Holding $SEAT Gives You Access to a Discounted Buyers Fee Structure

Remember, our $SEAT token IDO goes live on 24th May. Make sure you have pre-registered on our website to participate!

Charlie Gardener
Charlie Gardener
May 9, 2022
min read
Crypto value chart

An NFT event ticketing marketplace helping artists foster closer connections with fans, eliminating fraud and reducing the impact of scalping.

If you didn’t already know, we don’t charge sellers a fee for listing or selling NFT tickets or collectibles on the SeatlabNFT marketplace.

However, we add a 5% buyers fee (+1.5% payment processing fee for credit/debit card purchases) onto ticket prices by default. A portion of this fee goes towards the platform’s running costs, and some of it gets paid out as staking rewards — more on this in a minute.

Buyers Fee Reduction

By default, we charge buyers a 5% fee (+1.5% payment processing fee for credit/debit card purchases) on top of ticket prices, but this is reduced by holding $SEAT tokens. When a buyer holds $SEAT tokens, the default buyer’s fee is reduced in line with the number of tokens they hold.

We’re ensuring that our utility token truly benefits holders and the SeatlabNFT community, which is why we’re rewarding holders in this way.

But that’s not all you can do with your $SEAT. You can also stake it to receive a cut of all collected platform fees, and earn points in the Rewards Centre to redeem exclusive perks.

The ins and outs of staking $SEAT are probably better discussed in a separate article, but it’s worth noting that staking rewards are paid out from collected buyers fees. You might wonder if staking rewards are negatively affected by this discounted buyer’s fee structure.

Well, they’re not. Let me explain why.

What Happens To Collected Buyers Fees?

The default 5% buyers fee is split in half.

2.5% is paid out to $SEAT stakers as staking rewards, and the remaining 2.5% goes to the SeatlabNFT Treasury to cover running costs and other business expenses.

Whenever a buyer pays a reduced buyers fee, it is paid out of the Treasury’s share of the fee. The 2.5% allocated to staking rewards is fully protected and will always be honoured.

$SEAT Utility Token

Holding $SEAT doesn’t just give people access to a reduced buyers fee structure and staking opportunities though. It opens up the possibility of receiving exclusive rewards such as NFTs, VIP tickets and experiences, and backstage passes. These can be claimed from the Rewards Centre. You’ll earn one Rewards Centre point for each month you hold a certain number of $SEAT.

You earn points in one of three different tiers: Holographic (the highest tier), Gold (the middle tier), and Sapphire (the base tier). You earn points in different tiers based on the number of $SEAT tokens you hold.

After a month, once you’ve earned a point, you can exchange that point for a reward from the corresponding tier or below. For a full breakdown of how the Rewards Centre works, check out this article.

What’s Next?

Make sure you’re following us on Twitter, Facebook and Instagram as well as join our Telegram group and Discord server to be kept up to date with the latest here at SeatlabNFT. We've got lots of exciting things planned over the coming months that you won't want to miss!

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 support@seatlabnft.com

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