How NFTs Can Be Used For B2B Events
We've explored in detail how NFTs can be used in live music and sporting events, but there's huge potential for them in b2b events too! This is how.
Anybody who holds $SEAT can stake it to earn a return on their investment. We pay out 2.5% of all platform revenue to stakers; this is how it works.
~~Some of the key features of our platform that are mentioned in this article are planned for future releases. Subscribe to our newsletter at the bottom of this page to be the first to know when they're released!
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.
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 collected booking fees.
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 are paid out to users from collected booking fees (default 6.5%). 2.5% of all collected booking fees are paid out as staking rewards.
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 the staking pool, they will receive 10% of the platform fees assigned to staking rewards.
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 their number of tokens exponentially.
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.
The default 6.5% booking fee is divided into three parts; 2.5% goes to stakers, 2.5% goes to the Treasury, and 1.5% is a credit/debit card processing fee.
Although holding $SEAT reduces the booking fee, any discount always comes from the treasury’s part of the split. This means that staking payouts are always protected.
We hope this guide has proved useful in explaining how staking $SEAT works.
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 across all social media platforms and join our Telegram group.
Looking to list your events on SeatlabNFT? Start Selling Today