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

We usually add a 6.5% booking fee on top of purchases, but holding $SEAT tokens gives you access to a discounted fee structure.

Charlie Gardener
Charlie Gardener
May 9, 2022
5
min read
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SeatlabNFT

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

~~Some of the key features of our platform that are mentioned in this article are planned for future releases. Subscribe to our newsletter at the bottom of this page to be the first to know when they're released!

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

However, we add a 6.5% booking fee 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.

Booking Fee Reduction

By default, we charge buyers a 6.5% booking fee on top of ticket prices, but this is reduced by holding $SEAT tokens. When a buyer holds $SEAT tokens, the default booking 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 discussed better in this article, but it’s worth noting that staking rewards are paid out from collected booking fees. You might wonder if staking rewards are negatively affected by this discounted buyer’s fee structure.

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

What Happens to Collected Booking Fees?

The default 6.5% booking fee is split into three parts; 2.5% gets paid out as staking rewards to people who stake their $SEAT tokens, 2.5% goes to the Treasury, and 1.5% is a credit/debit card processing fee.

Whenever a buyer pays a reduced booking fee, it is deducted from 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 booking fee structure and staking opportunities though. It opens up the possibility of receiving exclusive rewards such as NFTs, VIP tickets, 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.

$SEAT utility infographic

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!

$SEAT trading is now live! For information on trading, staking and yield farming for huge rewards, check out this how-to guide.

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