Ticketing is one of the main channels that has been shown to be ripe for disruption via NFTs. Moving tickets to the blockchain offer a variety of value-added incentives, including predefined royalty splits to reduce scalping and the eradication of fraudulent tickets.
Innovation in ticketing has been lacking in recent years, with few new companies making their way onto the scene. That’s slated to change, courtesy of a forward-thinking team at SeatlabNFT and their use of NFT ticketing.
There is a clear opportunity to utilize emerging innovation around NFTs and blockchain technology in a way that is fairer, adds meaningful value and serves artists, brands, and fans. SeatlabNFT is checking all of the aforementioned boxes – and then some.
SeatlabNFT: A Solution For Creators & Event Organizers
The team at SeatlabNFT is creating a smart-contract enabled platform that is free to mint tickets on, built on the NEAR blockchain and utilizing the platform’s native $SEAT token. Additionally, the platform will include a secondary marketplace – a must in the ticketing industry – as well as scaled token rewards for $SEAT holders.
This combination of project specifics means that consumers, creators, and event coordinators can all breathe easier relative to the traditional ticketing experience. Consumers can reduce their stress in the ticket-buying process as they will no longer need to be concerned over whether their secondary ticket purchase is legitimate. While fans reap the benefits, markets can now rid themselves of touts, scalpers and fraudulent actors. Meanwhile, creators can rest assured that their split of revenue is accurate and appropriate, courtesy of smart contracts defining royalty splits. Event organizers can streamline the ticketing process, reduce stress around bad actors imitating tickets, and have a clearer audit of ticketing revenue.
It’s a full-scale development that is coming to revitalize and refresh an industry that historically has moved at a snail’s pace. Not only that but there’s been an abundance of bots, scalpers and fraudsters that have plagued the ecosystem. With a clear-cut vision to address the unaddressed, the SeatlabNFT team has launched its efforts with assistance from a grant directly from the NEAR Foundation, as well as substantial seed investment from several different VC firms.
Upcoming IDO Launch & Looking Forward
SeatlabNFT is preparing for an upcoming IDO launch for its platform-native $SEAT token starting 24th May 2022. Before setting sights on major exchanges, the IDO launch will be the sole opportunity for retail investors to invest in the $SEAT token. Pre-register on their website to participate.
The $SEAT token will offer unique value to incentivize engagement and community, creating real value around fan relationships, while rewarding fans for their loyalty. This includes features that include a discount on purchases of NFT tickets for $SEAT holders and staking capabilities that offer token rewards – as well as in-person, experience rewards and free event tickets.
Beyond the anticipated IDO, SeatlabNFT is also preparing for broader platform development, with an action-packed year ahead for the visionary experience brand. SeatlabNFT is gearing up for Beta testing post-IDO, as well as initial launch parties later in the year, and an expected full-scale launch in Q4 2022.