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Industrial-scale touting, also known as ticket trading, is a multibillion dollar problem for the events management and ticketing industry. In 2016 alone, $5 billion was generated from the resale of events ticket at inflated prices to consumers. Analysts have estimated that as much as a quarter of tickets to popular events ends up on this “ticketing black market,” with markups as high as 700% per ticket.
Widely condemned by the events and entertainment industry, this practice continues to drain billions all over the world and into the pockets of fraudsters. Despite countermeasures, this industry continues to thrive off of the opacity created by the events ticketing industry.
From artificial ticket scarcity created by professional resellers to bolster the face value of their tickets to price confusion, and number of tickets available for each events, touts have found ways to profit from the confusion created by legitimate ticket sellers, threatening the livelihood of artists and their success.
On October 28, a law that has taken Dutch legislators six years to formulate and intended to limit event ticket reselling was rendered obsolete by lobbyists, shredding all hope of legal redress. Without the law to champion their cause, the events and entertainment industry seemed doomed to this parasitic relationship.
However, GUTS had different plans for the future of the industry, a future powered by a decentralized, transparent, and immutable platform for events ticketing.
“There are a lot of forces that are trying to keep the status quo on secondary ticketing” says Maarten Bloemers, the CEO of GUTS
Choosing to announce the ICO for their revolutionary, blockchain solution for events ticketing and management on the back of this news, GUTS has met with immediate support from the community, raising over $2.5 Million in the first few hours of their ongoing token sale.
“There is a lot of money being made by people who will go to great lengths to protect their interests” Bloemers continued, “The raised capital of the ICO ensures our independence while accomplishing our mission for a worldwide honest ticketing market.”
GUTS is an award winning company that leverages the power of the blockchain and smart contracts to solve ticketing problems. The user-friendly platform keeps the ticketing process as simple and transparent as possible to all parties involved, and facilitates fair-use and intuitive usage backed by immutable smart contracts.
Already, the platform has established key partnerships with theatre powerhouse Hekwerk in Holland, the manager of the no. 1 DJ in the world, Martin Garrix, and Chris Payne from the world-renowned Adèle and Maroon 5 booking agency ITB. These partnerships will help in getting their products adapted internationally and continue to position them as market leader.
“We were looking for ways to extend the impact of the product and came to the conclusion that building a protocol that is fuelled by our very own token and opening it up for all ticketing companies to use, was the way to go” Bloemers confirmed.
GUTS ecosystem is driven by the GET-protocol and GET-token. GET-token is used to process event ticketing on the platform. Any time an event is created, GET-protocol buys the token from holders to process the event through a stability fund. As long as events are being created within the protocol, token holders can sell their tokens to the protocol at a guaranteed exchange rate of 0.58 dollars.
“We think the guaranteed exchange rate of the tokens mitigates risks for early contributors. As long as they are confident GUTS or other ticketing companies are creating events within the GET-protocol, there is very little risk of losing their money.”
GUTS ICO & Token Sale
GUTS has already completed the initial round of fundraising for their ecosystem, having raised $2.5m. The platform is now looking forward to raising the approximately $17.5m from their ICO needed for further development. The ICO is set to open on the 15th November, at 13:00 CET with a total of 28,348,649 GET, from the remaining total pool of 36,900,000 GET, on offer. Early backers will be able to pick up GET at a discounted rate, depending on how early backers contribute. To find out more, visit https://ico.guts.tickets/
GUTS is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest