Dreamus, a South Korean entertainment and events firm, has teamed up with SK Planet to offer NFT ticketing services through the OK Cashbag loyalty rewards app. This innovative partnership allows fans to purchase tickets to various events, including K-pop concerts, using Avalanche NFTs.
OK Cashbag rewards its members with points for qualifying purchases and offers games and quizzes on its Android app, which has over 10 million downloads. By leveraging SK Planet’s private Avalanche subnet, the NFT ticket offerings will provide a seamless and secure ticketing experience for users.
Currently, Avalanche-based NFT tickets are available for the Seoul Jazz Festival and the musical “Phantom of the Opera.” Although NFT tickets were initially offered for the K-pop Superpop Festival, the event was unfortunately canceled due to an unexpected incident during stage installation. However, considering Dreamus’ management of distribution and events for popular K-pop artists like Psy and Twice, it is likely that more K-pop concerts will be added as NFT-ticketed events in the future.
One of the significant advantages of NFT tickets is their ability to combat the issues of bots and scalpers in the live events ticketing industry. Justin Kim, Ava Labs’ head of Korea, stated in an interview that NFT tickets can help alleviate these problems, which not only hurt the artists financially but also emotionally.
By putting tickets on the blockchain, artists can configure various features and options for the tickets, including the option to prevent resale. This means that tickets can be made non-transferable, ensuring that they remain in the hands of genuine fans. Each NFT collection’s smart contract or governing code can be customized to enable or disable resales and even set maximum resale prices for concert tickets.
Dreamus is not the only company exploring the potential of NFT ticketing. Several crypto startups, such as Sports Illustrated Tickets on Ethereum scaling network Polygon and Get Protocol on Tezos, are also venturing into this space.
It is worth noting that Dreamus’ NFT tickets will not be publicly visible on platforms like OpenSea. Instead, they will only be visible to the buyer through a QR code, which will activate on the day of the event. This approach aims to prevent unauthorized access using someone else’s NFT.
SK Planet Chief Business Officer Gyosu Kim emphasized the benefits of blockchain-based anti-scalping tickets for fans, as they simplify the onsite authentication process and enhance the overall event experience. In addition to NFT ticketing, Dreamus and SK Planet plan to launch a new secondary marketplace for NFTs later this year, offering loyalty perks and other features to users.
The collaboration between Dreamus and SK Planet reflects the increasing adoption of blockchain technology in South Korea’s business landscape. As more enterprises recognize the value of blockchain solutions, both at the retail and business levels, it is clear that this technology has the potential to transform various industries, including entertainment and events.
