May 9
Holding $SEAT Gives You Access to a Discounted Buyers Fee Structure
If you didn’t already know, we don’t charge sellers a fee for listing or selling NFT tickets or collectibles on the SeatlabNFT marketplace.
However, we add a 5% buyers fee into ticket prices by default. A portion of this fee goes towards the platform’s running costs, and some of it gets paid out as staking rewards — more on this in a minute.
Remember, our $SEAT token IDO goes live on 24th May. Make sure you have pre-registered on our website to participate!
Buyers Fee Reduction
By default, we charge buyers a 5% fee on top of ticket prices, but this is reduced by holding $SEAT tokens. When a buyer holds $SEAT tokens, the default buyer’s fee is reduced in line with the number of tokens they hold.
We’re ensuring that our utility token truly benefits holders and the SeatlabNFT community, which is why we’re rewarding holders in this way.
But that’s not all you can do with your $SEAT. You can also stake it to receive a cut of all collected platform fees, and earn points in the Rewards Centre to redeem exclusive perks.
The ins and outs of staking $SEAT are probably better discussed in a separate article, but it’s worth noting that staking rewards are paid out from collected buyers fees. You might wonder if staking rewards are negatively affected by this discounted buyer’s fee structure.
Well, they’re not. Let me explain why.
What Happens To Collected Buyers Fees?
The default 5% buyers fee is split in half.
2.5% is paid out to $SEAT stakers as staking rewards, and the remaining 2.5% goes to the SeatlabNFT Treasury to cover running costs and other business expenses.
Whenever a buyer pays a reduced buyers fee, it is paid out of the Treasury’s share of the fee. The 2.5% allocated to staking rewards is fully protected and will always be honoured.
$SEAT Utility Token
Holding $SEAT doesn’t just give people access to a reduced buyers fee structure and staking opportunities though. It opens up the possibility of receiving exclusive rewards such as NFTs, VIP tickets and experiences, and backstage passes. These can be claimed from the Rewards Centre. You’ll earn one Rewards Centre point for each month you hold a certain number of $SEAT.
You earn points in one of three different tiers: Holographic (the highest tier), Gold (the middle tier), and Sapphire (the base tier). You earn points in different tiers based on the number of $SEAT tokens you hold.
After a month, once you’ve earned a point, you can exchange that point for a reward from the corresponding tier or below. For a full breakdown of how the Rewards Centre works, check out this article.
What’s Next?
We’ll be making several big announcements in the next few weeks as we get closer to our IDO on 24th May. Make sure you’re following us on our social media accounts, join our Discord for a chance to be whitelisted in time for our token launch, and make sure to pre-register for our IDO!
IDO Pre-Registration — https://seatlabnft.com
Twitter — https://twitter.com/seatlabnft
Discord — https://discord.com/invite/kTpaEwACHQ
Reddit — https://www.reddit.com/r/SeatlabNFT/
Telegram — https://t.me/seatlab
