- SeatlabNFT is releasing its token $SEAT via IDO.
- The IDO is scheduled to begin on May 24, 2022.
- SeatlabNFT strives to fight fraud in the ticketing industry.
SeatlabNFT is launching its token $SEAT via IDO. Its upcoming IDO is scheduled to start on May 24, 2022. SeatlabNFT has allocated a cap of 2,535,000 $SEAT tokens for the first stage of the IDO.
Interested participants will have to register for the IDO on SeatlabNFT’s official website. To participate in the IDO, users can deposit $NEAR tokens into the IDO contract to guarantee their allocation of $SEAT.
The SeatlabNFT team states that the token will be available via major exchanges afterward, but the IDO is operating as price discovery. This means that the users participating are likely to receive a better price for the $SEAT token than will be available via exchanges.
SeatlabNFT has been actively taking part in the ticketing industry, solving the ticketing crisis. One of the biggest problems in the ticketing industry is ticket scalping and fraud. Ticket scalpers take advantage of loopholes within online ticketing platforms to purchase large numbers of tickets to resell them for higher prices on the secondary market, while fraudulent tickets are a well-documented issue.
To solve these issues, SeatlabNFT developed an NFT ticketing system that benefits fans, artists, and event organizers. Tickets are issued as NFTs on the NEAR Protocol blockchain providing complete proof of ownership and traceability.
This way, event organizers benefit by tracking the number of tickets issued and controlling the secondary market by including features like royalty splits defined at the time of minting. Inbuilt rewards and ceiling prices also provide fairer access for fans.
The SeatlabNFT platform is built around a tiered utility for their native token, $SEAT. Owning $SEAT reduces the default buyers fee of 5%, while owners also have the option of staking their tokens in exchange for a percentage of collected platform fees.
In a nutshell, SeatlabNFT aims to eliminate fraud and significantly reduce the impact of scalping while creating a heightened experience for fans, artists, and event creators.