SeatlabNFT, a new NFT-powered event ticketing system, has been launched by the team behind ticketing company, Seatedly.
The platform uses blockchain technology and smart contracts to enable ticket sellers to mint tickets as non-fungible tokens (NFTs). Issuers can attach their own conditions and royalty splits to tickets, which opens up a new revenue stream for artists. According to SeatlabNFT, this allows for more control over ticketing, traceability, future transfers and all resales.
SeatlabNFT also claimed that the system will allow artists and event organisers to gain more control over the secondary market, help prevent counterfeiting and bring fans and artists closer together through exclusive rewards and collectibles.
Attaching royalty splits to each NFT ticket also means sales on the secondary market can be monetised for issuers and artists. All future sales will see a fixed percentage of resale revenue transferred to single or multiple wallets.
Ryan Kenny, SeatlabNFT chief executive, told Cointelegraph: “We have years of experience in the events industry running a successful ticketing platform called Seatedly, so we’re well aware of the issues the sector is facing.
“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.”
SeatlabNFT is built on the NEAR Protocol, a certified carbon-neutral blockchain. The new ticketing platform also claimed that the NEAR Protocol blockchain accommodates faster transactions per second compared to Ethereum-based projects.
Further reasons for utilising the NEAR Protocol blockchain included the significantly lower gas fees (a fee that offsets the computing energy required to process a transaction) than other blockchains.
SeatlabNFT said it would cover any minimal gas fees incurred as a result of minting tickets.
Image: James Coleman on Unsplash
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