South Korean entertainment and events company Dreamus, a subsidiary of SK Planet, is making waves in the blockchain industry by introducing NFT (Non-Fungible Token) ticketing services through its parent company’s rewards app. This innovative move is poised to revolutionize ticketing for various events, including the highly popular K-pop concerts and other shows, utilizing the Avalanche NFT technology on SK Planet’s private Avalanche subnet, launched earlier this year.
Presently, Dreamus is offering Avalanche-based NFT tickets for select events, such as this year’s Seoul Jazz Festival and the renowned musical “Phantom of the Opera.” However, it’s worth noting that NFT tickets for the K-pop Superpop Festival were initially released but had to be canceled due to an unforeseen incident during stage installation. The event’s official website is currently processing refunds for affected ticket holders.
Dreamus’ NFT tickets are distinct from typical NFTs found on popular platforms like OpenSea. These tickets come with a unique QR code that activates on the day of the event. Crucially, these NFTs are only visible to the purchaser, a security measure aimed at preventing unauthorized entry using someone else’s NFT.
NFTs Transforming Ticketing and Membership
This strategic move by Dreamus aligns with a broader trend of influencers and celebrities exploring NFTs as a creative approach to ticketing and membership. A notable example is social media entrepreneur Gary Vaynerchuck, who organized ‘Veecon,’ a business conference in Minneapolis. Holders of his exclusive 10,000+ piece NFT collection were granted three years of access to the event, showcasing the potential of NFTs beyond traditional tickets.
Justin Kim, Head of Korea at Ava Labs, emphasized in an interview that NFT tickets hold significant promise in addressing longstanding issues in the live event ticketing industry, notably the presence of bots and scalpers. Kim highlighted the adverse impact on both artists and fans, stating that they “really get hurt emotionally in the whole process.”
Blockchain-based NFT tickets offer the flexibility to implement features that combat resales and set restrictions on resale prices, giving artists greater control over ticket distribution. SK Planet’s Chief Business Officer, Gyosu Kim, added that blockchain-based tickets can serve as a potent anti-scalping tool, enhancing the overall event experience through onsite authentication processes.
Growing Interest in NFT Ticketing
Beyond Dreamus and SK Planet’s initiatives, several crypto startups are venturing into the NFT ticketing space. Examples include Sports Illustrated Tickets on Polygon and Get Protocol on Tezos. These projects reflect the increasing recognition of the potential of blockchain solutions among Korean businesses, with growing adoption at both retail and business levels.
Looking ahead, Dreamus and SK Planet, a subsidiary of South Korea’s largest wireless carrier, SK Telecom, have ambitious plans to launch a secondary marketplace for NFTs later this year. This marketplace will not only facilitate the buying and selling of NFTs but will also offer loyalty benefits and additional features, further enhancing the value proposition of NFT ticketing in the entertainment industry.
In conclusion, Dreamus’ foray into NFT ticketing through the Avalanche blockchain technology represents a significant step forward in addressing ticketing challenges while elevating the fan experience. With the impending launch of a dedicated NFT marketplace, the entertainment industry can anticipate further innovation and improvements in the way tickets are bought, sold, and enjoyed.
