GUTS Launches ICO to start a “Honest Ticketing” Revolution: the end of black market tickets has finally come?
Supported by key players in music industry, Dutch blockchain has launched GUTS (the Guaranteed Unique Ticketing System) to defeat ticket fraud once and for all. Blockchain technology turns at hand to register ownership of SMART tickets, to make it impossible to re-sell tickets illegally etc.
Will this be the end of extortionate prices for secondary tickets?
UK music industry teems with third-party resellers purchasing tickets in bulk, selling for double or triple the original price. This problem has also been highlighted by Fanfair Alliance’s report, and the research found that 80% of the British public think that UK secondary tickets market valued at £1 million is a “rip off”.
To ensure a safer ticket market GUTS launched a blockchain-based event protocol, the Guaranteed Entrance Token (GET). As we saw with etoro case, studied by Digitalbusiness review, it was a worthy ICO ! This protocol is based on Ethereum blockchain and aims to facilitate the sale event tickets by issuing SMART tickets. In this system GET tokens are required for trading SMART tickets. Without GET event organizers cannot create events or even issue tickets, therefore making ticket fraud. This protocol ensures a transparent and totally decentralized ticket market to promote “honest ticketing”.
GUTS has also launched an ICO that enables event organizers to make use of GET through its open source infrastructure to facilitate a true revolution of ticket industry by creating a brand new “smart event” ecosystem in the world extending the impact of the product to new audiences. This ICO will run for 28 days and will sell about 37 million GET tokens. More than 30% of these tickets are currently resold with mark-ups between 30% and 700% and these prices are still a problem for artists and their fans. GET tokens are designed specifically to eliminate fraudulent side of the ticketing market.
The ultimate goal of this program is for all tickets to be sold to actual fans, not re-sellers, at the right price. To achieve this objective a decentralized network is what it takes because ownership will be transferred transparently and without any price increases. GUTS has actually been selling tickets since 2016, and has received many praises from key players in the music industry like Watse De Jong, the manager of the internationally renowned DJ Martin Garrix; and Chris Payne of the International Talent Booking Agency, who represents really big names such as Adele. GUTS selling expectations by today are beyond a million tickets by 2019. Tom Roetgering, GUTS Tickets CCO added also that “For event organizers, GUTS provides certainty that all tickets are authentic, and the mobile-first platform means organizers, promoters, music artists and venues can use the product without investing in expensive scanners or hardware.” One other GET interesting feature is that its ticket application work in such a way that all interactions with the GET protocol is obscured from the ticket holder, and in the ticket- flow the user will not be required to have any knowledge of blockchain or tokens, GET interface will manage everything to guarantee comfort and security of transactions.