Staking $SEAT: A Full Breakdown

The only chance users have to get their hands on $SEAT is through the IDO taking place on the Skyward launchpad from 24th-30th May.

Charlie Gardener
Charlie Gardener
April 26, 2022
5
min read
Crypto themed abstract image
SeatlabNFT

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

SeatlabNFT is an event ticketing platform dedicated to solving the ticketing industry crisis. Current options serve neither artists nor fans, with the industry plagued by touts and dehumanised by buying bots. With Web3 technology, we have the opportunity to change that, eradicating fraud, significantly reducing scalping and providing a meaningful way for artists to connect with fans.

To help fans and artists connect through our platform, we’re releasing the $SEAT token. The only chance users have to get their hands on $SEAT is through the IDO taking place on the Skyward launchpad from 24th-30th May. You can get your own $SEAT here.

The $SEAT token carries a serious amount of utility on the SeatlabNFT platform. Holders have access to a reduced buyers fee and an exclusive Rewards Centre, just for holding $SEAT!

In addition, users can also elect to stake their $SEAT tokens through our NFT ticketing marketplace, which will earn them additional tokens via a cut of the buyers’ fee.

Staking $SEAT

Staking the $SEAT token is easy to do through the SeatlabNFT user dashboard. At any time, users will be able to add more tokens to their staking pool or remove them. With SeatlabNFT, users are in control of their $SEAT token, and how they use them.

Staking Rewards

More $SEAT

Staking rewards are paid out to users from the buyers fee revenue on our platform (default 5%).

By staking their $SEAT, users will receive a payout reward in $SEAT that scales with the investment they have staked. For example, if a user has staked a quantity of $SEAT equal to 10% of the value of their staking pool, they will receive 10% of the platform fees assigned to staking rewards.

The staking rewards are paid out to users from revenue generated by the buyers fee on our platform (default 5%).

Doing so opens up the opportunity for holders of $SEAT to begin accumulating compound interest on their investment.

With compound interest, users are able to increase the number of tokens available as a payout, without having to invest more of their own fiat currency.

This might sound too good to be true, but it is easily explained with an example. Let’s say a user stakes 100 tokens, receiving a 10% payout on that stake, it will leave them with 110 $SEAT tokens. Reinvesting the 110 $SEAT will result in a payout of 11 tokens the next time around and 12.1 tokens the following time, assuming the reward is staked again. This, of course, remains true at higher numbers of tokens and lower.

Protected Payouts

Although holding $SEAT reduces the buyers fee on our platform from the default of 5% to as low as 2.5%, any discount always comes from the treasury’s side of the split. This means that staking payouts are always protected.

Wrapping Up

We hope this guide has proved useful in explaining how staking $SEAT works and the various perks that come with staking it.

The only way to get $SEAT right now is through our IDO on Skyward. Take part here and we’ve written a handy guide with all the steps involved here.

For more information about our platform, updates about our progress or if you have any further questions about how SeatlabNFT and $SEAT tokens work, stay in touch via the channels 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 support@seatlabnft.com

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