South Korean leisure and occasions agency Dreamus, a subsidiary of SK Planet, is now providing NFT ticketing providers via SK Planet’s OK Cashbag loyalty rewards app, permitting followers to purchase tickets to occasions like Ok-pop live shows and different exhibits as Avalanche NFTs.
OK Cashbag rewards members with factors for making qualifying purchases. OK Cashbag additionally affords video games and quizzes on its Android Google Play Retailer app, which has over 10 million downloads. OK Cashbag’s NFT ticket choices will leverage SK Planet’s personal Avalanche subnet, which was launched earlier this 12 months.
Avalanche-based NFT tickets can be found for this 12 months’s Seoul Jazz Pageant and the “Phantom of the Opera” musical. Whereas NFT tickets had been initially obtainable for the Ok-pop Superpop Pageant as properly, the occasion was canceled and refunds are being issued on account of “an surprising incident” throughout stage set up, per the occasion’s official web site.
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Contemplating that Dreamus manages distribution and occasions for distinguished Ok-pop artists like Psy and Twice, nevertheless, it’s probably that different Ok-pop live shows shall be added as NFT-ticketed occasions sooner or later.
Justin Kim, Ava Labs’ head of Korea, instructed Decrypt in an interview that NFT tickets may help resolve the rampant downside of bots and scalpers within the dwell occasions ticketing business.
“It’s simply dangerous enterprise for each artists and followers,” he stated, “and so they actually get harm emotionally in the entire course of.”
“If you put these tickets on blockchain, you even have choices to configure options or choices for the tickets—together with, you’ve gotten the choice to really take away resale,” Kim added. “So your tickets received’t be transferable to anyone.”
Because of this with NFT tickets, artists can determine whether or not they need to allow resales and even set a most resale value for live performance tickets—options Kim stated may be custom-made through every NFT assortment’s sensible contract or governing code.
Many crypto startups are additionally making an attempt to make NFT ticketing catch on, together with Sports activities Illustrated Tickets on Ethereum scaling community Polygon and Get Protocol on Tezos.
Dreamus’ ticket NFTs will present a QR code to patrons that may activate on the day of the occasion. However these tickets aren’t like common NFTs publicly seen on OpenSea. As an alternative, they are going to solely be seen to the client, Kim defined through e mail, in an effort to forestall others from making an attempt to achieve entry with another person’s NFT.
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“Blockchain-based anti-scalping tickets are phenomenal for followers as a result of they simplify the onsite authentication course of, and permit occasion organizers to tremendously enhance the general occasion expertise,” SK Planet Chief Enterprise Officer Gyosu Kim stated in a press release.
Dreamus and SK Planet—a subsidiary of SK Telecom, South Korea’s largest wi-fi provider—will launch a brand new secondary market for NFTs later this 12 months, providing loyalty perks and different options, per the announcement.
“I feel lots of enterprise enterprises in Korea are literally coming to the conclusion that blockchain can really be an essential a part of their options for his or her companies,” Kim instructed Decrypt, when requested in regards to the present crypto local weather within the nation. “There’s more and more extra adoption at each retail and enterprise ranges.”