Dreamus, a South Korean entertainment and events conglomerate and a subsidiary of SK Planet, is venturing into the world of NFT ticketing through its parent company’s rewards application.
This app allows fans to get passes for different events, like K-pop shows and other spectacles. They do this by buying exclusive Avalanche NFTs on SK Planet’s private Avalanche network, which was launched earlier this year.
Currently, you can access Avalanche-based NFT admissions for two upcoming events: the Seoul Jazz Festival and the iconic “Phantom of the Opera” theatrical masterpiece.
However, for the K-pop Superpop Festival, which initially had NFT admissions unveiled, an unexpected hiccup during stage construction occurred. This hiccup led to the cancellation of these NFT admissions, as confirmed by the event’s official website. Refunds for these tickets are currently in progress.
South Korean Entertainment Industry Leads the Way in NFT Admissions Innovation
Distinctively, Dreamus’ NFT admissions employ a unique feature. They are encoded with a QR cipher that activates on the day of the event. This sets them apart from conventional NFTs found on platforms like OpenSea.
Furthermore, they are only visible to the purchaser. This measure effectively mitigates the risk of unauthorized entry through the use of someone else’s NFT.
This endeavor mirrors prior NFT undertakings initiated by trendsetters and luminaries, redefining the landscape of ticketing and membership.
Notably, social media maven Gary Vaynerchuck orchestrated ‘Veecon,’ a business symposium in Minneapolis, which grants three years of event access to possessors of his extensive 10,000+ piece NFT compilation.
Furthermore, Justin Kim, Ava Labs’ Head of Operations in Korea, highlighted the benefits of NFT admissions. In an interview with Decrypt, he emphasized their potential to address a persistent issue in live event ticketing. This issue revolves around bots and scalpers that have caused problems.
“It’s a deleterious practice for both artists and enthusiasts,” he elucidated, “and it inflicts emotional harm throughout the entire process.”
NFT Admissions Revolutionize Event Ticketing and Combat Scalping
NFT admissions, anchored in blockchain technology, can be configured with attributes that thwart reselling or impose constraints on resale pricing, thereby affording artists greater authority.
As per Gyosu Kim, Chief Business Officer at SK Planet, blockchain-based admissions also serve as a formidable anti-scalping mechanism. “The on-site authentication process elevates the overall event experience,” he affirmed in an official statement.
Numerous cryptocurrency startups are also venturing into the NFT ticketing arena, with examples including Sports Illustrated Tickets on the Polygon network and Get Protocol on Tezos.
In the near future, Dreamus and SK Planet, an affiliate of South Korea’s foremost wireless carrier, SK Telecom, are poised to unveil a secondary marketplace tailored for NFTs later this year. This marketplace will deliver loyalty incentives and supplementary functionalities.
Justin Kim observed a burgeoning recognition among South Korean corporate entities regarding the potential of blockchain solutions. “There is a growing adoption trend at both the retail and corporate tiers,” he remarked.