$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, IDO, distribution and much more.

Tim Bishop
Tim Bishop
May 9, 2022
6
min read
Tokenomics digital image
SeatlabNFT

An NFT event ticketing marketplace helping artists foster closer connections with fans, eliminating fraud and reducing the impact of scalping.

$SEAT is our platform's native token that opens up a world of utility and benefits to holders that will lay the foundations of our event ticketing technology. If you want to know more about its utility, check out this article

You won’t need any $SEAT to buy or sell on the SeatlabNFT marketplace, but you will to get your hands on exclusive rewards and perks that are only available to token holders. 

Tokenomics

As the SeatlabNFT marketplace is being built on the NEAR Protocol blockchain, we are issuing $SEAT tokens using the NEP-141 token standard. In total, there will be a max supply of 845,000,000 $SEAT broken down as follows.

$SEAT MAX SUPPLY: 845,000,000

Presale Investors: 109,850,000 (13%) — Daily Unlock for 12 months

Seed Round: 50,700,000 (6%) — Daily Unlock for 18 months

IDO: 4,225,000 (0.5%) — Daily Unlock for 3 months

Treasury: 80,275,000 (9.5%) — 3M Lock, Daily Unlock for 12 months

Airdrops: 8,450,000 (1%) — Daily unlock for 12 months

Advisors & Marketing: 76,050,000 (9%) — 9M Lock, Daily Vesting for 12 months

Strategic Partnerships: 50,700,000 (6%) — 6M Lock, Daily Vesting for 15 months

Team: 84,500,000 (10%) — 1Y Lock, Daily Vesting for 30 months

Community & Ecosystem: 295,750,000 (35%) — Daily Unlock for 60 months

Founders: 84,500,000 (10%) — 1.25Y Lock, Daily Unlock for 36 months

5-year token release schedule 

Seed and presale investors

In order to build out our team and begin development, we carried out a seed and presale round of funding. We secured significant funding from several venture capital firms, which we used to grow our team to 20 people and for development and marketing costs. 

Below is a list of our seed and presale investors.

NEAR Foundation - https://near.foundation

Blocktech - https://bloctech.investments

Netzero - https://netzero.capital 

Cetacean Capital - https://cetacean.capital

Bigbrain Holdings - www.bigbrain.holdings 

Chainridge Capital - https://chainridge.capital

Kujira Ventures - https://kujira.app

Value Capital - https://www.valuecapital.io 

Connectico Capital - https://www.connecticocapital.io

IDO

Our IDO was held on Skyward from 24th-30th May 2022. Skyward uses a price discovery mechanism so that demand dictates the token price rather than us setting a price. We decided that this was the fairest way to allow our community to invest in the project at an early stage. Almost 500 people took part, spending a total of 20,746.21 $NEAR. If you want to know more about our IDO, check out this article.

Treasury

The SeatlabNFT treasury will initially be funded with 80,275,000 $SEAT tokens, 9.5% of the max supply, and will continue to be funded with a portion of all collected buyers fees. These funds will be used to cover day-to-day running costs and future development. 

Airdrops

We will be airdropping $SEAT to our community members who got whitelisted during our airdrop promotion campaign, who win competitions or participate in our community in some other way.

Advisors & marketing, strategic partnerships

To ensure that we successfully get our message out there and make people aware of the benefits of NFT ticketing, we have allocated 15% of the max supply of $SEAT to this area. This will allow us to tap into the knowledge of well-established figures in both the blockchain and events industries, work alongside some of the world's biggest brands, and promote SeatlabNFT to a wider audience. 

Team and founders

20% of the max supply of $SEAT is reserved for the founders and core team. This allocation is locked for a minimum of one year and then gradually released into circulation to protect the integrity of $SEAT.

Community & ecosystem

We have earmarked the community and ecosystem allocation for funding community growth in a variety of different ways. We have designed our platform around incentives and perks for people to encourage organic growth and adoption, and to fund this, we have set aside 295,750,000 $SEAT tokens (35% of max supply). We’ll also be awarding grants to artists and event organisers from our event creator fund programme where we’ll be sponsoring events and providing them with financial support.

What’s next?

People will be able to trade $SEAT and use it to gain access to the various perks outlined in our token utility guide, such as Reward Centre points, staking and a buyers fee discount.

If you have any questions about our tokenomics or anything else related to SeatlabNFT, make sure you join our Telegram group and Discord server. 

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 support@seatlabnft.com

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