GET February ’23 — Proof of Stake
It’s time to ‘Stake, rattle and roll’ folks as February comes to close on what’s been a monumental month in the protocol and token’s history. It’s certainly one we won’t forget anytime soon and before we dive into this month’s look back, let’s take a moment to review February’s stats.
February 23 Stat Snapshot
During the month, a total of 106,592 tickets were issued by protocol partners with 22,499 tickets being scanned at events! To fuel this activity, 46,762 GET sped through the on-chain economic contracts, fueling each of these tickets sold.
Some highlight sales from the month include:
- Djebber — Jochem Myjer Net Alsof
- GUTS — Di-Rect @ MartiniPlaza
- GUTS — Suzan en Freek
- GUTS — NFT Paris
We are live, folks!
And with that, GET staking is live. We don’t know about you but we are very happy to have what feels like the final piece of the tokenomics puzzle come to fruition. There is now a direct connection between protocol-backed ticketing activity around the world and the stakers on the other end of the ecosystem.
Anyone willing to commit to the #TicketingRevolution and stake their GET for at least the length of an average business cycle can be rewarded for this involvement, in relation to the revenue brought in by the ticketing operations of the protocol and from trading fees of the GET token on Uniswap.
Many have already made the pledge; with a whopping 4.1 million GET, or 23% of the circulating supply already in the staking contracts at the time of writing. (Only 8 days after the official launch!)
A few refresher points that might warrant a reminder:
- There will not be a decided winner on which chain (ETH / Polygon) will see the most rewards. The intention is to roughly keep the rewards level, so where possible we will try to balance out the reward percentages. Due to various influencing factors (new stakers or instant withdrawals) it is likely that slight variances will always be a part of the game.
- Rewards are determined over 2 week periods, and will adjust accordingly, depending on factors such as the amount of GET being released from event contracts in that period, trading fees and instant withdrawal fees.
- If you have any questions or uncertainties around the process or how to get involved, the Staking channel on the GET Protocol Discord is where you want to be. The team or one of the very knowledgeable community members will be on hand to help out.
The Token Supply Meta
With stakers fully committed to the long term success of the protocol & in turn earning rewards from protocol activity occurring around the world, there’s now a sizeable reduction in the circulating float of GET.
This 23% reduction at the time of writing is an incredibly positive stat that when looking at other successful staking examples, has often been a catalyst for generating traction in the wider Web3 ecosystem.
In today’s tokenomics meta, it’s not uncommon to track the circulating supply based on liquid tokens, in fact most projects with a staking system, track their circulating supply metric using an API that doesn’t take into account staked tokens.
We’ll also be looking to implement an API that puts an emphasis on the reduced circulating supply so that it can be plugged into platforms such as CoinGecko. We’re anticipating this to occur within the next month and will keep you updated.
The Ticketing Revolution kicks off
With the launch of staking, new doors are opened that will help the mission of global disruption and adoption of the protocol’s tooling to advance greatly. The closed loop of aligned interest (more tickets = more happy) between GET ecosystem participants enables all sorts of opportunities for added momentum.
While most community members and integrators have a pretty strong idea of where the ticketing industry needs to go, there is still a whole world out there that needs to be shown the way. That’s exactly what the mission of the #TicketingRevolution centers on: we are now in a position for collectively spreading awareness.
A good part of this lies in the hands of the GET foundational team; by developing the infrastructure and tooling needed to change the status quo of the events industry, and delivering tangible use cases that highlight what ticketing 3.0 looks like.
Have you seen the #TicketingRevolution manifesto on the staking page?
Where infinite opportunity lies is in bringing in new contributors to the mission — either people or entities that issue tickets, event industry insiders, lovers of innovation, stakers, or any event attendee around the world that wants a better experience.
The protocol, its tooling and tokenomics are ready for eyeballs. Where a steadily growing global business and increasing recognition in the B2B environments are a solid base layer, there is opportunity for further growth by appealing to (and where relevant incentivizing) the right tastemakers that can help spread the message.
