What These Market Conditions Mean for Us

The past year has seen some extremely turbulent market conditions, and this week another dizzying downward spiral plunged the crypto world into chaos.

The current market lows are nothing new, though. Unfortunately, boom-bust cycles are too common in the world of crypto.

As FTX suspended withdrawals and new client onboarding and industry leader Binance pulled out of their last-minute acquisition deal, cryptocurrency prices plummeted.

Creating a pioneering platform on a new, unregulated, and emerging technology like blockchain will always come with challenges. It's fair to say that the last 12 months have certainly delivered them.

But market chaos happens in the digital space, not the real world. So while we want to see the markets bounce back and recover, this is an excellent time to look at the bigger picture.

Web3 & The Real World

In 2012, Bitcoin introduced the world to the possibility of a connected network that didn't rely on the trust of third parties for users to transact with each other.

In 2017, the Ethereum network expanded the capabilities of decentralisation, allowing NFTs to gain traction in a wide range of games and projects. Since then, it's been a wild ride, both in the real world and the digital space.

But for all of the hype in the digital space surrounding blockchain technology, it's important to remember that it is the real-world application of this technology that has made Web3 such a phenomenon.

Web3 offers us the opportunity to address the problematic nature of centralised networks and gives us a whole new way of experiencing digital technology. Because for all of the cryptocurrency mayhem and collapsed projects, there are the same number, if not more real-world applications for blockchain technology.

Web3 is already changing industries. Move-to-earn mechanics are appearing in fitness, NFTs are increasing engagement and creating revenue opportunities, and blockchains are augmenting physical processes to create a more seamless merger with technology than previously available.

The Current Market

SeatlabNFT is a rare project in the crypto world, as we are able to generate revenue with fiat currency thanks to the real-life application of NFTs for event ticketing. Despite the early days of Web3 projects in the real world, we're delighted to be already generating income to support our growth.

The team behind SeatlabNFT has over a decade of experience in the live events industry. We're using all of our contacts to onboard new, exciting clients and ensure our NFT ticketing platform can survive even the most difficult of markets.

While we want to see the markets stabilise for our investors and the wider community, we are not reliant on market conditions or the price of $SEAT for the survival of SeatlabNFT.

In fact, some of the strongest crypto projects have been built in some of the worst market conditions. For example, even our host blockchain, NEAR Protocol, was launched during the 2020 market, affected heavily by the Coronavirus pandemic. NEAR Protocol has since enjoyed continued success as one of the most stable, secure and fast blockchains around, with a high level of developer activity and climate-neutral status.

Like our host blockchain, poor market conditions allow us to focus on building a product that will truly redefine event ticketing, meaning when all of this is over, we'll be in an even stronger position than before.

Building SeatlabNFT - Our Vision

Of course, we never could have predicted the state of the crypto markets now when we first set out to build SeatlabNFT, but we also never wanted our project to rely on market momentum or short-term gains.

Instead, SeatlabNFT is a platform that uses blockchain technology to address industry weaknesses in a way that simply isn't possible with centralised networks. The goal of connecting fans with the artists they love has little to do with the value of cryptocurrencies.

Our primary source of income will always be fiat currency, with our product constantly being tested and refined out there in the real world through different tangible use cases.

Our token $SEAT is designed to give fans tangible benefits from their loyalty, with discounted booking fees, access to a Rewards Centre and staking opportunities. Our NFT tickets are designed to give creators control over the secondary market.

So while rugs are pulled and markets continue their tumultuous cycle, we'll continue to build a platform that serves the live events community. Our vision is to use the technology behind the hype to build a sustainable, long-term NFT ticketing system that truly redefines event ticketing.