Immutable X & GET join forces to deliver on-chain NFT Ticket marketplace
Leading NFT ticket provider GET Protocol is linking up with Ethereum Layer 2 solution Immutable X to launch an NFT ticket secondary marketplace. GET hopes the integration will enable the protocol to onboard the next billion users to web3 with the straightforward resale of gas-free, fully carbon-neutral NFT tickets, on-chain with seamless access to a FIAT onramp.
Up to two million NFT tickets have been issued through GET Protocol by ticketing companies and individuals, including rap star Gucci Mane, Lewis Capaldi, and UK reggae group UB40. The GET Protocol team looked at event industry pain points to empower creators, athletes, and artists, including preventing ticket scalping through to verifying fan attendance and financing future events.
GET Protocol wants to become the global data standard for ‘NFT proof to anything access.’ By leveraging Immutable X’s scaling and in-depth knowledge in facilitating top-tier NFT marketplaces such as VeVe. GET Protocol will access all the tools and resources necessary to build an easy-to-use and scalable global secondary market for event tickets. The development process has already kicked off and will be fleshed out over the coming months.
What is GET Protocol
GET Protocol is a market leader in NFT ticketing, having issued around 2 million on-chain tickets to mainstream event attendees since 2016. The tooling offered by the protocol allows anyone issuing tickets to reap the benefits of NFT & blockchain innovations while offering ticket buyers a completely frictionless experience with zero technical complexity.
A range of traditional challenges has been solved, such as ticket scalping, fraud, unwanted reselling, and even funding new events. Global partners use GET Protocol’s suite of tools which ranges from a complete white-label package to a digital twin solution for existing ticketing entities. Through bespoke tools, such as the ‘Event Financing’ module, using a combination of DeFi and collateralized NFT tickets for future events.
What is Immutable X
Immutable X is a leading Layer 2 scaling solution for NFTs and enables gas-free minting and trading, while not compromising the security of the most used blockchain globally for NFTs, Ethereum.
The solution offers instant trade confirmation and massive scalability of up to 9,000 transactions per second, and an excellent developer and user experience. Immutable X has announced integrations with established marketplaces such as OpenSea and Mintable while powering some of the largest NFT and gaming dapps.
Why it matters
The power of NFTs is far more than PFP avatar collections and million-dollar crypto art. After the last 18 months of hype, it appears the industry is settling down to get back to working on utility projects that can get closer to delivering mass adoption. For investors, at this stage in the market cycle, it’s about identifying trends and picking winners, and while nobody has a crystal ball, some things just make sense—moreover, it’s a great time to get your portfolio in check using DappRadar tools.
NFT tickets make sense. Not just for event-goers but artists and event organizers. A topic discussed at length in the unique Music Industry meets Blockchain Podcast featuring UK Dubstep DJ Plastician.
The notion that a DJ, band, or artist can interact with people who bought tickets to their show at any moment and directly, is quite incredible for an industry where back-breaking, usually unpaid work is the main route to success and building a fan base.
At the same time, for event organizers eliminating ticket touts and unfair pricing is something that’s been needed for a long time. Not to mention the ongoing marketing and sales opportunities that will arise once event-goers have everlasting, potentially evolving NFT tickets inside their wallets. Moreover, all ticket holders will soon be able to mint and trade NFTs at lightning speed and without gas fee limitations on Ethereum.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.