Soulbound NFTs — The Future?
The terminology is taken from World of Warcraft, and the next evolution of the ever-changing world of Web3 is looking like it may be non-transferable NFTs.
Our solution is simple; we want to create an NFT ticketing platform that rewards loyal fans and lets them feel closer to the live show experience.
We’re building SeatlabNFT to address some of the critical failings of Web2 ticketing platforms.
Currently, event ticketing is…well, not the most fun part of an event, that’s for sure. Between the outrageous booking fees, the scalping bots and the occasional bit of price manipulation, buying a ticket is just something that you have to get done to see the show.
Our solution is simple; we want to create an NFT ticketing platform that rewards loyal fans and lets them feel closer to the live show experience than ever before.
We’re using the power of Web3 to reduce scalping, eliminate fraud and improve the live event experience, which might seem a little daunting to some people with all the recent crypto market turbulence. So in this article, we’ll explain exactly why buying NFT tickets on SeatlabNFT will be different and how blockchain will help us create new, fairer ticketing.
The ticketing experience begins at the box office, which at the moment, we know can sometimes be hard to access with scalping bots that buy up all the tickets. But we’re here to change that.
SeatlabNFT is built on the climate-neutral NEAR Protocol blockchain. This stable decentralised network is designed to handle a high volume of users with permanently low gas fees (transaction fees).
Using a blockchain helps eliminate ticket fraud, as blockchains provide a transparent ledger for the information they hold (you can read more about this in-depth here). This means all tickets on SeatlabNFT are guaranteed to be legitimate, even on our secondary marketplace.
We’re also reducing the impact of ticket scalping by allowing event creators and artists to determine where revenue from any secondary sales is directed. As a result, you won’t have to worry about tickets being snapped up by scalping bots and immediately resold at exorbitant prices. Instead, you’ll only be buying tickets alongside other legitimate fans!
Web3 also allows us to build a platform which lets fans feel closer to live shows and creates a more immersive experience when attending a live show. This is done through ‘airdrops’, a way of sending digital assets directly to specific ticket holders.
Airdrops can be any digital asset, but we’ve designed SeatlabNFT to allow show organisers to airdrop NFT images, videos, audio recordings, and even access passes or discount vouchers to their NFT ticket holders if they so choose.
Some of these might be non-transferable like access passes to VIP areas, but others will have the potential for resale on our secondary marketplace. This gives you, as an NFT ticket holder, genuine value from our ticketing platform.
Airdrops can take place before, during or after an event, meaning your show experience can be more immersive before and during the show and can also be extended with airdrop mementos after the event.
These NFTs will automatically appear in your wallet, ready for you to show off to the world or sell on our secondary marketplace.
However your event creators choose to use the functionality, there are many ways that airdrops can be used to improve your live event experience. You can read more about airdrops in general here or see more creative uses for them in our article about greater immersion and interactivity for events here.
We’re redefining what event ticketing means. To do this, we’ve built SeatlabNFT for the live events community rather than exclusively for profit.
One of the ways we’ve done this is to ensure our fees are kept to a minimum. So, by default, our buyer’s fee is only 5%, which is pretty small compared to some of the figures we’ve seen thrown around in recent years.
However, if you regularly go to live events, it might be worth holding some of our $SEAT tokens, which can reduce the buyers fee to as little as 2.5%. In addition to lowering the buyers fee, every 30 days that you hold $SEAT in a wallet connected to our platform, you will earn a point to spend in our Rewards Centre.
As if that wasn’t enough, you can even stake your $SEAT tokens in exchange for a cut of the revenue generated by the buyers fee, meaning you’ll earn more $SEAT just for staking it!
While $SEAT gives you some perks on our platform, holding it isn’t necessary to use SeatlabNFT. Box office tickets can be purchased using traditional credit and debit cards, meaning the transaction will look a lot like you’re used to.
If you’re into crypto and blockchain, you can read our full SeatlabNFT tokenomics breakdown here.
Plenty of industries have already been disrupted by Web3, and with the technology only just getting started, there is plenty more to come. Blockchain is giving us the opportunity to change how technology serves us, and we’re proud to be redefining event ticketing.
SeatlabNFT has been created to serve the live events community, giving fans, artists and event creators a ticketing platform that provides genuine value and helps forge closer relationships between those who make live events possible.
With our platform launch fast approaching, we’ve plans for multiple activation events across Europe and some big-name events to showcase our unique NFT ticketing platform.
To find out more about SeatlabNFT, you can read our litepaper here or follow us via the links below to be the first to hear about updates to our project.
$SEAT trading is now live! For information on trading, staking and yield farming for huge rewards, check out this how-to guide.