Technology / 02.09.22

NFT-Powered Startup Aims to Revolutionize Events and Ticketing Industry

Access Staff

Cointelegraph (02/07/22) Moeller, Max

The SeatlabNFT startup has constructed a non-fungible token (NFT)-powered event ticketing system for artists and event organizers to prevent counterfeiting. Using blockchain technology and smart contracts, ticket issuers can mint NFT tickets and govern traceability, subsequent transfers and resales. Issuers can affix conditions and royalty splits to tickets, which will create a previously untapped revenue channel for artists and mitigate the impact of scalping. SeatlabNFT also creates incentives for fans with exclusive rewards and perks. Every ticket sold on the platform is an NFT, and ticketholders can be rewarded and incentivized with airdrops of special perks and collectibles, which can be attached to tickets before the event and accessed by holders afterward to entice fans to buy upgraded tickets. Holding the SEAT utility token offers purchasers access to a reduced fee structure when buying NFT tickets, and can also be staked to earn rewards paid out from platform fees collected from buyers. "Now is the time to further evolve the ticketing industry and use our development and ticketing software expertise to take advantage of blockchain technology and solve some of the most significant issues we see in ticketing today," said SeatlabNFT CEO Ryan Kenny.

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Tags: News , NFT