Explaining The Sale Period for $SEAT on Skyward

We’ve entered the sale period for the SeatlabNFT $SEAT token IDO on the Skyward launchpad. Join the IDO here.

Although the deposit window is now closed, there’s still time to deposit $SEAT throughout the sale window, which runs from the 24th-30th of May 2022.

While the sale period is active, new users can continue to deposit $NEAR tokens into the contract on Skyward, while existing users can withdraw their $NEAR or add more if they choose.

We’ve explained the mechanics of the Skyward price discovery auction in our guide to the $SEAT IDO here. Essentially, the $SEAT token price will be determined by the demand for it, as measured by the amount of $NEAR tokens deposited into the contract.

Keeping in mind that there is a total allocation of 2,112,500 $SEAT that we will sell during our Skyward IDO, the easiest way to understand how the $SEAT token price is set is:

Total deposit value / 2,112,500 $SEAT = Final $SEAT price.

All 2,112,500 $SEAT tokens allocated will be distributed to users who deposited $NEAR according to the amounts they deposited. There won’t be any “unsold” tokens.

The Sale Period

Now the sale period has started, deposited $NEAR is being gradually converted into $SEAT. This happens over time to prevent bot attacks.

Since the conversion began automatically when the sale period commenced, users who had already deposited their $NEAR benefitted from the early conversion rate. Users who deposit during the sale period will only begin to have their tokens converted at the point they deposit, meaning the rate will have changed. You can think of it as Dollar Cost Averaging (DCA); the earlier your NEAR starts to convert into $SEAT, the lower your average buy price per $SEAT token will be.

At any point during this period, you can click “Claim $SEAT” to claim your allocation of tokens that have already been converted. Or you can claim them all in one go at the end of the sale period, it makes no difference.

At the end of our IDO on Skyward, the entire allocation of Skyward IDO tokens will have been distributed to participants who deposited $NEAR.

Wrapping Up

Remember, the sale period runs until the 30th of May. To enter into our $SEAT token IDO, check out our guide here or head straight to Skyward if you already have a NEAR wallet.

The $SEAT token is a key element of the SeatlabNFT ticketing platform. It gives holders some excellent utility on our platform and is an integral part of how we’re creating a better, fairer ticketing experience for the live events community.

Follow us via the links below for more information on how we’re redefining the event ticketing industry and all the latest project updates.

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