South Korean entertainment and electronics Dreamus, under the umbrella of SK Planet, has heralded a new non-fungible token (NFT) ticketing service. This service is integrated into SK Planet’s loyalty rewards application, OK Cashbag, enabling enthusiasts to secure their spots at various live events, such as K-pop concerts and musicals, using the Avalanche blockchain.
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OK Cashbag adopts NFTs
With over 10 million downloads on the Android Google Play Store, OK Cashbag is the largest integrated rewards service in South Korea. It enables users to accumulate points on qualifying purchases.
The well-established app is now set to make event attendance more secure and efficient by harnessing the capability of blockchain technology through NFT tickets. This service utilizes SK Planet’s private Avalanche subnet, launched earlier in the year.
K-pop, Opera, and Jazz tickets
The inaugural suite of offerings includes tickets to the Seoul Jazz Festival and the timeless “Phantom of the Opera” musical. Initially, the K-pop Superpop Festival was also part of this groundbreaking rollout, but following an unforeseen stage installation incident, the event was unfortunately canceled, with refunds currently being processed as per the event’s official statement.
Dreamus, known for managing distribution and event organization for celebrated K-pop icons like Psy and Twice, has hinted at a promising horizon. The success of this initiative could see other K-pop concerts and events joining the NFT ticketing bandwagon.
The advantages of NFT ticketing
Justin Kim, the head of Korea at Ava Labs, highlighted how NFT tickets could potentially rectify the pervasive issues of bots and scalpers in the live events ticketing ecosystem. He remarked, “It’s just bad business for both artists and fans,” elucidating how both artists and fans often find themselves at a loss emotionally and financially amidst current ticketing woes.
Kim further detailed the merits of blockchain-based ticketing and how it offers artists the freedom to dictate the resale conditions of tickets:
“When you put these tickets on blockchain, you actually have options to configure features or options for the tickets—including, you have the option to actually remove resale.”
Beyond Korea, the NFT ticketing trend is garnering traction globally with notable startups like Sports Illustrated Tickets and Get Protocol adopting the technology. From Formula 1 to Mixed Martial Arts (MMA), several sports organizations are electing to incorporate NFT ticketing as a way to create greater fan engagement and circumvent ticket scalping and forgery.
However, unlike conventional NFTs visible on platforms like OpenSea, Dreamus’ tickets will be solely visible to the buyer to deter fraudulent attempts of unauthorized entry into events. This initiative has garnered applause from industry leaders, including SK Planet Chief Business Officer Gyosu Kim, who acclaimed:
“Blockchain-based anti-scalping tickets are phenomenal for fans because they simplify the onsite authentication process, and allow event organizers to greatly improve the overall event experience.”
Looking ahead, Dreamus and SK Planet, a subsidiary of South Korea’s premier wireless carrier SK Telecom, are poised to unveil a secondary marketplace for NFTs. This new venture, slated for launch later this year, promises to offer loyalty perks among other features, enriching the user experience further.