Dreamus Offers NFT Ticketing Services for K-Pop Concerts and Events
South Korean entertainment and events firm Dreamus, a subsidiary of SK Planet, is now providing NFT ticketing services through SK Planet’s OK Cashbag loyalty rewards app. This allows fans to purchase tickets to events such as K-pop concerts and other shows as Avalanche NFTs.
OK Cashbag rewards its members with points for qualifying purchases and offers games and quizzes on its Android Google Play Store app, which has over 10 million downloads. The NFT ticket offerings from OK Cashbag will utilize SK Planet’s private Avalanche subnet that was launched earlier this year.
NFT Tickets for Seoul Jazz Festival and “Phantom of the Opera” Musical
Avalanche-based NFT tickets are currently available for the Seoul Jazz Festival and the musical “Phantom of the Opera” this year. Although NFT tickets were initially offered for the K-pop Superpop Festival, the event was canceled due to an unexpected incident during stage installation, according to the event’s official website.
However, considering that Dreamus manages distribution and events for renowned K-pop artists like Psy and Twice, it is likely that other K-pop concerts will be added as NFT-ticketed events in the future.
NFT Tickets Combat Bots and Scalpers
Justin Kim, Ava Labs’ head of Korea, explained in an interview with Decrypt that NFT tickets can help address the widespread issue of bots and scalpers in the live events ticketing industry. By putting tickets on the blockchain, artists have the option to configure features or restrict resale, preventing transferability to others.
This means that artists can choose whether to enable resales or even set a maximum resale price for concert tickets using each NFT collection’s smart contract or governing code.
Other Crypto Startups and the Benefits of NFT Ticketing
Various crypto startups, such as Sports Illustrated Tickets on the Ethereum scaling network Polygon and Get Protocol on Tezos, are also exploring NFT ticketing.
Dreamus’ ticket NFTs will display a QR code that activates on the day of the event. However, these tickets are not publicly visible on OpenSea like regular NFTs. They are only visible to the buyer to prevent unauthorized entry attempts using someone else’s NFT.
According to SK Planet Chief Business Officer Gyosu Kim, blockchain-based anti-scalping tickets simplify onsite authentication and enhance the overall event experience for fans. Dreamus and SK Planet plan to launch a new secondary marketplace for NFTs later this year, offering loyalty perks and other features.
Hot Take: Blockchain Adoption in South Korea
Justin Kim believes that many businesses in Korea are recognizing the importance of blockchain for their solutions. There is increasing adoption at both retail and business levels in the nation.
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