About SeatlabNFT: Royalty Splits
One of the revolutionary benefits of NFTs — whether in the world of digital art or, in this case, ticketing — is the ability to set royalty splits.
The Covid-19 pandemic has reshaped our understanding of social occasions and given us a load of new ideas on how we interact with each other.
The Covid-19 pandemic has reshaped our understanding of social occasions and given us a load of new ideas on how we interact with each other..With many countries locked down in 2020, ongoing preventative measures continue to be enforced in the fight against new variants of Coronavirus. These have led many businesses and industries to drastically rethink their understanding of how they operate.
Of course, some business sectors were hit harder than others, with hospitality and live events both taking a huge dent in their capacity for operation. Therefore, we've seen some creative thinking about how businesses involved in those industries can offer their service to customers, as we shall visit shortly.
The lockdowns also taught us about these sectors' value to the public. The toll on people's mental health became increasingly apparent with our way of life disrupted. Now, more than ever, sectors like the live events industry have shown themselves to be valuable assets, and an outlet for energy as the world tries to return to normality.
For businesses in the events industry, restarting operations was imperative from several different angles. First, getting back to business brought a much needed financial boost. It re-established cash flow, which took employees in the sector back to work. Likewise, companies were eager to welcome back fans and customers, themselves desperate to experience the positivity that live events can bring.
The pandemic also introduced a much broader demographic to the benefits that technology offers in connecting people with each other. Families, friends and colleagues all turned to platforms such as Zoom to socialise and interact while observing social distancing measures.
The continued observation of social distancing measures, coupled with the increased adoption of various technologies, has led to a substantial change in the landscape of live events in a relatively short space of time. Even discounting Metaverse events, the last two to three years have seen an increase in virtual concerts, zoom audiences and a change in the way events are conducted in the real world, too.
It isn't only the impact of Coronavirus lockdowns and distance negating technology that has changed the landscape of live events either.
There continues to be a shift towards Web3 technology and the various possibilities offered by the distributed ledger technology of blockchains.
So it raises the question, will the live events industry be changed forever, and if so, is it for the better?
At SeatlabNFT, we've been a part of the live events industry for a few years now, running a well established Web2 ticketing platform, Seatlab. As a result, we were delighted to see the return of live events to the calendar for artists, event creators and fans.
We've also kept a close eye on how the various changes implemented by venues have impacted the experience for performers and fans. Of course, safety and security remain a priority, alongside the experience a live event provides for the audience.
We've already written about how lockdowns brought new interest in virtual concerts. At first, artists and performers took to Instagram and other social media platforms to engage with fans. Then, as lockdowns eased and were reintroduced, events scheduled for a physical venue shifted to offer their ticket holders links to see the performance live via the internet instead.
With the popularity of recent concerts in Fortnite, and ongoing plans to host live events in the Metaverse, it seems unlikely this trend will abate anytime soon. We can expect to see more virtual concerts moving forwards.
In a similar vein to the virtual performances spoken about above, internet video technology has also allowed fans to buy tickets to live events and have their stream broadcast back. When watched on television, the audience could see the image from viewers with tickets broadcast into the respective physical seat corresponding with their ticket number.
We have seen this in WWE wrestling events, some Premier League matches, and other sporting fixtures around the globe.
A direct result of Covid-19, these two measures are accepted as a necessary part of returning to normal.
In line with regulations on the number of households allowed in one venue and the guidance on the distance required between parties inside, events and their venues operated under reduced audience capacity for their shows. Of course, this drastically affects the fans, as it means some are likely to miss out on performances, so we hope this is a measure that can be dropped whenever it is considered safe to do so.
Vaccine passports are still required at many events. However, as new variants keep being discovered and booster vaccinations are advised, it's a measure we can expect to see for a while.
Also, a part of venues reopening after lockdowns were changes regarding how fans were admitted to venues.
In larger capacity venues where crowding at entry points might present a hazard, fans were allocated entrance timeslots to ensure social distancing was adhered to on the doors.
With that, to reduce the potential for the spread of germs, contactless entry has increased in use, with static, automated QR code readers and near-field communication (NFC) technology being used to verify entry.
This is something we are likely to see used going forwards as technology continues to drive automation in many areas of life.
The merger of blockchain technology with the events industry has happened without influence from the Coronavirus pandemic.
NFTs are increasingly used as souvenirs for fans as celebrities offer their versions in avatars or various collectable drops.
Closely related to the live events sector, in the music industry, Snoop Dogg has recently announced he wants to turn Death Row Records into an NFT label. Also in the music sector, one of our newsletters covered Ja-Rule using his NFT trading card series to airdrop perks to holders of them.
We've already written a piece on how the NFL has used NFTs to offer fans a more immersive experience throughout the season. The success of these culminated in NFT drops for this year's Super Bowl attendees.
Airdrops for fans are one of the additional primary utilities offered by blockchain. The SeatlabNFT ticketing platform uses airdrops as a key feature of our marketplace.
There has been a synergistic merger of global events that has taken its toll on many sectors. Businesses have been forced to adapt to continue operating. Of course, while people wish to get back to normal as soon as it's safe to do so, aspects of technological adoption can be considered a welcome addition to the events industry.
In particular, NFC scanning for entry validation is a standard set to continue with NFT tickets as the way tickets are verified on the door.
We would be remiss not to mention the Metaverse and the likelihood of more events taking place within that digital space. However, uptake of it remains tentative as the technology is in its infancy.
By contrast, the use of NFT collectables offered by various labels, sports organisations and artists looks set to continue to grow. This is because they provide a great way of reconnecting with fans after a tough few years for them and professionals working in the live event industry.
Working in the events industry, we've seen first-hand the changes which have taken place over the past couple of years. We are excited to see things return to normal with some of the improvements brought about with technology continuing to be used.
As we progress with development on the SeatlabNFT platform, we are approaching the launch of our $SEAT token. We are also working on some exciting plans for exclusive NFT membership cards with some crazy perks attached to them. To hear about these developments first or more about emerging trends in the live events industry, be sure to stay in touch on our social channels via the links below.
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 firstname.lastname@example.org