Scalping is a huge problem in the event ticket industry. Barkers and robots that buy events as soon as they fly to resell tickets in the secondary market at exorbitant prices are detrimental to artists and fans who use ticket markets.

The problem is growing, and artists like Ed Sheeran have attempted to solve it with varying degrees of success. However, none of these solutions worked, and an alternative is needed to correct the scalping phenomenon. Fortunately for all ticket holders, the startup offers a lifeline: SeatlabNFT.

NFT-Based Security
SeatlabNFT has created a non-fungible token event (NFT) ticketing system for artists and event organizers to regain control of the secondary ticket market and prevent fraud. Using blockchain technology and smart contracts, ticket issuers can generate NFT tickets and maintain a unique level of control over traceability, subsequent transfers and resales. Issuers can link terms and royalties to tickets, which will open up a previously untapped revenue source for artists and limit the negative impact of speculation.

Once the NFT card is minted, artists and event organizers can participate in the distribution of royalties. Royaltysplitt means that every time a ticket is resold in the secondary market, a fixed percentage of the resale value is automatically transferred to the selected wallet or multiple wallets if royalties are shared between multiple parties.

Provides benefits
While controlling the secondary market is beneficial to artists and exporters, why should fans get involved? SeatlabNFT incentivizes fans with exclusive rewards and benefits.

Every ticket sold on SeatlabNFT is an NFT. NFT ticket holders can be rewarded and rewarded with exclusive benefits. These perks and collectibles can be linked to NFT tickets before the event and made available to owners after the event to encourage fans to purchase high-quality tickets.

When someone buys an NFT ticket, they’ll see if there are any collectibles associated with it and how rare those tickets are. For example, one exclusive live audio recording out of 50 recordings can be sent to users, as with photos, videos, goods, programs, etc. Artists can let fans know what collectibles they’d like to have, or they can surprise owners by displaying them after the event.

Saving the SEAT tool gives buyers access to a reduced fee structure when purchasing NFT tickets, and can also be used to earn rewards paid from the platform fees charged to buyers. Fifty percent of all platform fees are paid to stakeholders in the form of SEAT tokens. A tier-based bonus system ranks seat holders by the number of seats staked; Each level gives them access to more valuable rewards such as VIP access, free tickets, meet and greet that may be required in place of SEAT paid betting bonuses.

More information about SEATLABNFT here
Of course, these ideas are only the beginning. The SeatlabNFT team is made up of ticketing professionals with many years of experience. The team already runs a very successful ticket selling platform Web2 called Seatedly.

“We have over a decade of experience in the events industry and operate a successful ticketing platform called Seatedly, so we are well aware of the challenges you face,” said Ryan Kenny, CEO of SeatlabNFT.

“It is time to continue developing the ticketing industry and leverage our expertise in ticket development and software to leverage blockchain technology and solve some of the major challenges we face today in ticketing,” said Kenny.

Source: CoinTelegraph