Blockchain-Based Ticketing Company GUTS Raise $2.5m in First Hours of Token Sale
Secondary ticket sales has always been a thorny issue for events happening around the world. What happens is that opportunists book the tickets online using bots in a pre-meditated frenzy and then sell them on the black market for a profit later on when the event data draws near. There are whole cartels of black ticketers operating even in European countries whose sole purpose is to get tickets cheap through legal or illegal means and then sell them for a profit.
The Dutch government has been debating about a particular legislation for some time involving the secondary marketing and how to control its widespread effects on the success of events like concerts, movie screenings, and other social events. But, there are several roadblocks preventing this legislation and the secondary marketing lobby is working hard to convince people that it is a non-issue.
In the midst of all this lawmaking impasse, blockchain-based ticketing company GUTS has raked in more than $2.5 million in just a few hours since the start of its pre-ICO. Since then, the GUTS token has raised around 10,000 ETH in the crowdsale which is currently undergoing just the first phase of its main ICO.
The main aim of the GUTS token is to create an honest ticket setup based on blockchain technology that is applicable worldwide. Their system seeks to eliminate the unjust secondary prices on offer for theatre companies, sports events, concerts and other events. But GUTS isn’t all talk and no action. The best thing about their ticketing platform is that it is actually live and the GUTS team have been using blockchain for ticketing since 2016.
Since they are Netherlands-based, they have signed an agreement with Dutch powerhouse named Hekwerk and the manager of the no. 1 DJ in the world Martin Garrix and Maroon 5 booking agency ITB in London to help them in getting their platform adopted worldwide. Due to these heavyweight partnerships, GUTS token is expected to sell up to a million tickets till 2019 alone.
The Dutch political impasse is likely to continue and according to the GUTS team:
“There are a lot of forces that are trying to keep the status quo on secondary ticketing. There is a lot of money being made by people who will go to great lengths to protect their interests. The raised capital of the ICO ensures our independence while accomplishing our mission for a worldwide honest ticketing market.”
The GUTS platform is built around the GET protocol that is fueled by their native GET tokens. The tokens are used to process the event ticketing. When an event is created with ticketing in mind, the GET protocol takes GET tokens from the users to process the event with the help of a stability fund. The protocol buys the currency from users at a steady rate of $0.58 providing that events are constantly created on the new platform.
As mentioned before, around 10,000 ETH has already been raised during the first phase of the main ICOand that is around $5 million equivalent at the moment. The company is seeking to raise more than $17.5 million from the sale of about 36.9 million GET tokens.