SNEAK PEEK
- South Korea’s entertainment company Dreamus is embracing NFT ticketing services.
- Fans can buy NFT tickets for events such as the Seoul Jazz Festival and “Phantom of the Opera.
- Various crypto startups, including Sports Illustrated Tickets on Polygon and Get Protocol on Tezos, are exploring the NFT ticketing domain.
South Korea’s entertainment giant, Dreamus, is venturing into the burgeoning NFT ticketing space. In a strategic move, the firm, a subsidiary of SK Planet, has incorporated NFT ticketing services within the popular OK Cashbag loyalty rewards app. This integration allows ardent fans to purchase tickets for coveted events, including K-pop concerts, as Avalanche NFTs.
Besides being a reward platform, OK Cashbag boasts many games and quizzes on its Google Play Store app, amassing over 10 million downloads. Significantly, these new NFT ticket services are bolstered by SK Planet’s private Avalanche subnet, unveiled earlier in the year.
Hence, fans can now secure their spots for prominent events like this year’s Seoul Jazz Festival and the acclaimed “Phantom of the Opera” musical using Avalanche-based NFTs. However, while initial offerings included tickets to the K-pop Superpop Festival, an unforeseen mishap during stage setup led to the event’s cancellation, with refunds in the pipeline.
Dreamus, known for its association with prominent K-pop artists like Psy and Twice, hints at more NFT-ticketed K-pop events on the horizon. This adoption of NFTs in ticketing addresses the pressing issue of bots and scalpers that plague the live events industry. Justin Kim, the head of Korea for Ava Labs, emphasized these issues’ negative impacts on artists and fans, making emotions run high.
By transitioning tickets onto the blockchain, artists gain the power of customization. Moreover, this move allows artists to determine the reselling capabilities of their tickets or even dictate a cap on the resale prices. Kim highlighted that these features can be tweaked within each NFT collection’s unique smart contract.
Additionally, crypto startups worldwide are recognizing the potential of NFT ticketing. Firms such as Sports Illustrated Tickets on the Ethereum scaling network Polygon and Get Protocol on Tezos are all boarding the NFT ticketing train.
However, there’s a unique twist to Dreamus’ NFTs. These won’t be visible like typical NFTs on platforms like OpenSea. They will be exclusively available to the purchaser, preventing potential misuse, as clarified by Kim. Dreamus’ NFT tickets also simplify the authentication process on event days, a factor SK Planet’s Chief Business Officer, Gyosu Kim, believes enhances the overall fan experience.
On a concluding note, there’s more in store for NFT enthusiasts. Dreamus and SK Planet are on track to unveil a secondary marketplace for NFTs, enriched with loyalty perks and other features.
