What Is an NFT? Everything You Need to Know
In this article, we'll explore everything you need to know about NFTs, what they are, and how they can have real-world utility.
We’re developing SeatlabNFT to solve some of the biggest issues artists face in the events industry today.
We’re developing SeatlabNFT to solve some of the biggest issues artists face in the events industry today. Ticket touting and scalping are rife, and artists are tired of their fans being taken advantage of by unscrupulous touts who are only interested in making as much money as they can off the back of someone else’s hard work.
They employ bots to buy up as many tickets to popular events as possible. Once that event is sold out, which can happen in a matter of minutes, they list the tickets they’ve bought at massively inflated prices on the secondary ticketing market.
Sites that facilitate this practice turn a blind eye to it and let scalpers sell tickets at many times the original sales price giving fans no choice but to pay it if they want to see their favourite artists.
Artists are trying to stop the practice, but in reality, they can do little to control what happens to their tickets on the secondary market.
But that’s not all. Fraud and counterfeiting are also huge blights on the industry.
What if we said there was a way for artists to prevent this from happening, and more? What if we could help put a stop to these issues plaguing the industry and, at the same time, open up new streams of revenue that were previously not possible?
Below are five ways transitioning to SeatlabNFT as a ticketing partner can help artists, promoters and event organisers reinvent the ticketing market.
One of the biggest benefits of the blockchain is fraud prevention. We all know that’s the foundation upon which this technology is built.
SeatlabNFT uses the power of the blockchain to turn event tickets into NFTs.
Doing this will eliminate ticket fraud overnight. At this point, everybody understands that NFTs, tokens, coins, or any other blockchain assets are practically impossible to fake or forge. If you don’t, or you’d like to know more about how this works, you can check out this great video since the topic is outside the scope of this article.
As NFTs, it is impossible to reproduce fake tickets minted through the SeatlabNFT platform.
As we discussed before, the secondary ticketing market is currently out of control. Scalpers resell tickets for sometimes thousands of per cent more than the original purchase price.
Thanks to our smart contract, by minting NFT tickets through the SeatlabNFT marketplace, artists and event organisers can attach certain conditions to each ticket.
Tickets can have a price ceiling, meaning they can never be sold or resold for more than a set price.
Resales can also be turned off entirely.
Maybe most excitingly, it’s also possible for artists to set a royalty split which would mean a percentage of the resale value of each ticket would be sent back to the artist’s wallet every time someone resold it. But, more on that next.
By allowing artists to set a royalty split, we’re opening up a previously untapped stream of revenue. If a royalty split was set when minting NFT tickets, an artist would receive a percentage (a royalty) each time the ticket was resold, forever.
Without blockchain tech, this wouldn’t be possible.
If someone couldn’t make a concert anymore and decided to sell their ticket on the secondary ticketing market, the artist would earn a cut of that resale, continuing to earn on ticket sales even for sold out events.
By getting rid of the incentive scalpers have to buy tickets en masse, you can ensure only true fans are able to attend your event.
Using SeatlabNFT, ticketing once again becomes about the fan experience, discovering new artists and connecting with ones you already know. Gone are the days of tickets selling out in seconds because automated bots have bought them all in seconds.
You can develop your community and fan base by ensuring they can attend your events for a fair price and won’t have to turn to an out of control secondary ticketing market.
Issuing tickets as NFTs through the SeatlabNFT marketplace will give artists the chance to connect with fans in a whole new way.
Ticket holders can be airdropped exclusive rewards and incentives in the form of NFT art and other collectables, tokens to spend at the venue, and much more.
Thanks to the traceability of the blockchain, it’s easy to capture a snapshot of wallet addresses that hold specific NFT tickets. Artists and event organisers can use this data to airdrop NFT collectables after an event, meaning fans can receive collectable digital media of the event itself. Creating NFT memories in this way helps foster a stronger connection between fans and their favourite artists.
There are many ways SeatlabNFT can help artists and event organisers regain control of their ticketing ecosystem and generate additional revenue. We’ll constantly develop new features based on community feedback, so please become part of the conversation on Twitter, Discord or Telegram.
If you’d like to know more about how SeatlabNFT can help with your NFT and blockchain ticketing needs, reach out to our customer support team by emailing email@example.com