance to a wide array of fans from all over the world, who seemed to thoroughly enjoy it.
Life = becoming livestreamed
It’s an obvious deduction that the ticketing industry has taken a hit from which it will take quite some time to recover.
A silver lining within this situation could be the growing amount of livestream ticketing taking place. Not only that, another important change is happening there that could shape the way ticketing is done in the next few years — and probably after that as well: The willingness from fans to pay for livestream tickets.
This figure has risen enormously over the past months, as live-streamed shows are finding their place into the interaction between artists and fans.
The world and what’s possible in it is changing by the week, requiring those who want to make the most of it to stay on top of the shifts in behaviour — that’s why we’re following closely.
If you are curious and want to dive a bit deeper into the evolving business of livestreaming, this blog is a recommended read:
😷 Pandemic past, present & future of livestreaming
The Covid-19 pandemic has accelerated trends already shaping up in the music industry. A strong example comes from…
Let’s also not forget that the Q3 burnback report came out this month. It’s always valuable to reflect on these stats and put them side by side with earlier reports.
Even though the event industry is currently in its most dormant state imaginable, the Q3 report contained some very hopeful results:
→ An all-time record was set in the total amount of events generating state changes; 786 events, a 40% increase from the previous quarter.
→ The total amount of tickets issued in the last quarter is up with 10% versus the previous quarter.
→ Over 50.000 GET was burned, as a direct result of ticket sales using GET Protocol.
For more stats, context and some thoughts about the upcoming period, check out the burnback report:
In a month where a decent chunk of Europe went back into a second lockdown, our sales team has managed to continuously keep adding new clients.
Here are a few — more have been signed but are not yet ready to be announced.
Paard is an iconic venue in The Hague. GUTS will facilitate ticketed livestreams at the venue, the first one of which has already taken place.
This duo from the global house scene are using the downtime from live events to share their knowledge and skills with those wanting to learn.
The three-hour launch seminar on 14th November will feature and include:
- How to produce a track from scratch
- The deconstruction of one of their well-known and released productions
- Live Q&A across the seminar for participants in attendance
The ticketshop for the seminar is now live, at the bottom of SONA’s website.
Rockin’ band VICES, whose music ‘is best described as Cage the Elephant and The Strokes’ love child, with a hint of surf’, is doing a bunch of livestreamed shows with GUTS, from various locations in Groningen and Eindhoven.
To celebrate the release of the upcoming acclaimed Katana ZERO Soundtrack on vinyl, LudoWic will do a one-off exclusive worldwide livestream performing the LudoWic Katana ZERO Soundtrack repertoire.
This will be the only opportunity to see LudoWic perform a show in 2020. Check out the GUTS ticketshop here.
An update to the GET tokenomics is coming!
By Kasper Keunen Blockchain Developer at the GET Protocol Foundation.
Refreshing the economics
We have initiated an update to the GET tokenomics, that will further align its workings with the evolving activities and functions of the protocol.
The current tokenomics are centered around the straightforward metric of ticket transactions (or state changes), which of course lies at the very core of our business and activity.
The GET Protocol token economics
What you need to know about the purpose and usage of the GET token.
However, we operate in a quickly growing environment, which we are at least partly shaping ourselves. This ‘recalibrating’ if you will of the tokenomics serves two main purposes:
- The alignment and inclusion of new and upcoming functions for which the protocol will be used.
- Optimizing and presenting clear incentives for both speculative traders and long-term holders of the GET utility token.
With the recent advancement in NFT technologies and our blockchain team’s development of its application to ticketing, the GET tokenomics are ripe for an update that takes into account the protocol’s expanding functions and benefits, as well as the always evolving crypto landscape.
We are making major strides in terms of the application of NFT within GET Protocol, as could be seen last month by the introduction of getNFT tickets:
The Desert of the Real— Introducing getNFT Tickets
NFTs are all the rage at the moment. As is tradition in crypto the term ‘NFT’ is being massively overloaded. It is…
Business concept validiated
Furthermore, new usecases are abundant and ready for the taking. Take a look at our thoughts on decentralized event financing — something which has already been labeled by event organizers who we work with as ‘a gamechanger’.
What we are working on
Over the years I have taken up the habit to release lengthy blogs/books detailing our process and learning. As 2020 is already too long as it is, I will shift gears a bit for this update. I will provide a visual overview of what our team has been working on over the last months.
TL;DR Blockchain Update:
1. The first version of the getNFT smart contracts are now available on Github.
2. For usage in Korea, GET will be using the Klaytn blockchain. This will involve a partial tokenswap for Korean users/traders. The details are currently being finalized.
3. The DeFi modules, powered by the getNFT standard, is close to being integrated with the first ticketeer. It won’t be long before the world be seeing our tech in production!
1. getNFT contracts available on GitHub
A few hours ago I made the ‘asset_factory V1’ public on Github. Check it out!
Be aware that the repository provided is still much work in progress(including its documentation). What I made public-ally available in this repo are only our NFT contracts(solidity contracts).
Our custody service (infra giving every user a HD wallet), the DeFi modules and the integrator-scalability tool-sets are still closed source and will remain so for the foreseeable future. From a cooperation and integration perspective, having the contract logic open sourced is most relevant anyway.
