In an unlikely turn of events, amidst an adverse fundraising climate observed since the fall of the FTX exchange last year, non-fungible token (NFT) ticketing outfit Get Protocol has secured a promising $4.5 million boost in new funding. The objective? Crafting an alternative to the prevailing giants like Ticketmaster. Despite the hurdles, the CEO Maarten Bloemers emphasizes the gratification in the slow yet steady journey over the past seven years, standing testament to the durability of their venture.
As the story unfolded, it was revealed that this seed funding round was led by Flow Ventures, coupled with contributions from recognized Web3 companies: Animoca Brands, Tezos Foundation, Redbeard Ventures, and Funfair Ventures. Additionally, an undisclosed group of individuals, including The Sandbox founder Sebastien Borget, added to the investment.
Speaking about the traditional ticketing industry, Bloemers noted its resistant nature. Major players such as Ticketmaster have established such a tight grip on the industry that even ventures from the crypto and Web3 arena, backed by potent blockchain technology, have found it challenging to penetrate this domain. The firm’s CEO also revealed how about 160 projects in the NFT ticketing space have come and vanished. Still, Get Protocol continues to thrive, attributing its endurance to its “Web 2.5” stance.
On a slightly skeptical note, Bloemers offered an intriguing insight regarding a complete shift to Web3 approaches. He believes that it’s too premature to wholly adopt Web3 for activities like large concerts – those who have attempted have “jumped the gun”. It’s contextually important to understand that Get Protocol’s survival in such a challenging environment is attributed to its balanced approach of integrating Web3 features with conventional methods.
Meanwhile, we can expect Get Protocol to utilize Tezos, a platform that hosts the XTZ token, as their default blockchain. They are also open to other chains based on customers’ preferences. Interestingly, Get Protocol’s own token, GET, which powers NFT ticketing, has a market cap of just over $16 million but minimal trading volume. Revisiting Bloemers’ earlier comment, it’ll be intriguing to see if adopting a ‘slow and steady’ approach in this aggressive crypto race ultimately leads them to the finish line, contradicting the conventional ‘moon and lambos’ philosophy.
Source: Cryptonews
