Moscow Police Apprehend Russian ‘Crypto Queen’ on Fraud ChargesSeptember 28, 2023
Gemini’s Massive $280 Million Withdrawal Preceding Genesis BankruptcySeptember 30, 2023
Dreamus, a South Korean entertainment and events company, is boldly stepping into the blockchain world by introducing NFT ticketing services via its parent company’s rewards app.
Avalanche NFTs for Event Tickets
This innovative app provides fans with the opportunity to secure tickets for various events, including K-pop concerts and live performances, in the form of Avalanche NFTs, all within SK Planet’s private Avalanche subnet, launched earlier this year.
Event Lineup and Incident
Currently, fans can obtain Avalanche-based NFT tickets for this year’s Seoul Jazz Festival and the iconic musical “Phantom of the Opera.” It’s worth noting that while NFT tickets were initially offered for the K-pop Superpop Festival, an unforeseen incident during stage setup led to their cancellation, with refunds currently in progress.
Unique NFT Tickets with Enhanced Security
Dreamus’ NFT tickets come equipped with a unique QR code for buyers, which activates on the day of the event. What sets these NFTs apart is their exclusivity, as they are visible only to the purchaser, preventing unauthorized entry using someone else’s NFT.
Influencers’ Creative Approach
This initiative follows in the footsteps of previous NFT projects launched by influencers and celebrities, offering a creative twist on ticketing and membership. A notable example is social media entrepreneur Gary Vaynerchuck’s ‘Veecon,’ a business conference in Minneapolis, where holders of his extensive 10,000+ NFT collection were granted three years of access to the event.
Justin Kim, Ava Labs’ Head of Korea, highlights the potential of NFT tickets in addressing the persistent issues of scalping and bots that have plagued the live event ticketing industry. These issues not only hurt artists and fans but also result in emotional distress. Blockchain-based NFT tickets can be configured with features to prevent resales or impose restrictions on resale prices, offering artists greater control over their tickets.
A Powerful Anti-Scalping Tool
SK Planet Chief Business Officer Gyosu Kim emphasizes that blockchain-based tickets serve as a potent anti-scalping tool. The onsite authentication process enhances the overall event experience. Numerous crypto startups are also venturing into the NFT ticketing space, with examples including Sports Illustrated Tickets on Polygon and Get Protocol on Tezos.
Future Plans and Expansion
Looking ahead, Dreamus and SK Planet, a subsidiary of South Korea’s largest wireless carrier, SK Telecom, plan to launch a secondary marketplace for NFTs later this year. This marketplace will introduce loyalty benefits and additional features, marking another stride in the adoption of blockchain solutions within the Korean business landscape.