Seatlab are an event ticketing company with years of experience, an existing platform and an established client base.
They’re moving their industry into web3, creating ticketing that gives more power to the performer, and a better experience to event attendees.
You can view their proposal to launch on Atlo here.
In their own words from their first Medium Post;
We are creating an NFT ticketing system and marketplace for event organisers and artists to put control back in their hands and allow them to sell tickets and collectables directly to fans.
Our NFT ticketing software is built around three pillars:
- Provide a way for artists and event organisers to retain control of secondary ticket sales and the subsequent revenue.
- Eliminate fraud, touting and scalping.
- Reward and incentivise fans for attending events.
SeatlabNFT will issue a token, $SEAT, used in the functioning of the platform, and also offers additional benefits to holders, including discounts on tickets, exclusive invites and revenue share from the protocol.
Listen to the team talk through why they believe NFTs are the future in this Spaces we recently hosted with founders Ryan and Jack (jump to 3 minutes in).
THE FUTURE OF TICKETING
SeatlabNFT are currently offering a “Proof of Concept” through their very own Membership Card NFTs. There are three tiers available, with each tier offering better benefits. These include invites to events, free tickets, merchandise etc.
Ticket stubs are often kept as memorabilia. Some become collectors items but they’re often kept for nostalgic reasons. SeatlabNFT believes this can be enhanced, giving them much greater utility and value, sentimental or otherwise.
They foresee a closer connection between the performer and their fans. SeatlabNFT seek to give the owners of the event a direct line of communication to the ticket holder, as a means to share media. It could be a message after the show, or an exclusive piece of media, each themselves an NFT. That’s a great deal more functionality than a piece of paper packed away in a drawer.
Lastly, they see NFT ticketing as a means to bring some transparency and safety to the secondary ticket market, an industry valued at over $1.5bn in 2020, and expected to reach $2.79bn by 2027.
They argue in this post that a healthy secondary market is good for event attendees and performers, and that means finding a way to reduce scalping and prevent fraud. They’re hoping to accomplish all of this.
While it’s not necessary to own $SEAT to use the platform, it has benefits. Holding $SEAT will result in lower prices for event tickets, while staking it will earn a share of fees generated from ticket sales.
It also opens up access to the Rewards Centre, where exclusive offerings are made to holders and stakers of $SEAT.
The $SEAT IDO price depends on the results of the sale on Skyward, a platform using a price discovery mechanic on the Near chain. The Atlo price will match the final price on Skyward.
Follow the SeatlabNFT team to keep up to date with all of their news and developments. You can find them on:
If you have already joined our Discord, there’s a channel dedicated to the SeatlabNFT proposal. Jump in and share your thoughts or questions.
Governance Proposal : 16 May
Sale : 31 May
TGE : TBC
WHAT IS NEAR?
SeatlabNFT is building on Near, a relatively new L1 chain with a $10.5 billion market cap and enjoying rapid growth. Near describes themselves as “a collective, a foundation, and a development platform built on a new layer-one blockchain”.
This brief intro video from 2019 paints a picture with very broad strokes:
For a deeper dive, check this recent video from Coin Bureau out:
Near recently concluded a successful round of funding lead by Three Arrows Capital, raising $350 million. With their pending launch of $USN, an algorithmic stablecoin, comparisons between Near and Terra are becoming common.
Here’s a very bullish thread containing a bunch of information and many links.
You can follow them on Twitter or view their website for more info, including their latest townhall.
SeatlabNFT will be our first cross-chain launch on Atlo, and hopefully the first of many. We’re continuously looking for opportunities for the Atlo community inside of the Terra ecosystem and beyond.
While going cross-chain has the benefit of exposing your portfolio to tokens on other chains, the additional advantage is introducing Terra to whole new communities, providing a window for them to get to know Atlo and Terra itself.