It has developed an NFT-powered event ticketing system that allows both artists and event organisers to regain control of the secondary market, prevent counterfeiting, and bring fans and artists closer together with exclusive rewards and collectibles.

This innovative solution addresses a growing problem within the events industry that many others have tried to solve with varying degrees of success. By using blockchain technology and smart contracts, SeatlabNFT enables anyone selling tickets to mint them as NFTs, allowing unprecedented levels of control over tickets, their traceability, any future transfers and all resales.

The bespoke system will enable issuers to attach their own conditions and royalty splits to tickets, thereby opening up a new revenue stream for artists, increasing the chance of real fans getting tickets and reducing the adverse effects of scalping. 

By attaching royalty splits to each NFT ticket, sales on the secondary market can be monetised. Every future sale will see a fixed percentage of the resale revenue automatically transferred to either a single wallet, or multiple wallets if royalties are split between several parties. 

Differentiating itself from its competitors, SeatlabNFT is built on the NEAR Protocol, a blockchain widely recognised as an environmentally-friendly solution in the space and officially certified as a climate-neutral blockchain with faster transactions per second compared with Ethereum-based projects.

Thanks to its ‘sharding’ approach to scalability, NEAR gas fees are also significantly lower than the vast majority of other Gen-2 and Gen-3 blockchains, often costing less than $0.01 per transaction. Going one step further though, the SeatlabNFT treasury covers any minimal gas fees incurred as a result of minting tickets.  

SeatlabNFT is a new venture from ticketing industry professionals with decades of combined experience running a successful Web2 ticketing platform, Seatedly. Ryan Kenny, SeatlabNFT CEO, said to Cointelegraph on the launch: “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.”

As if this wasn't game-changing enough, SeatlabNFT further incentivises fans with exclusive rewards and perks such as collectibles that can be attached to NFT tickets before and/or after events to entice fans to purchase upgraded tickets. Perks can be revealed before or after the event to NFT ticket holders and could include rare audio recordings of the live event, images, videos, merch and other digital content. 

SeatlabNFT’s solution is long overdue and is set to revolutionise the secondary ticket market.