We would like to check the temperature in the Balancer community for our upcoming plans and usage of Balancer pools within our event ticketing solution, which has sold >500K tickets since 2016.
GET Protocol is a blockchain-based event ticketing solution. Ticketing companies in several markets have used our protocol to sell over half a million digital tickets since 2016. By applying innovative tech and some creative thinking, we’ve managed to prevent ticket fraud and scalping (not a single ticket sold using the protocol has been scalped) while also offering our end users an improved and transparent ticket purchasing experience.
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You can check out our ticketing app here, which is also available as whitelabeled solution. (Currently used in four countries.) Here’s a demo that shows the ticket buying process.
If there is sufficient interest for our plans, we would like to work together with Balancer Labs to set up a grant/bounty for somebody or somebodies from the Balancer community to finalize and standardize the Balancer side of our new DeFi event financing feature. (By adding a wrapping NFT-standard for revenue generating assets that will use a set of smart pools to both issue investable tokens as well as collect the generated cash flows in the future).
This will introduce an entirely new application to DeFi while also creating continuous liquidity to Balancer pools.
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An important point to make is that we are not just proposing something that we think sounds cool, we are already working on this and if fully technically viable, we plan to implement this new approach as soon as possible.
We’ve ticketed over 2000 events to date and are active in several countries. You can check out a community made datasite here that shows event info for the last 30 days.
A team picture from 2019.
Our team is steadily expanding (last headcount was about 28 people, half of which are developers) and we have a rapidly growing list of clients. We are close to breaking even with our current deals and have significant reserves from our ICO. This is all not to brag, just to give you a sense of where we are in our trajectory and to show that we are not new kids on the block looking for a handout. In fact, we are not looking for any funding from Balancer.
In short, we are setting up a way for event organizers to collatorize their future ticket sales with NFTs and generate investments up front to help them finance the costs related to organizing their events.
Balancer smart pools will be used to create liquidity and a market for these ‘tokenized ticket inventory NFTs’.
Balancer Pools will also be used to collect the incoming ticket revenue (again in smart pools) and distribute it over the investors. This will bring stablecoin liquidity to the Balancer ecosystem.
Not only is this approach completely unique within the ticketing world (our clients can’t wait for us to finish it, especially since COVID-19 has effectively nuked the event industry), but we also believe this can be a great use case of what blockchain, and more specifically DeFi can bring to the world.
We’ve done extensive research and are quite sure that Balancer is the perfect fit in terms of integration and suitability for the financing process in the way we envision it. Not only would it be an interesting use case, the implementation in the way we see it would result in significant usage and liquidity of Balancer pools from an entirely new angle.
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Over the last few months we have done a lot of the brain- and legwork for our approach. If you would like to know more about the concept, we wrote this blog about it.
Bottom line is that we’re looking for help in streamlining and standardizing the process and tooling on the Balancer side.
*We are looking for support from the BAL community on our initiative and the proposal to formulate a grant/bounty to help us standardize the Balancer tooling for our pre-financing approach for events using Balancer smart pools. *
Thanks for your attention, sorry about the piles of text and feel free to ask questions or leave feedback!
- Olivier from GET Protocol
Sounds interesting. I think in light of COVID-19, this could become popular as stadiums and concert halls open back up.