Non-fungible token (NFT) ticketing firm Get Protocol has secured $4.5 million in new funding to create an alternative to companies like Ticketmaster.
The funding was secured from investors despite a current fundraising environment described by CEO Maarten Bloemers as “absolute hell” following last year’s collapse of crypto exchange FTX.
The news was first reported by Decrypt, with Bloemers telling the outlet that it has taken the company seven years to “know that everything works in order to scale up.”
“Taking the long road pays off. It doesn’t have to be ‘moon and lambos’ all the time,” the head of the Netherlands-based company added.
Animoca Brands and Tezos
In addition, an undisclosed number of individuals, including The Sandbox founder Sebastien Borget, also joined the investment round.
According to Get Protocol’s Bloemers, the ticketing industry has traditionally been difficult to break into for newcomers, with giants like Ticketmaster and a few others keeping the gates largely shut to others.
This has also been true for challengers from the Web3 and crypto space, with several projects from the sector unsuccessfully attempting to break into the ticketing industry.
“We counted that 160 projects came and went in NFT ticketing – we were the first and are still standing,” Bloemers said.
He also made it clear that his firm’s staying power can partly be attributed its lighter approach to crypto than many others, referred to by Bloemers as their “Web 2.5” approach.
“If you want to do big stadium concerts, there’s no way you can have a solely Web3 approach right now,” Bloemers said, adding that those that have tried an exclusive Web3 approach have “jumped the gun.”
For now, Tezos – a blockchain that hosts the XTZ token – will serve as Get Protocol’s default blockchain, although other chains can also be used if customers want to.
Get Protocol’s own token, GET, is a utility token promoted as “the fuel that powers NFT ticketing.”
The GET token sees little trading volume and has a tiny market capitalization of just over $16 million, according to CoinGecko data.