12 May 2022 · 2 min read

NFT Event Ticketing: SeatlabNFT Announce Their $SEAT IDO

Disclaimer: The text below is a press release that was not written by Cryptonews.com.

Introduction

The $SEAT token IDO kicks off on the Skyward launchpad from 24th-30th May 2022. It’s the first opportunity that the Web3 community has to invest in SeatlabNFT, a company completely revolutionising the event ticketing industry. To participate, you can pre-register on their website.

The live event ticketing industry has seen many changes in its lifetime. The adoption of Web2 technology and QR codes rendered the paper stubs of yesteryear obsolete. Still, the convenience of digital ticketing has done little to address the issues that continue to plague the major ticketing providers.

An estimated 10% of tickets are fraudulent. On top of this, the monopoly that companies like Ticketmaster have over live event ticketing allows scalpers and touts to profit while loyal fans are left wanting.

Ticketing platforms have served only themselves and scalpers for too long, and SeatlabNFT aims to change this.

The SeatlabNFT Solution

Hosted on the climate-neutral NEAR Protocol blockchain, SeatlabNFT makes it free for artists and event organisers to list and sell NFT tickets. By issuing tickets as NFTs, the platform will eliminate fraud and can drastically reduce the impact of scalping. In addition, smart contracts governing the NFT tickets will determine royalty splits, meaning revenue from any secondary sale is directed as stipulated in the smart contract, leaving little room for scalpers to profit. Additionally, sellers will be able to set price ceilings to limit resale prices and set certain ticket types as non-resellable if desired. 

SeatlabNFT aims to put the focus back onto those who make live events possible by fostering a closer relationship between artists and fans. Their NFT ticketing marketplace is built around a tiered utility for holders of its native token $SEAT. Users who hold $SEAT benefit from access to an exclusive Rewards Center, a discounted buyers fee (default 5%) and the opportunity to stake their tokens in exchange for a cut of all collected buyers fees.

On top of all this, the transparent ledger provided by blockchain networks means that fans can be rewarded via airdropped perks and rewards in the form of NFTs and on-site experiences.

All this means that SeatlabNFT is changing the focus of live event ticketing, fostering a closer connection between artists and fans, and creating a more immersive live event experience for everyone involved.

Register via their website to participate in the $SEAT token IDO on the Skyward launchpad on 24th-30th May.