Practicalities of Using NFT Technology in Event Ticketing
Using NFT technology in the ticketing industry naturally means we have to do things differently from how centralised ticketing platforms work.
SeatlabNFT's token $SEAT launches via Skyward from the 24th-30th May - This is the first chance the public will have to get their hands on $SEAT
~~OUR IDO IS NOW OVER. PLEASE READ THIS ARTICLE IF YOU WANT MORE INFORMATION ABOUT HOW IT WENT.
The SeatlabNFT token $SEAT launches via the Skyward platform from the 24th-30th May 2022. So it’s the first chance the public will have to get their hands on $SEAT, and we’re designing the entire SeatlabNFT platform around a tiered utility for users who hold the token. To participate, pre-register for the IDO.
We’re creating SeatlabNFT to redefine the event ticketing industry. For too long, ticketing platforms have failed to serve the fans, artists and creators that make live events possible. With Web3 technology, we have a unique opportunity to change this to make event ticketing serve the live event community. That’s why we’re building a ticketing platform that creates moments and experiences for fans while artists and event creators don’t pay a penny to mint tickets on SeatlabNFT.
With our entire ideology based on solving the event ticketing industry crisis, we needed to launch our $SEAT token in a way which also considered our community first. We found the best way to do that was by hosting phase one of our IDO on the launchpad Skyward.
An IDO stands for an Initial Decentralised Offering. In the world of Web3, blockchain networks facilitate the use of tokens, and an IDO is when a token is first available on the decentralised blockchain networks.
IDOs are a great way for new startup companies to raise money for their projects, similar to crowdfunding. However, the ability for utility tokens on a blockchain network means that, unlike traditional crowdfunding, users investing in an IDO receive a token with both utility on the project platform and a value as a cryptocurrency.
Between the early financial investors in a project and the new wave of cryptocurrency enthusiasts, tokens for decentralised applications (dApps) can sometimes be inaccessible to the communities which the platforms are being built for.
Launchpads are a way of solving this issue. A launchpad happens after the early funding rounds are completed and gives the community their own opportunity to invest in the project. It is also a chance to grab a token before it hits the major exchanges, where it enters the radar of general cryptocurrency enthusiasts, potentially causing the price to rise with a spike in demand.
We wanted to allow our community to get their hands on $SEAT at a fair price in a user-friendly way.
We’re building SeatlabNFT on the NEAR Protocol blockchain, and Skyward is the network’s biggest launchpad. Skyward uses transparent price discovery, meaning that market interest sets the token price. In this way, those interested in SeatlabNFT are rewarded for their early investment with a lower price for their $SEAT.
Skyward is also bot-resistant, thanks to its time-based sales mechanism. By selling tokens over the course of the sale period (24th-30th of May), the platform negates the advantage bots have over humans in terms of speed.
Similarly, Skyward also prevents pump-and-dump schemes by prohibiting the reselling of tokens in the same pool, meaning that $SEAT purchased in the IDO on Skyward will continue to be held until $SEAT hits exchanges.
Fully integrated with the NEAR wallet, the platform is easy to use, giving the SeatlabNFT community the best possible chance of grabbing $SEAT at a fair price.
We’ve written a fully comprehensive guide on all the steps necessary to participate in our IDO on Skyward Finance, so check it out if you want to know more, and don’t forget to pre-register using the link below.
We’ve developed SeatlabNFT to regain control of event ticketing, putting it back into the hands of artists, fans and event creators. Those who hold our native $SEAT token will enjoy various benefits on our platform, including staking rewards, access to unique perks via the Rewards Centre and a reduced buyers fee.
For more information on how we’re using Web3 technology to connect artists and fans, creating a more immersive experience for live events, keep in touch via the channels below.
$SEAT trading is now live! For information on trading, staking and yield farming for huge rewards, check out this how-to guide.