GET August ’22 — The impact of V2
And nothing was ever the same. A run down on the consequences of the launch of V2, alongside the exciting developments of the month.
In what is arguably the biggest moment for the protocol’s working since inception, this month saw the culmination of many, many development hours coming together in the launch of GET V2.
In case you missed it
Of course we will also go over some of this month’s other milestones.
Monthly stats
As of the time of publication, all parties within the GET Protocol ecosystem have issued over 187,000 NFT tickets this month. Solid numbers!
There are some exciting new events popping up around the GET ecosystem that will be sure to boost these numbers even further. For example, integrating partner Relic Tickets just announced ‘Atlanta’s largest hip hop festival’!
Consistency is great, and gets us noticed as seen by the tweet below, but we are still expecting and preparing for continued exponential growth across the board.
GET @ NFT.NYC
Footage was published from the ‘Future of Ticketing’ session at the most recent NFT.NYC, which included our CEO Maarten Bloemers. Topics covered are the opportunities and challenges of NFT adoption in the ticketing space, amongst others. A recommended watch:
More media
If you’re in the mood for further blockchain ticketing content, check out this InPeak episode, where host Somi Arian dives into the use case together with GET Protocol’s marketeer Olivier Biggs.
Lasting connections
One of the many newly introduced NFT use cases from recent months has been wrapped up into an insightful Lasting Connections blog, showing how the Dutch basketball champions of Heroes Den Bosch deliver their fans a world first with their evolving collectibles.
Check out the full blog, with the use case explained in all its glory, below:
Namedroppin’
Of course we are always flattered when we see our names on lists such as the one below, but a recent trend has gotten us even more excited: we absolutely love to see the names of our integrating partners on there as well! In this instance we are proud to share the stage with five of them:
Of course this has not been the first time the names of our partners have grabbed digital headlines:
We can’t wait to see the integrator headlines that await us. (Rumor has it a new name might pop up within a week… but who trusts rumors these days.)
End of an(other) era
This month was remarkable in more ways — it also marked the end of the Olympus bonds and LP rewards on SushiSwap. A big thanks to all who took part in either.
…and up and running it is!
Unpacking GET V2
What do you take when you mix an innovative solution, global product market fit, utility-driven tokenomics and scalability? GET Protocol V2.
While we have previously gone over the technical wizardry that the upgrade entails, we felt the occasion deserved a more thorough looking at the tangible impact this release will have.
The impact on (future) integrators of GET Protocol
As the mission of the protocol is still very much to become the global data standard, there is no greater importance than to enable the rapid and frictionless growth of the protocol. (If you are curious about a look at the business development focus, last month’s blog covers just that.)
Room for growth
Simply put, the road is now cleared for many more parties to integrate with the tooling of GET Protocol. Since the upgrade, the protocol is able to mint 57,000 tickets in 13 minutes. Extrapolate that as you wish, and you’ll see that there is room on the protocol for all of the interested parties in our sales pipeline, and then some. This structural update gives the organisations with larger volumes the peace of mind that they won’t be hindered in their business whatsoever.
Clear and transparent pricing
An important aspect for any service, the V2 update came with clear pricing for the protocols ticketing servies:
For the White-Label SaaS application 3% of the primary and secondary market order value of each NFT minted on the protocol will be required as fuel and for the Digital Twin this will be a fixed fee of $0.02 per-NFT.
All settled in GET, directly from the integrator’s very own dashboard.
Next level NFT’s
Making the most of NFT functionalities is now easier than ever, thanks to every event automatically having its own smart contract. (More on this later.) What this means is that we can provide integrators and event organizers the possibilities to unleash a whole suite of innovating approaches to their tickets. We are also actively involved in brainstorming these approaches, since there is a lot of pioneering and uncharted territory. (Expect many more ‘world’s firsts’ from the GET ecosystem.)
The impact on the GET token
Perhaps the topic that will have the most tangible consequences, at least for those holding the GET token.
U.t.i.l.i.t.y.
The launch of V2 is more than ever solidifying the utility of the GET token, even within the scaling trajectory of the protocol itself. All the puzzle pieces are in place for full correlation between its demand and protocol activity, as you would expect for a service-related token.
Token demand goes up with ticket volume.
On-chain usage
With the aforementioned pricing of 3% of the primary and secondary order value of every minted NFT ticket, this becomes a quantifiable and transparent process.
Here is a mock-up (showing fake data) of what this usage looks like from the integrator perspective; showing daily usage and remaining GET.
For the community it is of course also possible to track the GET usage of the protocol. If you want to monitor how much of the GET token is used to issue tickets around the world, you can do so in a few ways:
Community-built dashboard, or its excellent Twitter bot
The daily report on the GET Discord, showing more activity:
Note about V2 GET usage:
The V2 contracts will be used by all events that are created since the upgrade has gone live, roughly a week ago. All events created prior will of course still use the V1 contracts. This means that we will gradually begin to see the effect of V2 token demand increase over the next weeks and months, as new events are created.
How V2 Impacts Post-Event NFT Tickets
With the release of our sweeping V2 upgrades last week, pandora’s post-event box has been opened. With so many implications from V2, we thought it would be pertinent to break down the effect these changes have had on the lasting connection of NFT Tickets separately.
Collectibles & Art
The biggest visual difference in the wake of V2 is the added flexibility on offer for event organisers through GET Protocol’s white-label.
