Bobos & Wojaks

Get rich or die tryin

Here Are The Reasons Why Ticketmaster Will Fail And Get Protocol Will Succeed

  • Ticketmaster (TM) uses ticketing scalping as a part of their income streams, GET makes scalping impossible. Sources for my statement provided in the post.
  • TM provides centralized event financing whereas GET is working on decentralized event financing.
  • TM is a closed system. Only the director’s board can decide what’s going to happen with the business. GET is trying to be a global, DAO powered, decentralized ticketing standard where every participant can vote.
  •  Ticketmaster is launching NFT tickets. But that doesn’t solve the problem.

ticketmaster

“The league (NFL) today announced that fans attending games through the end of 2021 will be able to receive a “virtual commemorative ticket” as an NFT in a Ticketmaster digital wallet. The NFTs themselves will live on the Polygon network, like Tom Brady’s Autograph platform”. 

(But the main problem with Ticketmaster is not the lack of cutting edge tech. It’s scalping and unfair conditions for the fans/events attendees:

  1. Ticketmaster Has Secretly Been Cheating You With Its Own Scalpers
  2. 3 Scalpers Fined for Using Bots to Scoop Up Tickets on Ticketmaster
  3. Ticketmaster Has Its Own Secret ‘Scalping Program,’ Canadian Journalists Report
  4. Ticketmaster Dodges a Bullet In Its ‘Scalpergate’ Class Action Lawsuit
  5. Ticketmaster is colluding with ticket scalpers and taking a cut, undercover report finds

GET Protocol solves that. It is impossible for scalpers to participate or get an advantage over fans/event attendees:

  1. GET Protocol defeating ticketing scalping
  2. Comedy crypto: How Holland’s most popular comedian is beating ticket scalpers

”The tickets issued on the GET protocol are registered on your phone. This means that only the person in possession of the phone also owns the ticket. Every ticket is unique and is based on a QR code that updates itself and rotates to prevent fraud and scalping.

The tickets are all registered on the blockchain as a means of transparency and accountability. This means that fans can check ticket authenticity whenever they want.” Not only that, but artists and event organizers can get royalties from the secondary market every time tickets are resold. They also can set reselling prices prior to the event. When tickets are sold as collectibles, artists will get their cut as well.

All tickets processed through GET Protocol are registered on-chain as NFT tickets. NFT Tickets unlock:

  1. Immutable, transparent ownership history
  2. The Web 3 bridge to the events industry
  3. Collectibles are a lasting global connection between artists and fans
  4. In the future, the ability to tap into DeFi functionality for the events industry.
  • DeFi functionality for the events industry?

Yes, GET Protocol is working on implementing Decentralized event financing. Here is a great article about how this is going to work – Decentralizing Event Financing — Liquidity x DeFi x NFTs

You, as a fan of an artist, will be able to participate in the build-up before the event. Example:

  1. The famous artist is planning a concert
  2. You, as a fan, invest in his/her concert
  3. When the concert (world tour?) is done, you get your money back + your interest on top of it.
  4. Not only that, but your ticket is NFT now and you can sell it as a collectible.

Ticketmaster does not provide such a thing. I really doubt they will ever provide that in the future. Why would you voluntarily share your profits with someone else? Would you share your profits if you are the monopoly?

  • Global, DAO powered, decentralized ticketing standard

Token holders will get voting rights. Token holders can be retailers or ticketing companies that use GET Protocol to fuel their tickets. Everyone who holds GET is involved.

”By structuring a set of System Variables we enable a future DAO to govern over the values of these variables to manage the operation and value flows of the protocol.” Ticketmaster is not going to follow the same example. It’s a closed system with their own financial model. For them, to become decentralized, would mean abandoning current operations and starting from scratch. It would require a lot of resources and time. I really doubt that this is going to happen even though I believe that this is the right thing to do. Closed systems are going to lose to the open systems. Decentralization over centralization.