GET is a utility token, meaning that it serves a specific purpose within our ticketing solution. Due to the blockchain nature of the engine, the properties of the GET token allow for a transparent and stable value equivalence with fiat money, as this is locked in every event cycle.
The GET token is a crucial component of the GET Protocol, as it is the fuel that makes it possible for ticketing companies to issue tickets. How this works exactly and what this means for the ticketing companies that make use of the protocol and those who trade and hold the GET token is explained below
GET Protocol is a blockchain-based ticketing engine, allowing ticketing companies to issue admission rights in a fully digital way. This innovative approach provides many benefits over traditional ticketing. For example, one application of the system is eradicating fraud and ticket scalping.
Making use of the GET Protocol requires a fuel, called the GET token, or simply 'GET'. For example: Tickets that are sold and resold by ticketing companies using GET Protocol require GET to perform their duties.
After an event cycle is completed and all tickets are validated and processed, GET is automatically burned by the protocol, decreasing the total supply of GET that exists in the world.
The GET needed by ticketing companies for their sales and events is provided up front by the protocol at a locked rate per event cycle, to provide a frictionless experience for the ticketing companies and their fans.
GET is needed for every interaction with a smart ticket. A portion of this GET is burned with every interaction. This leads to an increase in scarcity over time. We have made a tool that you can use to make projections on this scarcity in the future.
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