How SeatlabNFT’s Ticketing System Is Disrupting The Industry
The SeatlabNFT ticketing system will reduce ticket touting and end scalping, this is how.
SeatlabNFT is designed to redefine the event ticketing experience. Using Web3 technology, we’re creating an NFT ticketing marketplace to eliminate fraud
SeatlabNFT is designed to redefine the event ticketing experience. Using Web3 technology, we’re creating an NFT ticketing marketplace to eliminate fraud and significantly reduce the impact of ticket scalping.
We also want to make the ticketing experience serve those who make live events possible; fans, artists and event creators, which is why we created $SEAT. At the heart of our marketplace is our native utility token $SEAT. Users of our platform who hold $SEAT benefit from a number of perks, which you can read about here.
After a successful round of investment funding in early 2022, we’re excited to announce that the $SEAT token is available to the public for the very first time through our IDO on the Skyward launchpad.
The Skyward launchpad is built on the NEAR Protocol blockchain, just like SeatlabNFT. It uses a price discovery mechanism, which makes it a little different to some other IDO platforms.
A price discovery mechanism means that the launch of our $SEAT token is done as an auction, but we’ll explain more about that a little later.
First, we’ll walk you through the steps necessary to buy $SEAT on Skyward.
You’ll need a NEAR Wallet, which is easily obtained by entering a couple of details on their application page.
You can only deposit Wrapped NEAR ($wNEAR) into the IDO contract, so you’ll need to swap your $NEAR for $wNEAR first. Luckily this can be done within your NEAR wallet in a few simple clicks.
Just remember to leave a little bit of $NEAR in your wallet to cover any gas fees (0.1 $NEAR should be more than enough).
Congratulations! With your new $wNEAR tokens you are able to buy $SEAT on the Skyward launchpad.
To purchase $SEAT tokens on Skyward, you need to head to our listing page on their application, which can be found here.
On this page, you can connect your NEAR Wallet using the button in the top right corner.
With your NEAR Wallet connected, you’ll see a new screen, with the options below now visible.
You can select “MAX” to deposit all your available $wNEAR tokens or enter a custom amount in the box to proceed.
Once you’ve deposited your tokens, as with a traditional auction where you would place a bid, you have demonstrated an interest.
In the context of the $SEAT IDO, this means that as more $wNEAR tokens are deposited, the price for $SEAT will increase, as there is greater demand for the number of tokens available.
You can see the expected rate in the box highlighted below. (Note, this image is an example, not a reflection of the current rate).
As the auction goes on, the price for $SEAT will change based on the number of users and the amount of $wNEAR they deposit. This will update with every block, meaning it is refreshed roughly once every second.
At any time you can commit to buying $SEAT or withdraw your $NEAR back to your wallet. This will affect the Expected Rate, which is displayed in the box we’ve circled in red in the image above.
The transparent price discovery mechanism that Skyward operates means that as users deposit $wNEAR tokens, the expected price for the available $SEAT will increase.
Should users withdraw their $wNEAR, the price will decrease.
You can claim your $SEAT at any point during the sale period (24th-30th May 2022).
However, the tokens sold to you will be spread in a timed-release over the duration of the sale period. This means that from the moment you hit “Claim $SEAT”, you will slowly be allocated tokens in a timed manner until the end of the sale period.
You can withdraw $wNEAR, or deposit more at any time. This will, of course, have an effect on the expected rate for $SEAT.
Once the sale period finishes, you will automatically have been allocated your total number of $SEAT, based on how much $wNEAR you deposited, and the price of $SEAT as determined by $wNEAR deposits from all users.
This is known as a streaming auction, as it takes place over a period of time, while prices are dynamically affected by live deposits and withdrawals of $wNEAR tokens. As tokens are swapped over the sale period, users will receive the average price for $SEAT over the entire sale window.
The price is displayed and updated live, which is known as a transparent price discovery launch. Users know at all times what the expected price for $SEAT is and can raise or lower their interest as they see fit.
This timed-release sale also has a couple of other useful perks. Since the sale is spread over seven days, buying bots have no speed advantage over human users, which is why Skyward is known as a bot-resistant launchpad.
In addition, Skyward prevents users from artificially inflating the price through “pump-and-dump” schemes, since withdrawing $wNEAR will simply lower the price again vs. what was paid.
It is also not possible to resell tokens in the same pool, which prevents traders from working together to artificially manipulate the price of a token launch on Skyward.
For more updates about our NFT ticketing platform and sneak previews of SeatlabNFT, stay tuned via the channels below.
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