South Korean entertainment giant, Dreamus, the company behind internationally recognized K-pop stars Twice, Psy, and MissA, has rolled out a newfangled concert ticketing system through NFTs on its parent company, SK Planet’s, loyalty rewards app, OK Cashbag.
By tapping into OK Cashbag’s 100 million loyalty users and leveraging Avalanche digital assets, those wanting to attend forthcoming Dreamus’ events can now quickly secure safeguarded tickets for notable K-pop concerts and beyond via the platform. Already, OK Cashbag grants access to the ‘Seoul Jazz Festival’ and the classic musical, ‘Phantom of the Opera’, owing to existing ticket issuance on-chain via the UPTN Subnet.
Different from conventional NFTs available on secondary marketplaces like OpenSea, the Avalanche-based ticket passes offer a distinctive flair. By integrating a QR code that only comes to life during the day of the event, the ‘Blockchain Ticket Total Solution Service’ ensures exclusive access for the original buyer only, restricting illicit access for those wanting to attend an event using someone else’s ticket.
The app does, however, have plans in the pipeline to launch a secondary marketplace with loyalty features.
SK Planet subsidiary and Korean entertainment giant Dreamus is launching a ticketing platform powered by Avalanche and SK Planet’s UPTN Subnet.
Let's take a look at why this is a big win for blockchain ticketing and real world use cases 🎟️🔺 pic.twitter.com/f9JVKsxoaT
— Avalanche 🔺 (@avax) September 21, 2023
The Far-Reaching Effects of NFT Ticketing
Dreamus’ concert NFTs resonates with other industry influencers and giants, including the Web3 entrepreneur Gary Vaynerchuck, who grants exclusive access to his Veecon conferences to bearers of his broad VeeFriends NFT collection.
Moreover, the next-gen ticketing platform Get Protocol recently raised $4.5 million in funding to employ NFTs to access concerts, shows, and events, as it goes head-to-head with the industry giant, Ticketmaster.
NFT-Tix is another force in the NFT ticketing industry worth giving a shout out, offering on-chain passes to event attendees of significant events like Unum and EXIT Festival, granting once-in-a-lifetime opportunities as added benefits.
Nonetheless, the major perk of NFT ticketing includes overriding fake tickets and scams. Due to the blockchain working like a register that can’t be altered and is safeguarded, details stored on-chain help customers make wiser choices — preventing secondary market misuse, fake tickets and scalping.
Such strides are instrumental in reshaping our live entertainment sector, affirming the blockchain’s significance in the entertainment realm. Dreamus is now tuning into NFT ticketing to lead the charge.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
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