NFT-powered startup aims to revolutionize events and ticketing industry
Scalping is a massive problem in the event ticketing industry. From touts and bots buying out events the second they go live to reselling tickets on the secondary market at exorbitant prices, both artists and fans are suffering from those taking advantage of the ticket markets for profit.
The problem is growing, and artists like Ed Sheeran have attempted to solve it to varying degrees of success. However, none of these solutions have worked, and an alternative is necessary to fix the scalping phenomenon. Fortunately for ticket holders of all sorts, one startup is offering a lifeline: SeatlabNFT.
SeatlabNFT has built a non-fungible token (NFT) powered event ticketing system for artists and event organizers to regain control of the secondary ticketing market and prevent counterfeiting. By utilizing blockchain technology and smart contracts, ticket issuers can mint NFT tickets and retain an unprecedented level of control over traceability, subsequent transfers and resales. Issuers can attach conditions and royalty splits to tickets which will open up a previously untapped revenue stream for artists and reduce the negative effect of scalping.
When an NFT ticket is minted, artists and event organizers can set a royalty split. Royalty splits mean that whenever a ticket is resold on the secondary market, a fixed percentage of the resale value is automatically transferred to a specified wallet or multiple wallets if royalties are split between several parties.
While control of the secondary market is great for artists and issuers, why should fans get involved? SeatlabNFT incentivizes fans with exclusive rewards and perks.
Each ticket sold on SeatlabNFT is an NFT. NFT ticket holders can be rewarded and incentivized with airdrops of
Read more on cointelegraph.com
