K-pop with Avelanche NFT Ticketing Services

Dreamus Leverages Blockchain for NFT Ticketing Services:

South Korean entertainment giant Dreamus, under the aegis of SK Planet, is making a foray into the blockchain realm, introducing NFT ticketing services via its parent company’s rewards app. This innovative approach allows enthusiasts to acquire tickets to a myriad of events, including coveted K-pop concerts, as Avalanche NFTs on SK Planet’s exclusive Avalanche subnet, inaugurated earlier this year.

SK Planet subsidiary and Korean entertainment giant Dreamus is launching a ticketing platform powered by Avalanche and SK Planet’s UPTN Subnet.

Let's take a look at why this is a big win for blockchain ticketing and real world use cases 🎟️🔺 pic.twitter.com/f9JVKsxoaT

— Avalanche 🔺 (@avax) September 21, 2023

A New Wave in Ticketing:

Currently, fans can secure Avalanche-based NFT tickets for high-profile events like the Seoul Jazz Festival and the renowned musical “Phantom of the Opera.” However, the initial offering for the K-pop Superpop Festival faced an abrupt cancellation due to unexpected stage installation issues, leading to ongoing refund processes.

These NFT tickets, equipped with a QR code, activate on the day of the event and are uniquely visible to the buyer to thwart unauthorized admissions, marking a departure from conventional NFTs on platforms like OpenSea.

The Creative Evolution:

This initiative mirrors previous endeavors by influencers and celebrities to reimagine ticketing and membership through NFTs. For instance, entrepreneur Gary Vaynerchuck granted access to his business conference, ‘Veecon,’ to holders of his extensive NFT collection.

Addressing Scalping Issues:

Justin Kim, the Head of Korea at Ava Labs, highlighted the potential of NFT tickets to combat the persistent challenges of bots and scalpers in the live event industry, providing a fairer experience for artists and fans alike. Blockchain-enabled tickets offer enhanced control to artists by preventing unauthorized resales and regulating resale prices.

Gyosu Kim, Chief Business Officer at SK Planet, echoed this sentiment, emphasizing the enhanced authentication process and the improved overall event experience facilitated by blockchain-based tickets.

Expanding Horizons:

Several crypto-centric startups, including Sports Illustrated Tickets on Polygon and Get Protocol on Tezos, are exploring the NFT ticketing domain. Dreamus, in collaboration with SK Planet, plans to unveil a secondary marketplace for NFTs, offering loyalty perks and additional features, reflecting the growing adoption of blockchain solutions in the Korean business landscape.

Conclusion:

Dreamus’ venture into blockchain-based NFT ticketing signifies a transformative step in the live event industry, addressing longstanding issues and enhancing the overall experience for artists and fans. The unique visibility and enhanced control offered by these NFT tickets are poised to reshape the ticketing landscape, with more enterprises recognizing the multifaceted potential of blockchain solutions in improving business operations and customer experiences.