Contract overview and definition of the GET Protocols getNFTs. Allowing P2P trading of smart tickets, lending and more…
It should be noted that in the case of the GET Protocol, our edge over competition is less in producing innovative or novel solidity code/smart contracts. As our users (fans, artists and ticket traders) or oblivious about crypto, the huge economic gain we can provide them and our ecosystem will flow out of our ability to plug the economic activity of these blockchain-oblivious users into the DeFi ecosystem(and its liquidity). The brunt of the work we have been doing for the last years has been on this front.
2. The Blockchain Layer
The GET Protocol is blockchain agnostic. This means that, assuming some basic features and assurances are provided by the L0, the GET Protocol can provide value to its clients regardless of the blockchain used. To leverage this flexibility we aim integrate/connect to several blockchains. As long as it is unsure what smart-contract blockchain will win, we see no value in picking a side.
In Korea, the blockchain of choice of getTicket (and other ticketing companies we are in talks with) is decided to be the Klaytn network. This means that all ticketing activity and wallet creation in Korea (or by Korean integrators like getTicket will be registered on the Klaytn mainnet).
Binance Smart Chain (Testnet)
As the usage costs of the Ethereum blockchain have risen excessively we have been on the lookout for other blockchains that are similar to Ethereum but far cheaper to use. In this effort we have decided to start testing the BSC Testnet blockchain. If we end up using the Binance chain is still uncertain. As always we will keep the community informed on all decisions made in this regard.
Some visuals of our usage of BSC (Binance Chain Testnet), Klaytn mainnet as well as the exploration of new pricing features/sources with other blockchain partners (fair pricing of the getNFTs on the secondary P2P ticket market).
3. GET Protocol DeFi — getNFT AMM pools, event financing and more
Some visuals of our work in P2P NFT trading, modelling the resale market, getNFT liquidity pool APY models and dynamic pricing.
Announcing the GET Protocol End Of Year NFT Lottery!
We’ve been hinting at it for a little while now, but we will be holding a lottery draw towards the end of the year for all holders of the GET Protocol STRAW NFT, which continues to be awarded to those providing liquidity to the GET-ETH pair on Uniswap.
Besides the continuous rewards from the liquidity mining program, we thought this could be a fun way to close out a memorable year — which of course hasn’t exactly gone as anyone planned it would.
We will draw 5 numbers at the lottery, each representing the token ID of a winning STRAW NFT.
There will be a variety of prizes to be won, some of which will be revealed at a later date, but the 1st and 5th prize are already known:
Prize #1: 10,000 GET
Prize #2: ?????
Prize #3: ?????
Prize #4: ?????
Prize #5: A 30-minute ‘life-coaching’ zoom call with our business developer Sander. (Who coaches whom is up to you.)
Got STRAW FOMO?
If you don’t have any the prospect of this lottery is giving you FOMO because you don’t have any NFT’s yet, no need for desperation just yet. There is still plenty of time to get your hands on one or more STRAWs.
Two ways to do this:
1.) Become a Liquidity Provider for GET on Uniswap! Full details here:
The GET Liquidity Mining program
As promised, here are the full details for the GET liquidity mining program. Everything you need to know, and then…
Liquidity Mining continues!
The initial results and effects of the GET Liquidity Mining program have been very promising, adding serious amounts of valuable liquidity to Uniswap.
This means that we will be extending the distribution of liquidity rewards at random moments until at least the end of November.
Development update — The power of Gates
By Product Owner Frans Twisk.
This month we want to highlight a feature that isn’t really new in terms of functionality, but was always only usable for support teams here at GET Protocol & GUTS Tickets. We brought the power of Gates to every organisers’ (and Ticketeers’) dashboard!
So what are Gates you ask? There are different ways the ticket-shop(s) of events are accessible: you might be able to access a ticket-shop directly via a link. Or maybe you select to show it in a calendar, alongside your other events, so a visitor can first select their preferred date. Maybe an organiser wants to limit access to a certain shop (of a certain event) and it requires a special one-time-usage access-link.
Gates makes all of this possible and configurable, in an unlimited and flexible way. It allows an organiser to create different ways of accessing (one or more) ticket-shops of (one or more) events, present them in different ways and/or limit access.
Gates are automatically created with default settings, so every shop of every event is accessible via a direct link (if you choose to share that link). For recurring-events, all shops are automatically added to a “group gate” making these shops appear in the calendar. So by default, everything works out of the box. But if you want more power: you can manually create and adjust the behaviour of gates.
We could for instance create a tour: by adding all events of a certain artist into one new gate, and promote that alongside the gate the specific venues use. Or, like mentioned earlier, to make certain ticket-shops only accessible to those that received an access-link, which can only be used once to buy tickets. It’s as easy as creating a new gate, specifying which shops of which event you want to present, and setting certain options depending on your use-case.
This is great for marketing purposes, and makes it possible for every stakeholder to promote and sell tickets in their own preferred way.
On to the next feature!
More about GET Protocol
Where to buy GET
Want to get your hands on some GET tokens? Here’s an easy guide.
If you would like to see the GET token listed on specific exchanges, the best way to do this is to (publicly) let exchanges know about the project. The more they hear about it from actual traders, the better!