Immutable X and GET join forces to offer an on-chain NFT ticket marketplace
Leading NFT ticket provider, GET Protocol, is tying up with the Ethereum Layer 2 Immutable X solution to launch a secondary market for NFT tickets. GET hopes the integration will enable the protocol to onboard the next billion users to web3 with direct resale of gas-free, fully carbon-neutral NFT tickets, on-chain with ongoing access to a FIAT gateway.
As many as two million NFT tickets have been issued via the GET Protocol by ticket companies and individuals, including rap star Gucci Mane, Lewis Capaldi, and UK reggae group UB40. The GET Protocol team analyzed pain points in the events industry to empower creators, athletes and artists, from preventing ticket scalping to verifying fan attendance and funding future events.
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The GET protocol wants to become the global data standard for ‘NFT-proof access to anything’. By leveraging the scalability and deep knowledge of Immutable X to facilitate top-tier NFT marketplaces like VeVe. GET Protocol will access all the necessary tools and resources to build an easy-to-use and scalable global secondary marketplace for event tickets. The development process has already started and will be developed in the coming months.
What is the GET protocol?
The GET protocol is the market leader in NFT ticketing, having issued around 2 million on-chain tickets to main event attendees since 2016. The tools offered by the protocol allow anyone who issues tickets to reap the benefits of NFT and blockchain innovations while offering ticket buyers a completely seamless experience with zero technical complexity.
A variety of traditional challenges have been resolved, such as ticket scalping, fraud, unwanted scalping, and even the funding of new events. Global partners use the GET Protocol toolset, 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 gasless minting and trading, without compromising the security of the world’s most widely used blockchain for NFTs, Ethereum.
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The solution offers instant trade confirmation and massive scalability of up to 9,000 transactions per second, and a great developer and user experience. Immutable X has announced integrations with established marketplaces, such as OpenSea and Mintable, while also powering some of the biggest gaming and NFT apps.
why does it matter
The power of NFTs is so much more than PFP avatar collections and million dollar crypto art. After the last 18 months of hype, it seems the industry is settling back to work on utility projects that may be closer to achieving mass adoption. For investors, at this stage of the market cycle, it’s about identifying trends and picking winners, and while no one has a crystal ball, some things just make sense; Plus, it’s a good time to monitor your portfolio with DappRadar’s tools.
NFT tickets make sense. Not only for event attendees, but also for artists and event organizers. A topic discussed extensively on the exclusive Music Industry Meets Blockchain Podcast with UK Dubstep DJ Plastician.
The notion that a DJ, band or artist can interact with the people who bought tickets for their show at any time directly is pretty incredible for an industry where back-breaking, often unpaid work is the main route to success. success and building a fan. base.
At the same time, for event organizers, eliminating unfair ticketing and pricing is long overdue. Not to mention the ongoing sales and marketing opportunities that will arise once event attendees have everlasting and potentially evolving NFT tickets inside their wallets. Additionally, all ticket holders will soon be able to mint and trade NFTs at lightning speed and without gas fee limitations on Ethereum.
The foregoing does not constitute investment advice. The information provided here is purely for informational purposes only. Please exercise due diligence and investigate. The writer holds positions in various cryptocurrencies including BTC, ETH, and RADAR.