Key Points:
- Dreamus pioneers NFT tickets via SK Planet, addressing scalping issues in event ticketing.
- Blockchain tech empowers artists with control over ticket resales and event access.
- South Korea’s increasing blockchain adoption reflects its relevance in business solutions.
Dreamus, a South Korean entertainment and events company, has revealed its foray into NFT ticketing services through the OK Cashbag loyalty rewards app by SK Planet, a subsidiary of SK Telecom. This strategic move enables fans to purchase event tickets through Avalanche-based NFTs (Non-Fungible Tokens).
Revolutionizing Event Ticketing with NFTs
Among the offerings are NFT tickets for notable events such as the Seoul Jazz Festival and the renowned musical, “Phantom of the Opera.” Additionally, NFT tickets were briefly available for the K-pop Superpop Festival before an unexpected incident led to its cancellation.
In a recent interview with Decrypt, Jusitin Kim, Ava Labs’ Korea Lead, highlighted how NFT tickets could potentially combat the persistent issues of ticket scalping and bot activity that have plagued the events ticketing industry. Artists and event organizers now have the option to enable or disable ticket resales and even set maximum resale prices for their tickets.
Kim explained, “When you put these tickets on the blockchain, you have options to configure features or options for the tickets – including, you can actually remove resale. So your tickets won’t be transferable to anybody.”
The NFT tickets issued by Dreamus will feature a QR code that activates on the event day. Unlike traditional, publicly visible NFTs, these ticket NFTs will remain exclusive to the buyer, ensuring that no one else can gain entry to an event using another person’s NFT ticket.
Empowering Artists and Enhancing Fan Experience
SK Planet’s Chief Business Officer, Gyosu Kim, emphasized the benefits of blockchain-based anti-scalping tickets, stating, “Blockchain-based anti-scalping tickets are phenomenal for fans because they simplify the onsite authentication process, and allow event organizers to improve the overall event experience greatly.”
Moreover, Dreamus and SK Planet have ambitious plans to launch a secondary NFT marketplace later in the year. This platform will offer various features, including loyalty rewards, to enhance the engagement and interaction of users within the NFT ecosystem.
Regarding the local sentiment toward digital assets, Kim pointed out, “I think a lot of business enterprises in Korea are realizing that blockchain can be an important part of their solutions for their businesses.” He further noted the increasing adoption of blockchain technology at both the retail and business levels in South Korea.
Summary
Dreamus’ introduction of Avalanche-based NFT tickets via SK Planet’s OK Cashbag app marks a significant advancement in event ticketing, aiming to tackle scalping issues and enhance the overall event experience for fans. This move reflects the growing recognition of blockchain’s potential in South Korea’s business landscape.
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