South Korean Events Firm Dreamus Unveils Avalanche-Based NFT Tickets

Dreamus, an entertainment and events firm in South Korea, has unveiled NFT ticketing services via SK Planet’s OK Cashbag loyalty rewards app. This move by the SK Planet subsidiary will now make it possible for fans to buy event tickets as Avalanche NFTs.

NFT tickets for events such as the Seoul Jazz Festival and the “Phantom of the Opera” musical are available. NFT tickets were also made available for the K-pop Superpop Festival before it was canceled due to an “unexpected incident.”

In an interview with Decrypt, Ava Labs’ Korea Lead, Jusitin Kim stated that NFT tickets could be a solution to the bots and scalpers that have plagued the events ticketing industry. Artists would have the option of enabling on disabling ticket resales. They would also be able to set a maximum resale price for their tickets.

“When you put these tickets on blockchain, you actually have options to configure features or options for the tickets – including, you have the option to actually remove resale,” Kim explained. “So your tickets won’t be transferable to anybody.”

The Dreamus NFT tickets will display a QR code that will activate on the day of the event. Unlike regular, publicly visible NFTs, the ticket NFTs will only be visible to the buyer to prevent others from accessing an event with someone else’s NFT ticket.

“Blockchain-based anti-scalping tickets are phenomenal for fans because they simplify the onsite authentication process, and allow event organizers to greatly improve the overall event experience,” SK Planet Chief Business Officer Gyosu Kim said in a statement.

Dreamus and SK Planet are also set to launch a secondary NFT marketplace later this year. The platform will offer loyalty rewards among other features.

Commenting on local attitudes towards digital assets, Kim stated:

“I think a lot of business enterprises in Korea are actually coming to the realization that blockchain can actually be an important part of their solutions for their businesses.”

“There’s increasingly more adoption at both retail and business levels,” added he.