The Evolution of NFTs, from PFPs to Utility
In this article, we look at the evolution of NFTs from social media profile pictures to utilitarian digital assets.
For SeatlabNFT, we’ve created the $SEAT token and designed it around a series of tiered utilities for its holders.
~~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 marketplace hosted on the NEAR Protocol blockchain, which aims to connect artists with their fans and create a more immersive live event experience.
One of the most exciting possibilities blockchain technology offers is the opportunity for token utility within a decentralised application (dApp — an app built on a blockchain). These tokens are more than simply in-app currency, as we will see.
For SeatlabNFT, we’ve created the $SEAT token and designed it around a series of tiered utilities for its holders. Rewards and benefits scale with the number of tokens held. We want to reward the most active, long-term members of our community with extra special perks.
Holding $SEAT isn’t necessary to use our platform, neither does holding it force you to use it. However, if you do hold $SEAT and use our platform, there’s a load of awesome extras that come with them both.
This article will demystify the ins and outs of the $SEAT token and its utility for holders. We will also cover the tokenomics that govern our platform to ensure that $SEAT continues to be a valuable commodity at the heart of a thriving NFT ticketing marketplace.
The basis of a healthy financial system is a considered maximum supply and distribution of the currency. We’ve created $SEAT with a view to it being a sustainable, long term asset that both aids in the transactions on our platform and provides genuine utility to those who hold it.
At launch, the SealtabNFT treasury will hold 9.5% of the total available $SEAT tokens. Banking $SEAT tokens in the treasury means we can continue to run and develop SeatlabNFT and innovate in new areas as we grow.
To ensure the treasury does not run dry, it is funded with a portion of the revenue generated from a 6.5% booking fee on all transaction.
For artists and event creators, selling NFT tickets on SeatlabNFT is completely free. To do this and cover our running costs, we automatically charge a 6.5% booking fee, added to the price of every ticket and collectable sold on SeatlabNFT. Of course, booking fees are pretty standard for all ticketing platforms, but we wanted to make our costs as pain-free as possible for fans and those putting on the show.
The booking fee is split three ways; 2.5% goes to the SeatlabNFT treasury, another 2.5% is paid out as rewards to those who stake their $SEAT tokens (more on this in a moment), and 1.5% is a credit/debit card processing fee.
Holders of $SEAT benefit from a reduced booking fee, which scales with the number of $SEAT tokens they hold. To ensure this does not impact $SEAT staking payouts, any reduction in the booking fee is taken from the treasury's split of the booking fee revenue. This means that staking rewards are fully protected.
Staking on SeatlabNFT is entirely optional but available to anybody holding our token. As with the other benefits that come with holding $SEAT, staking payouts scale to reward a larger investment.
By playing an active role in the SeatlabNFT ecosystem by staking $SEAT, users will receive a portion of the revenue generated from the 6.5% booking fee charged on all purchases. 2.5% of all platform revenue is always paid out to stakers.
Of course, the revenue the user receives depends on the number of $SEAT tokens they stake.
On top of the benefits listed above, holders of $SEAT will also have access to an exclusive Rewards Centre.
Simply by holding our token in a wallet connected to SeatlabNFT, users will accrue points, redeemable via the Rewards Centre. The Rewards Centre is easily accessible through the user dashboard and gives $SEAT holders access to a variety of exclusive perks.
There are three different types of points that you can earn: Sapphire, Gold and Holographic. The type of points you’ll earn are based on the number of $SEAT tokens you hold in your wallet; Holographic is the top tier, Gold is the middle tier and Sapphire is the base tier. Every 30 days you hold a certain number of $SEAT tokens, you will earn one of these points that can be used to redeem a reward from the corresponding rewards pool in the Rewards Centre.
The Rewards Centre dashboard will show the number of points held for each tier, and a progress bar for each one as well. The progress bar displays the number of days remaining until a reward point is earnt. Should a user sell some $SEAT before accruing a point, they will not lose their progress. Instead, the bar will simply pause until the wallet is topped up with sufficient $SEAT to cross the token threshold for that tier’s progress bar.
For example, if a user holds the number of tokens corresponding to the middle tier (Gold) for 60 days, they will have accrued two points to redeem in the Gold rewards section.
Users are able to “trade down” tiers if they would prefer a reward from a lower tier, but they will not be able to “trade up” to higher tiers. In our above example, this means the user would be able to spend one or both of their points in either the Sapphire rewards pool or the Gold rewards pool.
We are looking to build a sustainable platform, with long term benefits for everyone involved in the live events industry. To that end, users will be able to redeem their points for a maximum of 12 months from the date they earnt them. The one-year expiry date for Rewards Centre points means that the maximum number of points redeemable at any one time is 12.
We have done this to ensure a balance between rewarding those who invest in SeatlabNFT for the long term, while also keeping access equitable for more casual live event fans.
Tokenomics refers to the economics of blockchain platform tokens. We’ve included this section for those with a serious interest in our platform or cryptocurrency. It will help show how carefully we’ve designed SeatlabNFT and our native $SEAT token.
$SEAT MAX SUPPLY: 845,000,000
Airdrops & Liquidity: 10,562,500 (1.25%) — Daily unlock for 12 months
Founders: 84,500,000 (10%) — 1.25Y Lock, Daily Unlock for 36 months
Team: 84,500,000 (10%) — 1Y Lock, Daily Vesting for 30 months
Treasury: 80,275,000 (9.5%) — 3M Lock, Daily Unlock for 12 months
Presale Investors: 109,850,000 (13%) — Daily Unlock for 12 months
Seed Round: 50,700,000 (6%) — Daily Unlock for 18 months
IDO: 2,112,500 (0.25%) — Daily Unlock for 3 months
Strategic Partnerships: 50,700,000 (6%) — 6M Lock, Daily Vesting for 15 months
Advisors & Marketing: 76,050,000 (9%) — 9M Lock, Daily Vesting for 12 months
Community & Ecosystem: 295,750,000 (35%) — Daily Unlock for 60 months
We hope this guide has helped give an understanding of how incredible $SEAT is for those who hold it. Along with owning an emerging cryptocurrency asset, users have access to SeatlabNFT perks via staking, the Rewards Centre and will also benefit from a reduced booking fee on our platform.
If you’ve got any other questions about the SeatlabNFT platform, the $SEAT token, or want to keep up with the latest developments in our disruption of the event ticketing industry, make sure to follow us across all social platforms and sign up to our newsletter below.
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