South Korean Entertainment Firm Dreamus Launches NFT Ticketing Services. How Are K-Pop Fans Reacting?
- South Korean entertainment firm Dreamus, a subsidiary of SK Planet, is partnering with OK Cashbag loyalty rewards app to offer NFT-based ticketing for events like K-Pop concerts.
- OK Cashbag rewards its members with points for purchases and offers entertainment through its Android app, boasting over 10 million downloads.
- The NFT tickets, powered by SK Planet’s Avalanche subnet, are now available for the Seoul Jazz Festival and “Phantom of the Opera”, offering a secure and unique ticketing experience.
- Dreamus’ move into NFT ticketing could revolutionize the K-Pop industry, providing increased security and authenticity for fans and artists.
- NFT tickets offer flexibility, allowing artists and organizers to configure ticket features, including resales and pricing, via smart contracts, enhancing the overall ticketing experience.
South Korean entertainment and events firm Dreamus, a subsidiary of SK Planet, has taken a bold step into the world of NFTs by offering ticketing services through SK Planet’s OK Cashbag loyalty rewards app.
This move allows fans to purchase tickets for events like K-Pop concerts and other shows as Avalanche NFTs, marking a significant development in the integration of cryptocurrency and blockchain technology into the entertainment industry.
Revolutionizing Ticketing with NFTs
OK Cashbag, a rewards program, is at the heart of this innovation approach.
Members of OK Cashbag accrue points through qualifying purchases and engage with various entertainment features offered on its Android Google Play Store app, which boasts over 10 million downloads.
However, the real game-changer is the introduction of NFT-based ticketing services within the app.
SK Planet subsidiary and Korean entertainment giant Dreamus is launching a ticketing platform powered by Avalanche and SK Planet’s UPTN Subnet.— Avalanche 🔺 (@avax) September 21, 2023
Let's take a look at why this is a big win for blockchain ticketing and real world use cases 🎟️🔺 pic.twitter.com/f9JVKsxoaT
A Glimpse into the Future
Dreamus’ foray into NFT ticketing has significant implications for the K-Pop industry.
As Dreamus is responsible for managing distribution and events for prominent K-Pop artists such as Psy and Twice, it’s likely that more K-Pop concerts will embrace NFT-ticketed events in the future.
This shift promises a new era for concertgoers, offering increased security and authenticity in ticket transactions.
Justin Kim, Ava Labs’ head of Korea, emphasized the potential impact of NFT tickets on the live events ticketing industry.
He noted that NFT tickets could address the pervasive issues of ticket scalping and the use of bots, issues that have long plagued fans and artists alike.
Kim explained, “It’s just bad business for both artists and fans, and they really get hurt emotionally in the whole process.
“When you put these tickets on the blockchain, you actually have options to configure features or options for the tickets, including the option to remove resale.
“This means your tickets won’t be transferable to anybody.”
A Customized Experience
One of the key advantages of NFT-based tickets is the flexibility they offer.
Artists and event organizers can customize ticket features through each NFT collection’s smart contract or governing code.
This allows for the fine-tuning of options, such as enabling or disabling resales and even setting maximum resale prices for concert tickets.
In summary, Dreamus’ introduction of NFT ticketing services through the OK Cashbag app is a significant milestone in the entertainment industry’s adoption of blockchain technology.
As more K-Pop concerts and events turn to NFTs for ticketing, fans can look forward to a more secure and transparent ticketing experience, while artists gain more control over their ticket sales.
This innovative approach may pave the way for broader adoption of NFTs in the live events space.
K-Pop’s NFT Journey: A Clash of Fandom, Environment, and Culture
K-Pop, a genre known for its visually stunning music videos and electrifying live performances, has embraced NFTs as a means to engage fans.
However, the introduction of NFTs by major K-Pop labels faced backlash due to concerns about their environmental impact. Fans, known as “stans”, criticized the energy-intensive nature of blockchain technology used for NFTs and the associated carbon footprint.
In response, labels are exploring more eco-friendly blockchain networks for their NFTs, aiming to alleviate environmental concerns.
While some K-Pop fans remain open to NFTs, seeing potential perks like concert tickets or autograph signings, others view NFTs as flawed, prone to scams and speculative trading.
Laurie Voss, a technologist, likens NFTs to collectibles artificially made scarce and marketed to collectors.
Despite potential environmental improvements, NFTs still carry the baggage of their association with the cryptocurrency world, creating a cultural divide within the K-Pop community.
The skepticism toward NFTs extends beyond their environmental impact, raising questions about their place in a market primarily driven by vibes and fandom approval.
As K-Pop labels attempt to navigate these challenges and reduce the environmental impact of NFTs, they face the larger issue of social alignment and the culture war surrounding this technology.
While environmental concerns may be addressed, the skepticism surrounding NFTs as a whole may persist, posing a significant challenge to their acceptance within the K-Pop community and beyond.