Get Protocol, an NFT ticketing company, recently raised $4.5 million in seed funding, which included participation from the Tezos Foundation and Flow Ventures.
This round of investment enables Get Protocol to further its “Web 2.5” ticketing approach, which is set to challenge traditional players like Ticketmaster.
Get Protocol’s technology has been utilized in the issuance of over four million blockchain-based tickets for artists including Ne-Yo, Gucci Mane, Lewis Capaldi, and comedian Louis C.K.
According to Get Protocol CEO, Maarten Bloemers, the company has operated relatively under the radar until now.
Now, the Tezos blockchain is set to become the preferred blockchain of use and Get Protocol is looking to bring NFT ticketing to Tezos partners.
Speaking about the firm’s journey, Bloemers told Decrypt:
“It took seven years to know that everything works in order to scale up. We think it’s time to try to grab crypto attention.” He added, “Taking the long road pays off. It doesn’t have to be ‘moon and lambos’ all the time.”
Flow Ventures led the seed funding round, with significant contributions from other Web3 heavyweights including Animoca Brands, the Tezos Foundation, Redbeard Ventures, and Funfair Ventures. Sebastien Borget, the founder of The Sandbox, and other undisclosed individuals and funds also participated in the round.
Discussing the challenging fundraising environment, Bloemers described it as “absolute hell,” with the process commencing soon after the collapse of the FTX crypto exchange in November last year.
He acknowledged that despite the challenges, most rejections stemmed from another issue: the power of Ticketmaster, the incumbent industry giant that Get Protocol is looking to challenge.
As part of the successful funding round, a new agreement has been reached between Get and the Tezos Foundation.
Through this agreement, Get will introduce NFT ticketing to Tezos’ partners by fully integrating Get Protocol’s NFT ticketing capabilities with Tezos’ forthcoming EVM network upgrade.
While Tezos will serve as the default blockchain for Get Protocol, customers will have the option to use other platforms.
Expressing his satisfaction with the partnership on Twitter, Roman Schnider, President of the Tezos Foundation, tweeted:
“Welcome to @tezos @GetProtocol 💙”.
Get Protocol also expressed its enthusiasm about the partnership and its intention to disrupt the ticketing industry. Their tweet read:
“We are beyond excited to announce a new chapter for GET Protocol, with some fantastic new partners along for the ride. Now let’s go disrupt the ticketing industry, shall we? #TicketingRevolution✊🎟️”
On LinkedIn, Simon Klinkenberg, a Business Developer at GET Protocol Foundation, commented on the successful funding round:
“Very exciting times for us. We just raised $4.5M and buckled to disrupt the highly unfair ticketing industry. Next to a bulletproof and honest ticketing system we keep pushing the boundaries in the web3 space.”