NFT ticketing platform SeatlabNFT, launched at the end of 2021 by the founders of ticketing software Seatlab, has announced that it has established a $1.2 million Event Creator Fund to help artists and event organizers fund their live events, which have become particularly expensive as events continue to face supply chain issues and labor shortages, among other post-pandemic issues.
SeatlabNFT will be distributing non-repayable grants in installments to event organizers that it selects based on an application process. Artists and event organizers can apply for funding on SeatlabNFT’s website, and events and festivals that receive funding will become SeatlabNFT sponsored events and will be able to leverage the software for their ticketing.
Since events have different financial needs, SeatlabNFT notes that there is no minimum or maximum amount that events can apply for, and organizers will be able to put the money towards any of the event costs as they see fit.
“We're excited to announce the SeatlabNFT Event Creator Fund, which we hope will provide organisers around the world with the financial injection needed to allow them to try out and embrace our event ticketing technology at their events! We're looking to work with a wide range of events, so we encourage everybody who will benefit to apply,” said Ryan Kenny, Director of Seatlab.
Applicants will need to provide detailed information about their event for Seatlab to review, including venue contracts and artist agreements, as well as the amount they are requesting and how they plan to allocate the funds.
Seatlab explains that the grant installments will be “unlocked” by the organizers as they reach certain milestones during the event planning process, including when tickets go on sale, when half of tickets are sold, etc.
Although this process won’t necessarily make sense for all events, it is an interesting concept and provides an opportunity, particularly for smaller events, to receive financial help during a difficult and uncertain time and for Seatlab to potentially gain more exposure and new clients.