Get Protocol Secures $4.5 Million Funding to Disrupt Ticketing Industry with NFTs
Non-fungible token (NFT) ticketing agency Get Protocol has secured $4.5 million in new funding to create an alternative choice to firms like Ticketmaster.
The funding was secured from buyers regardless of a present fundraising atmosphere described by CEO Maarten Bloemers as “absolute hell” following final yr’s collapse of crypto alternate FTX.
The information was first reported by Decrypt, with Bloemers telling the outlet that it has taken the corporate seven years to “know that all the things works as a way to scale up.”
“Taking the lengthy highway pays off. It doesn’t should be ‘moon and lambos’ on a regular basis,” the top of the Netherlands-based firm added.
Animoca Manufacturers and Tezos
The seed spherical was led by Stream Ventures, with participation from Web3 corporations Animoca Manufacturers, Tezos Basis, Redbeard Ventures, and Funfair Ventures.
As well as, an undisclosed variety of people, together with The Sandbox founder Sebastien Borget, additionally joined the funding spherical.
In response to Get Protocol’s Bloemers, the ticketing business has historically been troublesome to interrupt into for newcomers, with giants like Ticketmaster and some others protecting the gates largely shut to others.
This has additionally been true for challengers from the Web3 and crypto area, with a number of initiatives from the sector unsuccessfully trying to interrupt into the ticketing business.
“We counted that 160 initiatives got here and went in NFT ticketing – we have been the primary and are nonetheless standing,” Bloemers stated.
He additionally made it clear that his agency’s endurance can partly be attributed its lighter strategy to crypto than many others, referred to by Bloemers as their “Internet 2.5” strategy.
“If you wish to do huge stadium concert events, there’s no method you’ll be able to have a solely Web3 strategy proper now,” Bloemers stated, including that people who have tried an unique Web3 strategy have “jumped the gun.”
For now, Tezos – a blockchain that hosts the XTZ token – will function Get Protocol’s default blockchain, though different chains may also be used if prospects need to.
Get Protocol’s personal token, GET, is a utility token promoted as “the gas that powers NFT ticketing.”
The GET token sees little buying and selling quantity and has a tiny market capitalization of simply over $16 million, in line with CoinGecko information.
