Get All Access for $5/mo

NFT Ticketing: A Look into The Future Of Live Events By tokenizing event tickets and issuing them as NFTs, SeatlabNFT are giving artists and event organizers the tools they need to fight back against the scalpers and regain control over the secondary ticketing market

By Shishir Jajoo

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Company Handout

In its current form, the event ticketing industry is broken; it doesn't serve the interests of fans, artists, or event organisers. The story is all too common; tickets to popular events go on sale only to sell out in minutes. Ticket touts have deployed bots to buy up as many as possible only to resell them to the public on the secondary market for many times the original face value. The big ticketing platforms that dominate the market still take their cut, so there is very little incentive to do anything about it.

Fans lose out and either have to pay more than they should for live event tickets or not attend at all. Artists and event organisers lose out as their true fans, the ones they want to connect with, can't make their events.

SeatlabNFT has set out to change this. They are hosting an IDO starting 24th May to launch their native $SEAT token. Pre-register now on their website to get more information and to take part.

SeatlabNFT are developing an NFT ticketing marketplace

By tokenizing event tickets and issuing them as NFTs, SeatlabNFT are giving artists and event organizers the tools they need to fight back against the scalpers, regain control over the secondary ticketing market and reward fans for their attendance.

Royalty splits, price ceilings and non-transferable tickets

By setting royalty splits, royalty beneficiaries will automatically receive a fixed percentage of all secondary resales. Royalty beneficiaries are set when NFT tickets are created by inputting their wallet addresses and assigning a percentage to each.

Ticket issuers can set price ceilings so that NFT tickets can never be sold for more than a set amount on the secondary market, removing the touts' ability to mark tickets up for many times the original selling price.

Certain ticket types can also be set as non-transferable or non-resellable so that users cannot send those NFT tickets to another user or resell them at all.

These tools give artists and event organisers the power to control the secondary market in ways never before possible.

Fan incentives and rewards

Thanks to public ledger and NFT technology, fans can be rewarded in new, innovative ways. They can be airdropped exclusive NFT assets either before, during or after the event. These NFTs could be images, videos or even live audio records of the event itself. Issuing NFT assets to reward event-goers produces something of real, tangible value that can either be kept as a memento of the event or sold on the open market, unlocking the value for fans and earning the royalty beneficiary a cut of the resale revenue.

$SEAT token utility and IDO

The $SEAT token gives holders access to a discounted buyers fee structure, staking rewards and the ability to claim other exclusive rewards such as free tickets, discounts, flights, hotel stays and other IRL experiences. It's not necessary to hold $SEAT to buy NFT tickets on the SeatlabNFT platform, but it will give holders access to lots of great utility.

Their IDO is taking place on Skyward Finance in just a few short weeks. The deposit period runs from 17th May 2022 until 23rd May 2022, and the sale period runs from 24th May 2022 until 30th May 2022. To take part, make sure you have registered for the IDO over on their website.

For more information on their IDO and how to take part, check out this article. You can also follow SeatlabNFT on Twitter, join their Discord server or Telegram group, and find more information on Medium.

News and Trends

Dee Piping Goes Public: Announces Initial Public Offering

Dee Development Engineers Limited, commonly known as 'Dee Piping,' has announced its transition into a public limited company.

Business Solutions

Increase Productivity with This Microsoft 365 Subscription, Now $25 Off

It can make the entrepreneur life a lot easier.

News and Trends

Unifi Capital Launches Two New Funds at GIFT City

Rangoli India Fund and G20 Portfolio are the two new funds launched by Unifi Capital, via its subsidiary UIML in GIFT City, to expand international investment opportunities.

Business News

Apple Pay Later Is Ending. Here's What's Taking Its Place.

The program was available for less than a year.


I've Grown a High-Performing Team in Just 2 Years — Here's are 5 Growth Strategies I Learned

A team's strength lies in its people's individual skills and how they synergistically come together.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.