Finally, Utility for NFTs!
Unless you’ve been actively avoiding any form of tech content for the last couple of years, you’ll almost certainly have heard of NFTs.
The SeatlabNFT ticketing system will reduce ticket touting and end scalping, this is how.
Picture this. You’ve counted down the weeks, days and hours until tickets to see your favourite artist drop. You hit refresh a few minutes after sales go live only to see the concert is totally sold out. You’ve probably experienced it, and if you haven’t, you’re probably aware this happens more regularly than it should.
So, what causes this?
The reason is frustratingly simple. It’s the age-old problem of ticket touts and scalpers, only now with the help of modern technology. As soon as tickets for famous artists go on sale, scalpers begin buying up tickets en masse, leaving real fans little chance to get their hands on the tickets they’ve been waiting months to buy, at least at a fair price.
The tickets these bots buy end up on the secondary ticketing market at hugely inflated prices. It’s a massive problem plaguing the ticketing industry and one that artists such as Ed Sheeran and Taylor Swift have been highly vocal in their disdain of.
The Seatlab NFT ticketing system will end ticket touting and scalping and ensure event-goers can get their hands on tickets at a fair price.
Let us explain how.
Simply put, we’re the future of event ticketing.
We are creating an NFT ticketing system and marketplace for event organisers and artists to put control back in their hands and allow them to sell tickets and collectables directly to fans.
Our NFT ticketing software is built around three pillars:
The secondary ticketing market is where the original buyer resells previously purchased tickets to whoever is willing to pay the price they set.
It’s often facilitated by third-party online marketplaces such as StubHub and Viagogo.
In principle, a healthy secondary ticketing market is needed. Plans change; it will be inevitable that some fans simply can’t make an event for whatever reason. Sometimes fans need a way to recoup the money they’ve spent on their ticket. A secondary market also provides fans who missed the original sale a second chance to get their hands on a ticket.
But, once the artist or promoter has sold a ticket, they have very little control over what happens to it next. In reality, tickets on the secondary market are often sold at much higher prices solely to net the original buyer a sizable profit. Touts and scalpers pray on fans and turn the practice into a very profitable business.
The global secondary ticketing market is projected to reach $2755.5 million by 2027.
By building our NFT event marketplace using blockchain technology, we’re able to harness the power of NFTs to issue tickets, verify ownership, transfer ownership and permit attendees entry to venues on event day.
When an NFT ticket is minted, artists or promoters can attach certain conditions and royalty splits to the ticket through the use of smart contracts. For example, suppose an NFT ticket was sold on after the original purchase. In that case, a condition could be set at mint to send a percentage of the revenue generated directly back to the artist’s or promoter’s wallet. Setting the split to a high percentage makes it impossible for people to profit when reselling tickets, ending the ability for scalpers to make money from fans.
You can even make the NFTs non-transferrable, which would prohibit people from sending them on to anyone in the first place.
This is an extreme case and would most likely only be set by superstars whose events sell out in minutes.
Another application for this kind of revenue split could enable artists and promoters to make a percentage commission on each resale. If an additional revenue split of 20% were set, for example, 20% of each resale would be returned to the artist’s or promoter’s wallet.
Using our NFT ticketing marketplace in this way would allow artists and promoters unprecedented control over the secondary market in a way that has not previously been possible.
There are no other NFT ticketing companies out there doing what we’re doing with our team’s experience.
We’ve already seen how NFTs can become collectors’ items with the likes of CryptoPunks and Bored Apes, and event tickets carry the same potential to have a value even long after the event has taken place.
How much do you think a ticket to Michael Jackson’s last concert would be worth if you could prove its authenticity?
Or perhaps the worth of a ticket to the 1966 World Cup Final to an avid England supporter?
NFT event tickets can become tradable commodities in themselves or, at the very least, a permanent memento of a particular moment in history to one lucky holder.
But that’s not all.
Organisers can reward loyal fans by airdropping assets directly to their wallets from the Seatlab platform. Fan rewards can be anything from amazing live shots of the event, custom visual NFTs or rare memorabilia. All of which can be displayed to everyone on social media or in NFT galleries or even resold, generating more revenue.
Issuing or minting NFT event tickets is the same as minting any other kind of NFT. Once you create an NFT ticket, it can be sent to a user’s crypto wallet, where it is securely stored.
The main difference between our tickets and regular NFTs is that each one of our NFT tickets is bound to a user’s mobile wallet using Near-Field Communication (NFC) technology.
NFC, not to be confused with NFT, is the technology in your mobile phone that allows you to use things like Apple Pay and Google Pay. It enables your phone to communicate with contactless systems such as card terminals simply by being close.
An NFT ticket is only considered valid when bound to a valid NFC tag.
The reason for this is two-fold.
Firstly, it allows people to simply touch their mobile phone against a terminal when entering a venue, speeding the entry process up and keeping things as contactless as possible — something that has become increasingly important over the last couple of years.
Secondly, a promoter only needs to remove an NFC tag within the Seatlab dashboard to void a ticket. Without the ability to void tickets in this way, there would be nothing to stop somebody from buying a ticket, asking for a refund, and still using it at the gate to gain entry.
We’ve designed Seatlab to be as frictionless as possible. We’ve done away with the complicated and time-consuming processes users often need to endure to use other blockchain-based projects; we’ve developed a system that’s even more streamlined than using the big-named traditional ticketing sites.
You can connect your wallet, set up your profile and buy/sell tickets in minutes without having to verify card information or deal with third-party intermediaries or centralised ticketing sites.
New innovative technology should simplify the experience for the end-user. Unfortunately, this often isn’t the case. Nobody will use a new product or service just because it employs new technology in the background if it doesn’t truly benefit them, which is why we’ve put so much focus on ease of use. Tickets can quite literally be purchased in just a few clicks on the Seatlab NFT marketplace.
Even though we’ll be charging some of the lowest fees in the industry to use our platform, you’ll be able to reduce them even further by holding $SEAT token. The buyer’s fee discount you’ll receive when buying tickets will vary depending on how many $SEAT you have in your wallet. You could also be in with a chance of earning exclusive perks and early access to events as a holder.
There’s more, though.
By holding $SEAT, you’ll become part of the platform and earn a 50% split of the platform’s revenue, as well as being entitled to a combination of other incentives with our marketplace.
Our team is working flat out building a product to shake up the ticketing industry and loosen the stranglehold a few mega-corporations have over event-goers, artists and promoters.
The SeatlabNFT community is snowballing, so get involved and make sure you don’t miss out by subscribing to our newsletter below.
We are also hosting a bunch of giveaways, airdrops and more on our Discord server, which we’d love you to become a part of.
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