South Korean leisure and occasions agency Dreamus, a subsidiary of SK Planet, is now providing NFT ticketing providers by way of SK Planet’s OK Cashbag loyalty rewards app, permitting followers to purchase tickets to occasions like Ok-pop concert events and different reveals as Avalanche NFTs.
OK Cashbag rewards members with factors for making qualifying purchases. OK Cashbag additionally presents 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 non-public 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 have been initially out there for the Ok-pop Superpop Pageant as properly, the occasion was canceled and refunds are being issued resulting from “an sudden incident” throughout stage set up, per the occasion’s official web site.
Contemplating that Dreamus manages distribution and occasions for distinguished Ok-pop artists like Psy and Twice, nevertheless, it’s probably that different Ok-pop concert events will probably be added as NFT-ticketed occasions sooner or later.
Justin Kim, Ava Labs’ head of Korea, advised Decrypt in an interview that NFT tickets may help resolve the rampant downside of bots and scalpers within the reside occasions ticketing trade.
“It’s simply unhealthy enterprise for each artists and followers,” he mentioned, “and so they actually get damage 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 will have the choice to really take away resale,” Kim added. “So your tickets received’t be transferable to anyone.”
Which means with NFT tickets, artists can determine whether or not they wish to allow resales and even set a most resale worth for live performance tickets—options Kim mentioned will be custom-made through every NFT assortment’s sensible contract or governing code.
Many crypto startups are additionally attempting 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 consumers that can 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, with a purpose to forestall others from attempting to realize entry with another person’s NFT.
“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 drastically enhance the general occasion expertise,” SK Planet Chief Enterprise Officer Gyosu Kim mentioned in an announcement.
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 plenty of enterprise enterprises in Korea are literally coming to the belief that blockchain can truly be an necessary a part of their options for his or her companies,” Kim advised Decrypt, when requested concerning the present crypto local weather within the nation. “There’s more and more extra adoption at each retail and enterprise ranges.”