Get Protocol, a non-fungible token (NFT) ticketing enterprise, has successfully raised $4.5 million to develop a rival platform to giants like Ticketmaster.
This financial backing comes from investors, even in a challenging fundraising landscape, which CEO Maarten Bloemers characterized as “absolute hell,” especially in the wake of last year’s crash of the crypto exchange FTX.
Decrypt was the first to break this news. Speaking to them, Bloemers shared that the company’s journey spanning seven years was essential to ensure everything was in place and ready for expansion.
He emphasized, “Taking the long road pays off. It’s not always about instant success and flashy rewards,” referencing the culture prevalent in the crypto space with phrases like ‘moon and lambos’. This sentiment reflects the commitment and resilience of the Netherlands-based firm.
Animoca Brands and Tezos
The seed funding round for Get Protocol was spearheaded by Flow Ventures, and saw contributions from prominent Web3 companies such as Animoca Brands, Tezos Foundation, Redbeard Ventures, and Funfair Ventures.
Furthermore, several individuals, whose exact number remains undisclosed, also participated in the fundraising effort. Among these investors was Sebastien Borget, the founder of The Sandbox.
Get Protocol’s Bloemers highlighted the intrinsic challenges of entering the ticketing market, given its dominance by established players like Ticketmaster, which largely barricade the industry against newcomers.
Interestingly, the resistance isn’t exclusive to traditional entrants. Web3 and crypto initiatives have similarly found it tough to gain a foothold in the ticketing sector, with numerous such projects failing to make their mark.
Speaking of the resilience and pioneering spirit of Get Protocol, Bloemers proudly stated, “Of the 160 projects that have ventured into NFT ticketing, we were the trailblazers and, notably, we’re still in the game.”
Bloemers emphasized that one of the reasons behind Get Protocol’s endurance in the challenging space is their balanced stance towards cryptocurrency. He describes this as their “Web 2.5” approach, bridging the gap between the traditional internet (Web2) and the decentralized web (Web3).
Bloemers elaborated on the importance of this balance, stating, “For grand events like major stadium concerts, a pure Web3 methodology isn’t viable at this juncture.” He went on to note that those ventures that have embraced a purely Web3 modus operandi might have been overly ambitious or premature in their strategy.
As of the present, Get Protocol has chosen Tezos, the blockchain that underpins the XTZ token, as their primary platform. Nevertheless, the company remains flexible, allowing for integration with alternative blockchains if clients express such preferences.
Get Protocol’s proprietary token, GET, functions as a utility token, branded as the driving force behind NFT ticketing. However, it’s worth noting that the GET token currently maintains a relatively low profile in the crypto marketplace. As per data from CoinGecko, it experiences minimal trading activity and boasts a modest market cap slightly above $16 million.
