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Dreamus, a Leading South Korean Entertainment Company, Embraces NFTs for K-Pop Ticket Sales

Dreamus, a Leading South Korean Entertainment Company, Embraces NFTs for K-Pop Ticket Sales

Dreamus Introduces NFT Ticketing Services through SK Planet’s Rewards App

South Korean entertainment and events company Dreamus, a subsidiary of SK Planet, is entering the blockchain space by offering NFT ticketing services through its parent company’s rewards app. With the app, you can now purchase tickets for various events, such as K-pop concerts and shows, in the form of Avalanche NFTs on SK Planet’s private Avalanche subnet, which was launched earlier this year.

Avalanche-Based NFT Tickets Available for Seoul Jazz Festival and “Phantom of the Opera”

Currently, you can find Avalanche-based NFT tickets for this year’s Seoul Jazz Festival and the iconic musical “Phantom of the Opera.” However, NFT tickets for the K-pop Superpop Festival had to be canceled due to an unforeseen incident during stage installation. Refunds are currently being processed according to the event’s official website.

Differentiating Dreamus’ NFT Tickets from Regular Ones

Dreamus’ NFT tickets come with a QR code that activates on the day of the event. However, these NFTs have a unique feature that sets them apart from regular ones found on platforms like OpenSea. They are only visible to the purchaser to prevent unauthorized entry using someone else’s NFT.

The Benefits of NFT Tickets

NFT tickets have several advantages, including addressing the long-standing issue of bots and scalpers in the live event ticketing industry. Justin Kim, Ava Labs’ Head of Korea, highlighted in an interview that this is detrimental to both artists and fans emotionally and financially. Blockchain-based NFT tickets can be configured with features that prevent resales or impose restrictions on resale prices, giving artists greater control over their events.

Furthermore, SK Planet Chief Business Officer Gyosu Kim stated that blockchain-based tickets can serve as effective anti-scalping tools. The onsite authentication process improves the overall event experience for organizers and attendees.

Growing Interest in NFT Ticketing

Various crypto startups are also exploring NFT ticketing, such as Sports Illustrated Tickets on Polygon and Get Protocol on Tezos. Looking ahead, Dreamus and SK Planet plan to launch a secondary marketplace for NFTs later this year. This marketplace will provide loyalty benefits and additional features.

Justin Kim highlighted the increasing adoption of blockchain solutions among Korean businesses at both retail and business levels.

Hot Take: Revolutionizing Ticketing with NFTs

The introduction of NFT ticketing services by Dreamus through SK Planet’s rewards app marks a significant step in revolutionizing the ticketing industry. By leveraging blockchain technology, these NFT tickets offer benefits such as enhanced security, anti-scalping measures, and greater control for artists. The move also reflects a growing trend of utilizing NFTs in various sectors beyond art and collectibles.

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Dreamus, a Leading South Korean Entertainment Company, Embraces NFTs for K-Pop Ticket Sales