A gentle reminder that at the time of writing, the DAO entirely consisting of folks that have the protocol’s best interest at heart has roughly $4M worth of GET in its coffers. That’s a lot of firepower — and can certainly bring lots of attention and momentum to the cause.
We look forward to this new phase where we can focus on sustained growth of the GET ecosystem — and will have a few exciting developments to share around this in the months to come.
A recap of NFT Paris
A who’s who of the NFT space (and even the business & political spheres) met up in Paris this past weekend to talk shop and network. With all tickets being provided by GET Protocol integrator GUTS Tickets, NFT Paris was the perfect setting for us to (re)connect with a large list of partners and prospects of our own, as well as show off some new tricks.
Showing, not telling
First and foremost it’s always much easier to tell people what we do when they already have our product on their phone. Thousands of insiders in the Web3 space used GUTS Tickets to easily purchase, share and claim their tickets for the event and see how frictionless the process of buying and using blockchain-based ticketing can be.
We had great meetings and catch-ups with current and future collaborators, integrators and likeminded people. Overall the main philosophy seemed to be that the Web3 space is now in a period of walking the walk and making good on the promises spoken about for years. This is right up our alley of course, and exactly where we feel things should be headed.
Proof of concept: Proof Of Attendance
The conference presented the perfect opportunity to unleash our latest integration built into the ticket flow — POAP. Anyone in the Web3 space will have heard of the QR-scans that issue specific ‘proof of attendance’ badges for participation in an event, podcast or other memorable moment.
Our integration allows event organizers that wish to issue a POAP for their attendees to seamlessly do so within their ticketing flow.
Any attendee with a corresponding ticket NFT in their provided wallet address will automatically receive that events POAP, the very moment they are checked in at the venue.
Check out some footage from the event here!
It’s the definition of proof of attendance and used for the first time at scale for the 3K+ people who filled in their wallet address in the GUTS ticket purchase flow.
Everyone who did so automatically received the official NFT Paris attendee POAP the moment their tickets were scanned.
This first iteration was a big success, and the add-on POAP flow is now widely available for event organizers who use GUTS and wish to add it. Stay tuned for a wider use case blog of this integration.
Onwards & upwards
Between the thousands of new users of the system, the quality attendees interested in Web3 advancement, and the testing of our new integrations, the conference was a great event for us. Though the organizers had a few teething issues due to the huge growth in attendance, we very much look forward to the next edition!
Kicking It Off with Kaydo
In January we introduced Kaydo Tickets, a new White-Label partner based out of Vancouver in Canada. The Kaydo team have been busy ramping up their sales & BD pipeline & in turn he freshly updated their website with a new lick of paint: https://www.kaydo.tickets/
Kaydo are planning a beta access for innovative organizers in their region to try out their platform, experience the ticketing flow and benefits to boot. We’ll be sure to update you as we learn more!
Highlighting the Successes: Antoon at the Ziggo Dome
In February we also launched a product feature blog centered around the built-in secondary market, used to great success by hit pop sensation Antoon in the Ziggo Dome during December 2022.
These two events brought over 25,000 fans together in sold out performances and as such it was imperative for flawless ticketing that made full use of capturing revenue and customer data for the event organisers.
Check out our full business case blog around the event:
You may have also seen at the beginning of this month that Dutch rock band DI-RECT performed with Residentie Orkest at AFAS Live in Amsterdam.
The two performances were ticketed by GUTS and with the events being on home turf, a large part of the GUTS / GET team were there to take in the atmosphere & see the infrastructure at work.
It’s also where our BD colleague Sander captured this fabulous video that did the rounds on Twitter, showing the crescendo of excitement amongst the crowd and hitting home how potent it is that our infrastructure can reach everyday people from all walks of life:
Lastly — GET Protocol, or rather its NFT ticketing toolsuite is nominated for TicketingBusiness’ Disruptor Award! A nice nod of approval, that we of course hope turns into a win. See the full list of nominees here:
That’s it for this time, we look forward to sharing more updates then as we get the TicketingRevolution underway, see you next month & happy staking!
