PRESS RELEASE. SeatlabNFT has announced the date for their IDO, with full details available via their website. The 24th of May 2022 is the first opportunity people around the globe will have to invest in the innovative NFT ticketing platform’s native token $SEAT.
SeatlabNFT is a revolutionary event ticketing platform built on the climate-neutral NEAR Protocol blockchain, designed to create an immersive, more connected experience for everyone involved in live events. Minting tickets as NFTs and leveraging the transparent, irrefutable ledger provided by the blockchain will eliminate fraud and drastically reduce the impact of ticket scalping (the process of reselling tickets for popular events at a price much higher than the box office listing).
Current solutions for event ticketing do not serve artists, fans or event creators. The ticketing industry has been plagued by touts and dehumanised by bots in the pursuit of profit at the expense of fans and those who make live events possible.
SeatlabNFT allows artists to airdrop unique rewards directly to fans in the form of NFT collectibles, VIP tickets, community access passes, and even IRL experiences to improve artist-fan connections.
SeatlabNFT is helping artists form closer relationships with their fans and create genuine value from their interactions. They’re also providing the tools to fight back against the scalpers using royalty splits and price ceilings to rein in the out of control secondary market.
The SeatlabNFT Solution
Tickets are free to mint, thanks to the unique ability of the applications on the NEAR Protocol blockchain to cover any gas fees incurred by their users. To make their money, SeatlabNFT charges a 5% buyers fee, which can be reduced by holding their $SEAT token. Half of all collected buyers’ fees are paid out as staking rewards. The other half goes directly to the platform treasury.
The SeatlabNFT platform is developed around a tiered utility for those who hold their $SEAT token. Token holders benefit from a number of perks on the platform, including a reduced buyers fee when purchasing NFT tickets and other assets, exclusive access to the Rewards Centre, and the ability to stake their tokens in exchange for a cut of collected platform fees.
Smart contracts govern royalty splits; a set percentage of any revenue generated from secondary sales is automatically sent to a single or multiple royalty beneficiaries specified by the event creator. This means that artists and event creators will be rewarded for their work, with revenue going directly to them instead of into the hands of scalpers and touts.
The $SEAT token IDO will be the only opportunity that the community has to invest in the SeatlabNFT platform before the token is listed on major cryptocurrency exchanges. As with many Web3 IDOs, the $SEAT token will launch as a price discovery offering, meaning that the earlier users deposit funds into the contract, the better the price they will be able to buy their $SEAT tokens.
Pre-register for the IDO before it starts on 24th May 2022 to get step-by-step instructions on how to participate.
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