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 via NFTs on parent company SK Planet’s loyalty rewards app OK Cashbag.
Leveraging OK Cashbag’s 100 million loyalty users and utilizing Avalanche’s digital assets, those looking to attend the upcoming Dreamus events can now quickly secure tickets to notable K-pop concerts and more through the platform. OK Cashbag is already granting access to the ‘Seoul Jazz Festival’ and the classic musical ‘Phantom of the Opera’, thanks to the existing ticket issuance in the chain via the UPTN subnet.
Unlike 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 on the day of the event, the ‘Blockchain Ticket Total Solution Service’ guarantees exclusive access for only the original purchaser, limiting illegal entry for those who wish to attend an event with the ticket from someone else.
However, the app has plans in the pipeline to launch a secondary marketplace with loyalty features.
Subsidiary of SK Planet and Korean entertainment giant Dreamus is launching a ticketing platform powered by Avalanche and SK Planet’s UPTN Subnet.
Let’s see why this is a big win for blockchain ticketing and real-world examples ????️???? pic.twitter.com/f9JVKsxoaT
— Avalanche ???? (@avax) September 21, 2023
The far-reaching consequences of NFT ticketing
Dreamus’ NFTs concerts are resonating with other influencers and industry giants, including Web3 entrepreneur Gary Vaynerchuck, who is granting exclusive access to his Veecon conferences to holders of his broad VeeFriends NFT collection.
Moreover, the next generation ticketing platform Get Protocol recently raised $4.5 million in financing the deployment of NFTs for access to concerts, shows and events, as is the case with the industry giant, Ticketmaster.
NFT-Tix is another force in the NFT ticketing industry worth mentioning, offering on-chain passes to attendees of major events like Unum and EXIT Festival, offering unique opportunities as an added benefit .
Nevertheless, the biggest benefit of NFT ticketing involves counterfeit tickets and scams. Because the blockchain acts as a registry that cannot be changed and is secured, data stored on the chain helps customers make wiser choices – preventing secondary market abuse, counterfeit tickets and scalping.
Such steps are instrumental in reshaping our live entertainment sector, cementing the significance of the blockchain in the entertainment field. Dreamus is now tuning into NFT ticketing to take the lead.
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