There has been a lot going on with GET Protocol recently, so here's a little update!
Just over a week ago, more than 50.000 tickets were sold by GET Protocol's first user GUTS Tickets in under 4 hours. These tickets were all part of a big batch of shows from the Dutch comedian Jochem Myjer in the Royal Dutch Theatre Carré. This sale marked the first time ownership states and changes for the tickets were registered on the Ethereum main-net. For more about this sale you can check out this blog:
https://blog.guts.tickets/the-things-you-learn-when-you-sell-50-000-tickets-in-3-5-hours-5f991cd1fe1aThis first main-net sale also meant that the protocol needed to conduct its first buy-back, buying GET from the open market to satisfy the Event Organizer's (in this case royal theatre Carré) demand for GET tokens in order to register and distribute the tickets. More info on why & how this works here:
https://blog.guts.tickets/fueling-up-on-get-to-cure-50-000-no-coiners-on-a-casual-saturday-morning-885d909a25a5The first ever GET Protocol buy-back auction was held on Sunday, September 30th 2018, and completed within 20 seconds. You can track the submitted transactions by following the link below:
https://etherscan.io/address/0x15732Db2a067e57b060B7759B01f6d72C98d3b0C#tokentxnsWhat might be more important than the success and speed of the buy-back is the fact that the chain of events (sale & subsequent buy-back), proves the concept and structure of the protocol - all driven by actual, real world demand.
More updates, including info on the next buy-back to follow!