What Is a Proof of Attendance NFT?
Proof of Attendance is a growing aspect of web3 technology that live events are implementing more and more. But what exactly is POA?
How the key features of our revolutionary NFT ticketing platform will fundamentally change how you approach event ticketing in the future.
You might have already read a lot about what our NFT ticketing platform can do; we’ve put out a tonne of content about SeatlabNFT’s features over the past few months. Or perhaps you’re new around here, in which case check out our full Blog feed after you’ve read this post.
We want to go through today, though, how the key features of our revolutionary NFT ticketing platform will fundamentally change how you approach event ticketing in the future.
While we’re working on the development side of things, we’re also trying to educate people on the ‘what’, ‘why’, ‘how’ and ‘when’ of the SeatlabNFT platform.
This article will be about how we’re changing the way artists and event organisers sell event tickets.
Issuing event tickets on the blockchain as NFTs means they can’t be forged.
Since all transactions and assets are available for anybody to see on the public ledger, staff can quickly check the authenticity of tickets and be 100% confident that only people who hold valid tickets are being admitted into a venue.
Thanks to the consensus mechanisms blockchains rely on to function (in our case, NEAR’s proof-of-stake consensus mechanism), nobody can create fake blockchain assets, including NFTs. The majority of nodes in the network have to agree that a transaction is valid before it gets added to the blockchain, making it impossible for bad actors to process fraudulent transactions or mint ‘fake’ assets.
Anybody who’s ever taken even a passing interest in live events will know all about the biggest scourge of the events industry: touts and scalpers.
Artists like Ed Sheeran have come out aggressively against the touts that take advantage of their fans. Touts and scalpers deploy bots to buy up tickets to popular events en masse as soon as they go live. This leads to shortages and fans not being able to get their hands on any, at least the first time around. These tickets often end up on the secondary market at hugely inflated prices, leaving the true fans with no choice but to shell out if they want to see their favourite artist.
By selling on the SeatlabNFT platform, you can set whether or not you want to allow resales. If you toggle the “Allow Resale” option off, people won’t be able to resell that ticket type on the secondary market, severely hampering the ability of touts and scalpers to take advantage of fans.
Prohibiting resales sends a strong message to scalpers, but it’s not always appropriate or even necessary. It’s an option that will likely only be used by artists and event organisers selling tickets to extremely popular events that scalpers heavily target.
A healthy secondary ticketing market is needed. Event-goers need to sell tickets if they can no longer attend; it also gives others the chance to buy previously sold out tickets.
So we’ve introduced royalty splits.
As you may already know, NFTs can have royalty splits attached to them. When resold on the secondary market, a percentage of the resale value gets sent back to the royalty beneficiary or beneficiaries if more than one. For example, if a royalty split of 20% was set, 20% of any secondary resale value would automatically be sent to the beneficiary’s wallet address (or addresses in cases when there is more than one beneficiary).
This takes money out of the pockets of scalpers and touts who are currently benefiting from massive profits on the secondary market and directs it back to the people it belongs to.
Instead of dreading what will happen to your tickets on the secondary market, you’ll welcome it with open arms.
The blockchain provides us with a publicly available record of historical transactions. That means we can track every time an NFT ticket changes hands, the value of the transaction and when it happened.
This level of unprecedented transparency opens a window into customer data that previously only included primary sales. Tracking what is happening with your tickets on the secondary market means you can formulate better marketing plans, identify growth opportunities and understand your customers better.
On the SeatlabNFT dashboard, you can see a historical price chart of tickets being bought and sold on the secondary market. This data provides you with a better understanding of when people are willing to pay more or less for tickets leading up to an event. You can formulate marketing strategies to increase sales at peak moments or implement a dynamic pricing plan from this data.
Perhaps the most exciting part of all of this is the cost of selling NFT tickets with SeatlabNFT.
It’s 100% free and always will be.
We don’t charge any fees for listing events, creating NFT tickets, or selling them. It will never cost sellers anything to use SeatlabNFT.
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We only charge buyers a 5% fee on top of ticket prices to cover the cost of running SeatlabNFT, but this can be reduced if the buyer holds $SEAT tokens.
On the development side, things are moving fast. We’ve got a team of full-time developers working on the SeatlabNFT platform, and we’re on track to start Beta testing the platform in early Q3 2022.
Stay in touch using the links below, we’ve got some big announcements coming in the next weeks and months that you won’t want to miss.
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