SEAT Tokenomics Explained
In this article we take a deep dive into the tokenomics of our native utility token $SEAT. We talk about our investors, distribution and much more.
Blockchain gives us the chance to use this digital and physical merger to create a more interactive experience for attendees.
It’s common knowledge amongst people who organise events that event ticketing platforms serve a single purpose — getting fans through the gate safely. However, with Web3, we’ve got an opportunity to add some pretty exciting extras to event ticketing.
Let’s think about it like this; tickets are a way of identifying people who are granted access to an event. The primary purpose of ticketing is to get legitimate fans through the door and ensure site capacity isn’t exceeded. But what if we could use this identification of attendees to continue interacting with them, even after they’ve been admitted? Better still, what if we could continue interacting with those fans after the event? That would open up a new avenue of experience opportunities for event creators.
NFT ticketing on a blockchain makes this a reality. Event organisers can use Web3 technology to identify ticket holders and airdrop digital assets to them.
It sounds complicated, but it really isn’t. NFT tickets are stored in a digital wallet (similar to the Apple or Google wallet apps). Since you know the wallet address from issuing the ticket, you can send other digital assets to the wallet holding a ticket. These assets can appear in real-time, airdropped directly to the holder.
With the world continuing to go digital, it’s pretty much guaranteed that almost every single attendee at an event will have a mobile phone on them.
Already various events have begun bridging the gap between digital and physical experiences with VR shows and ever-more complex sound and light immersion for fans. Blockchain gives us the chance to use this digital and physical merger to create a more interactive experience for attendees.
With ticket holders identified on-site, we can begin to offer fans and attendees interactive elements around live shows and festivals.
Since we know the wallet address of the ticket holder, we can create elements like QR codes on-site, which, when interacted with, will airdrop digital assets to the ticket holder. Of course, there’s a lot going on in a tech sense here, but the reality is that this has the potential to completely change the way audiences experience live events.
Let’s imagine an example.
Scattered around the event site are QR codes for attendees to find. Those who find them and interact with them (by scanning them) could be airdropped a digital asset. These digital assets could be several different things.
Airdrops could be an exclusive, rare NFT artwork from the event, a digital or even audio recording of the event, which would have value as collectibles just like any other NFT. Or, going one step further, it could be an access pass to a hidden area somewhere within the venue.
Those attendees who have interacted with the QR codes can be airdropped a non-transferable NFT, giving them either a digital souvenir or access to a secret event area that only they can use.
The airdrop doesn’t even have to take place during the event, they could be days, weeks or even months after the event, allowing organisers to extend the experience for fans and offer genuine value and a greater sense of participation.
After the event, people might be sent a discount voucher for merchandise directly to their wallets, an invitation to a small, intimate event or digital souvenirs of their time. The possibilities are endless.
We’re only beginning to explore what might be possible with blockchain-based ticketing. SeatlabNFT is being built to allow performers, artists and event organisers the freedom to create more interactive, immersive experiences for their audiences. Follow us on our social account and sign up to our newsletter to keep up to date with everything that's happening here.
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