South Korean entertainment and events company Dreamus, a subsidiary of SK Planet, is now offering NFT ticketing services through SK Planet’s OK Cashbag loyalty rewards app, allowing fans to purchase tickets to events such as K-pop concerts and other shows as Avalanche NFTs.
OK Cashbag rewards members with points for making qualifying purchases. OK Cashbag also offers games and quizzes on Android Google Play Store app, which has more than 10 million downloads. OK Cashbag’s NFT ticket offering will leverage SK Planet’s private Avalanche subnet, which launched earlier this year.
Avalanche-based NFT tickets are available for this year’s Seoul Jazz Festival and the musical “Phantom of the Opera.” Although NFT tickets were also initially available for the K-pop Superpop Festival, the event was canceled and refunds are being issued due to “an unexpected incident” during the stage installation, according to the event’s official website.
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However, given that Dreamus manages distribution and events for prominent 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.
Justin Kim, head of Korea at Ava Labs, shared Declutter in an interview that NFT tickets could help solve the rampant problem of bots and scalpers in the live event ticketing industry.
“It’s just a bad thing for both artists and fans,” he said, “and they get hurt emotionally throughout the process.”
“When you put these tickets on blockchain, you actually have options to configure features or options for the tickets, including the ability to actually remove the resale,” Kim added. “Your tickets are therefore not transferable to anyone.”
This means that artists with NFT tickets can decide whether they want to enable resale or even set a maximum resale price for concert tickets. These features can be customized via the smart contract or code of each NFT collection, according to Kim.
Many crypto startups are also trying to catch on with NFT ticketing, including Sports illustrated cards on Ethereum scale up network Polygon And Download Protocol on Tezos.
Dreamus’ ticket NFTs display a QR code to buyers that activates on the day of the event. But these tickets are not like regular NFTs that are publicly viewable on OpenSea. Instead, they will only be visible to the buyer, Kim explained via email, to prevent others from trying to gain access with someone else’s NFT.
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“Blockchain-based anti-scalping tickets are phenomenal for fans as they simplify the on-site authentication process and allow event organizers to significantly improve the overall event experience,” Gyosu Kim, Chief Business Officer of SK Planet, said in a statement.
Dreamus and SK Planet – a subsidiary of SK Telecom, South Korea’s largest wireless carrier – will launch a new secondary marketplace for NFTs later this year, offering loyalty benefits and other features, according to the announcement.
“I think many business enterprises in Korea are actually coming to realize that blockchain can actually be an important part of their solutions for their companies,” Kim said. Declutter, when asked about the current crypto climate in the country. “There is increasing acceptance at both the retail and business levels.”