Buy backs in Q3 & Q4 of 2018–140 000 tickets, in total using €84 000 in GEThttps://blog.guts.tickets/buy-backs-in-q3-q4-of-2018-140-000-tickets-in-total-using-84-000-in-get-8ba9e0e59e83GUTS Tickets is the first ticketing company using the GET Protocol to provide honest and transparent ticketing. As such this company will take the lead in using the protocols main-net capabilities that are going live(on the Ethereum main net) in Q3 of 2018.
As of now GUTS Tickets has secured to sell 140 000+ theater tickets in Q3 and Q4 of this year. Due to the characteristics of these theater tickets(seating, certain privileges or complexities per rank, etc.) and the added value of using GET for this type of ticket, GUTS Tickets will require 0.60€ per smart ticket transferred to a consumer. This accounts to a total of €84 000 euro worth of GET that will be required to use the protocol. As described in our white paper this GET will be acquired from the open market.
How much GET will be acquired from the open market by event organizers (via the buy-back mechanism) is dependent on the average GET price on the moment of acquisition. As also explained in this blog the bottom price for the buy-back mechanism is 0.50€ per GET and is uncapped upwards (so depending on market price on exchanges). This makes the GET utility token anti-fragile in relation to Ethereum and the blockchain trend/volatility in general. Consolidating further that smart ticketing does need an own token/protocol-layer to make it usable and stable enough for mainstream consumers that just want a service to work as expected.
