Dutch blockchain tech company GUTS Tickets is beginning a well-funded foray into the cryptocurrency markets after its ICO made over $2.5 million within the first few hours of launch — and it’s kicking up quite a storm.
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Based in Amsterdam, the event ticketing company has designed a service to put an end to price gouging and fraudulent ticket selling applications and websites by utilizing blockchain technology for the greater good.
GUTS have been selling tickets via the blockchain since 2016, enlisting the support of the Manager of the world’s no.1 DJ, Martin Garrix. Chris Payne — who represents Adele and Maroon 5 through the ITB booking agency — also helped give the product an internationally appealing edge.
Projected to sell over a million tickets in 2019, GUTS has announced their initial coin offering that begins November 15th 2017 for their GET tokens. The announcement comes after the application’s launch, which is due to the potential it possesses, not to mention the benefits of solidifying the applications position in the open markets.
“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 application serves as a means to compete directly with secondary ticket markets by offering fair prices and providing transparency so that customers can always be in the clear about ticket pricing on GUTS.
GUTS offers users the chance to re-sell tickets through their exchange platform, allowing users to safely and securely resell tickets within the boundaries provided. The tickets will never leave the system so all customers are guaranteed access to fairly priced tickets.
Their token, GET (Guaranteed Entrance Token), is a valuable commodity to the ecosystem GUTS is built upon. Fuelled by the GET token, the GET-protocol buys GET tokens from users every time an event is created. This protocol keeps the events processed through a stability fund, and as long as events are being created within this protocol, token holders are able to sell their tokens at a guaranteed rate of 0.58 Dollars per token.
“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.”
Having already completed their initial round of fundraising, GUTS seeks to generate an estimated $17.5 million from the ICO, which at present is reaching its first tier of the main ICO which started 15th November, 2017.
Early backers are being rewarded with generous discounts for their GET purchases, which is scaled against how much they contribute.
The total amount of GET tokens available is 36,900,000 and there are approximately 28,000,000 remaining from the total pool.
To find out more, contribute and get on board with providing fairer consumer choice, head to https://ico.guts.tickets and GET yours.