From now onwards every EO can add NFT artwork direct to NFT Tickets from within the event dashboard, this is made possible in two distinct ways:
- Default NFT Artwork
By setting this artwork, all NFT Tickets sold through a shop will have the selected NFT artwork. - Artwork Per Ticket Type
Event Organisers can drill further down into customisation of artwork by setting each ticket type with different artwork. For example specify different designs for VIP & General Admission tickets.
Update Artwork
Importantly, event organisers can now also update NFT Ticket artwork for already minted tickets and future tickets directly in the dashboard. Simply change the artwork and toggle on update artwork and all NFTs will be reflected with the newly set artwork.
Digital Access
Along with collectibles comes the eagerly awaited ‘smart contracts per event’. This may sound confusing but what it really means is that every ticket sold for a single event can now be referenced & utilised to access experiences for only a certain event’s ticket holders.
Where as before hand every event’s NFT Tickets were minted under one default smart contract — The GET Protocol Ticket Factory. With the rise of independent contracts for each event, experiences can now be verifiably accessed by only a single event’s ticket holders.
This allows all fans holding NFT Tickets for an event to have a lasting connection with event organisers and artists through endlessly pluggable Web3 experiences.
Along Came Community Passes
With these aforementioned V2 upgrades to NFT Ticket creation, there’s now a prime opportunity to involve our community and the wider Web3 space in exploring the flow between NFT Tickets and Web3 platforms and experiences.
That’s why tomorrow we’ll be launching our Community Passes — a free, experimental way for us, the community, our ticketing partners, event organisers and creators to come together to experiment and test Web3 experiences on offer that could be beneficial for everyday event attendees around the world.
These passes will have no expectation of delivery or roadmap, they’re a way for us to see what works and what doesn’t and give the community a way to get stuck in too. We have of course made the community passes as striking as possible to showcase what a good post-event NFT Ticket campaign can look like and these passes contain 6+ variant designs for you to choose from.
Head over to our site to see the full campaign including all the colour options and the backstory of the passes: https://www.nft.get-protocol.io/community-pass
From 12pm CEST tomorrow, September 1st, you’ll be able to get these community passes from this GUTS Tickets shop: https://guts.events/vkttcw-get-v2-passes/s6lj6d
Next Steps
Once you’ve got a ticket from the shop, you’ll need to enter your crypto wallet address into the GUTS app.
Community Pass NFTs will be distributed every Friday afternoon. It’s important to have entered your wallet address into the GUTS app before the following Friday in order to be a part of the distribution — we’ve got guidance on this process here: https://www.nft.get-protocol.io/ticketapp
If you’ve entered your address into the app and didn’t receive your NFTs the following Friday, you can give colby@get-protocol.io an email with the subject ‘Community Pass:’ and include your first and last name in the email so we can check for you.
What do I do once I’ve got my pass?
The first step is heading to our Bonfire page as this will act as the central hub for all Web3 experiences unlocked by the pass: https://www.getbonfire.xyz/GET%20Protocol/v2-passes
State of the DAO
The past month has been a big one for the future of the DAO, though you may not immediately notice. As DAOs represent a futuristic corporate structure, we have taken the first step in implementing this structure in a visible, outward facing way with our community starting with the launch of the governance forum.
With the launch of the governance forum, we are now welcoming for the first time in the history of the protocol, direct submissions from the community for voted upon proposals. This is a huge leap forward in how GET Protocol approaches business and marks a small, early step towards total decentralization of the project. Already, we have had multiple proposals fielded for debate with three going to vote, indicating more now than ever, that the state of the DAO is strong!
Governance within the DAO will now be done through an early stage process, with submission periods being opened quarterly for any community member that holds the $GET token to participate by submitting a proposal for review. Should the community generate enough support, you may be able to vote officially on your proposal and see it enacted directly within the protocol.
We hope that this step towards further decentralization through open communication and ideation will help to foster a better means for anyone to become involved in the industries of their choice to help better the world as a whole and push us all forward. This tool gives everyone a voice in shaping the company that mints their event tickets and is truly an industry first. Of course, the team will still be writing and submitting our own proposals, but we hope this step towards decentralization will prove to be one of positivity as a social good. We think it will!
As a way of kicking off the launch of our governance forum, we have opened up the first submission period and taken in a number of excellent proposals directly from our community ranging from marketing outreach to community project funding.
We’ve selected the highest rated and are currently running an official vote on Snapshot that will solidify which proposal passes.
Be sure to cast your vote if you hold $GET and join the Discord so you don’t miss the next proposal submission period.
Of course, that’s not all. As per our recently held DAO vote, the GET Protocol Discord server has successfully integrated Karma into the DAO grouped channels. If you are a member of the server and take part in governance projects, you will now have a reputation score generated for all of your on and off chain activity that is GET related. If you aren’t a member of the server, what are you waiting for? There’s never been a better time to begin participating than right now! We believe in building connections between groups, in connecting people of like minds and aligned incentives and we think that this DAO funded move will be central to helping build a trustworthy community on chain.
That’s it for this month, we hope you feel as excited as we are about the developments that are kicking into gear. Stay tuned for all sorts of good stuff next time. Who knows, we might be able to introduce you to a new integrator. Perhaps we’ll even discuss specifics around the S-word…
See you then!
