Dreamus, a South Korean entertainment and events company, is making its foray into blockchain technology by offering NFT ticketing services through its parent company, SK Planet. This move comes as part of a broader trend in the entertainment industry to leverage blockchain and NFTs for ticketing and membership purposes.
The company’s rewards app allows fans to purchase tickets for various events, including K-pop concerts and other shows, in the form of Avalanche NFTs on SK Planet’s private Avalanche subnet. These NFT tickets will display a unique QR code that activates on the event day. However, unlike regular NFTs found on platforms like OpenSea, these NFT tickets are only visible to the purchaser, preventing unauthorized entry using someone else’s NFT.
The use of NFT tickets offers several benefits, one of which is addressing the issue of bots and scalpers in the live event ticketing industry. Justin Kim, Head of Korea at Ava Labs, highlights this problem and how it can negatively impact both artists and fans emotionally. By leveraging blockchain technology, NFT tickets can be configured with features that prevent unauthorized resales or impose restrictions on resale prices, giving artists greater control.
Gyosu Kim, the Chief Business Officer at SK Planet, also emphasizes the anti-scalping potential of blockchain-based tickets. The onsite authentication process enabled by blockchain technology can greatly improve the overall event experience and mitigate scalping practices.
Dreamus and SK Planet have plans to launch a secondary marketplace for NFTs later this year. This marketplace will offer loyalty benefits and additional features, further enhancing the value proposition for NFT ticket holders.
Notably, Dreamus is not alone in venturing into the NFT ticketing space. Other crypto startups, such as Sports Illustrated Tickets on Polygon and Get Protocol on Tezos, are also exploring similar offerings.
Justin Kim believes that there is an increasing realization among Korean business enterprises of the potential of blockchain solutions. He notes that there is growing adoption of blockchain technology at both the retail and business levels in South Korea.
In conclusion, Dreamus’ entry into blockchain-based NFT ticketing services marks an exciting development in the entertainment industry. By leveraging NFTs, the company aims to address issues such as scalping and provide a more secure and controlled ticketing experience for artists and fans alike. With the planned launch of a secondary marketplace, Dreamus and SK Planet are poised to enhance the value proposition of NFT tickets and further drive adoption of blockchain technology in South Korea.
