In this industry, there are all kinds of viable projects which warrant our attention. However, due to the sheer number of initiatives that are currently dominating the sector, it can often prove difficult to know which ones are worth backing. Still, if there is one project that everyone should be keeping a close eye on, it’s SeatlabNFT. This is an innovative platform which shall be launching its IDO towards the end of April, and supporters are being encouraged to register as soon as possible so as to make the most out of this upcoming event. Pre-register for the IDO here.
What is it?
SeatlabNFT is a ground-breaking event ticketing platform which seeks to eradicate fraud, greatly minimize ticket scalping, and considerably improve the immersive audience experience for the live event sector. This is being done in a number of ways, chief among which being the fact that a deeper connection is being formed thanks to the platform between fans and artists by enabling airdrops of incentives and rewards, which can be in the form of images, audio or video, even of the event itself. To avail the various benefits that blockchain and NFT technology provide, the team is tokenizing tickets and issuing them as non-fungible tokens.
The platform, which is constructed on the NEAR Protocol blockchain, is also completely free to use for event creators as well as artists of all backgrounds and fields, with a tiered reward structure for token holders and the possibility of NFT airdrops and other unique incentives for devoted users as well.
Why is any of this important?
Smart contracts facilitate predefined royalty splits, which means that when an NFT ticket is minted, artists and event creators could allocate a portion of the revenue from any secondary sales and automatically send it to the royalty beneficiaries. This thereby decreases the effect of ticket scalping and thus places secondary revenue in the pockets of artists and event organizers. As such, the use of blockchain technology removes counterfeit tickets, while the transparency of the public ledger enables ticket purchasers to be incentivized and rewarded in ways that were not previously conceivable.
SeatlabNFT will also include a secondary marketplace where users can purchase and sell NFT tickets as well as collectible NEAR-based NFTs to round out the user experience for artists, event creators, and fans. Furthermore, SeatlabNFT will even reward users who own their native currency, $SEAT, with rewards based on the quantity of tokens owned.
Web 3.0 really does possess the ability to substantially enhance the whole ticketing experience for live entertainment consumers, artists, and event producers, and the team has hence established SeatlabNFT to achieve exactly that.
Why should anyone buy $SEAT and participate in the IDO?
There are many reasons to invest in $SEAT. Firstly, there is the buyers fee discount. By default, when acquiring NFT assets on SeatlabNFT, buyers pay a 5% fee, which is lowered in proportion to the amount of $SEAT tokens they have.
Moreover, in terms of staking, $SEAT tokens are also available for this purpose. It is indeed possible to receive staking incentives in the form of additional $SEAT tokens, or users can even claim rare NFTs, real life experiences, and free event tickets instead if desired. The incentives available to stakers are also determined by the amount of $SEAT staked.
Finally, as to why anyone should participate in the IDO, this is in fact the only opportunity wherein individuals can purchase $SEAT prior to it being listed on a major exchange. This is therefore the perfect time to get in early alongside the institutional investors.
Any future plans?
Apart from receiving a grant from the NEAR foundation as well as significant seed investment via a number of VC firms, the main future goals revolve around the aforementioned IDO, continued development, beta testing, launch parties, and the full scale launch which will take place in the fourth quarter of this year. For more information and regular updates, be sure to check out the official website (where users can pre-register for the IDO) and the Twitter, Medium, Discord and Reddit channels.