Technology / 05.04.22

Blockchain Technology, NFTs and Smart Contracts Are Eliminating Fraud and Reducing Unauthorized Resales for Live Event Ticketing

Access Staff

Coincodex (05/02/22), Avon, Emma

Blockchain technology, non-fungible tokens (NFTs) and smart contracts are significantly curtailing live event ticketing fraud and unauthorized resales, with the SeatlabNFT platform making strides in this area. Artists and event organizers can freely mint tickets on the platform, which features a Rewards Center for $SEAT token holders, a staking payout system for those that stake their $SEAT and opportunities to access special perks and rewards for fans through airdrops. Smart contracts enable predefined royalty splits so artists and event creators can define where the revenue from any secondary ticket sales goes, as well as put a major dent in unauthorized resaler's revenues. Meanwhile, blockchain eliminates counterfeit tickets, and transparency through the public ledger allows ticket purchasers and fans to be rewarded in ways outside the capabilities of Web2 ticketing platforms. SeatlabNFT will also feature a secondary marketplace where users can buy and sell NFT tickets along with collectible NEAR Protocol-based NFTs to create an immersive and connected experience for artists, event creators and fans.

Read the full story from Coincodex.

Tags: Blockchain , NFT , Smart Contracts