South Korean Regulators Turn up Heat on ‘Gangnam Style’ PSY’s NFT Concert Ticket Sales
The singer of “Gangnam Fashion,” PSY, may very well be set for an NFT conflict with regulators in his native South Korea.
Per Biz World, the singer’s leisure company P Nation launched an NFT-powered pre-sale undertaking for PSY’s live performance tour in 2023.
No NFT Pleasure for ‘Gangnam Fashion’ PSY?
In October 2022, P Nation mentioned it was launching a fan neighborhood known as soPSYety. The company mentioned that the undertaking was backed by NFTs, together with a variety named PSYger.
P Nation introduced that for PSY’s Summer season Swag and All Evening Stand live shows, “alternatives to purchase tickets upfront shall be given to those that personal PSYger NFTs.”
[PSY]싸이 흠뻑쇼 2023 투어일정 공지#서울 #원주 #여수 #수원 #보령 #익산 #인천 #대구 #부산 #싸이흠뻑쇼2023 #SUMMERSWAG2023 #TicketOpen #230607 #수요일 #NFT선예매_12PM #일반예매_8PM #인터파크에서 #interparkticket pic.twitter.com/vSIm0omKV1
— P NATION (@OfficialPnation) Could 25, 2023
Nevertheless, this coverage could have landed the star and his agency in hassle with the South Korean Honest Commerce Fee (FTC).
The FTC is reportedly on the warpath, and will “cancel” a much-awaited Main League Baseball showdown in Seoul subsequent month.
In July 2023, the MLB unveiled plans for the Los Angeles Dodgers and San Diego Padres to open the 2024 common season with two video games in Seoul. The video games are slated for March 20 and 21.
For the primary time in MLB historical past, the common season will begin in Korea!
The @Dodgers and @Padres will open the 2024 slate on March 20-21. pic.twitter.com/IvIJ9nqI8V
— MLB (@MLB) July 12, 2023
Nevertheless, the FTC is worried that the video games’ predominant companion, the e-commerce large Coupang’s Coupang Wow arm, is providing unique ticket entry to its paid members.
The FTC, the media outlet reported, is contemplating investigating the MLB video games and PSY’s NFT ticket gross sales, for doable violations of the Platform Competitors Act.
Advertising supplies for PSY/P Nation NFTs. (Supply: P Nation/Screenshot)The media outlet added that many critics have hit out at alleged “reverse discrimination.” They are saying such practices “undermine shopper welfare.”
Some 10,000 individuals have purchased tickets to the MLB video games through Coupang Wow. One sport bought out in simply eight minutes.
Okay-pop NFT Initiatives in Peril?
The FTC’s verdict within the PSY case might have severe repercussions for different Okay-pop ventures.
Lots of Okay-pop’s largest gamers have developed intensive NFT, web3, and crypto plans. And plenty of of those contain utilizing NFTs and cash to permit followers to entry “unique” rewards.
In lots of instances, these plans have concerned early entry ticket gross sales and precedence slots for meet-and-greet occasions with followers.
Identified globally for hits comparable to “Daddy,” “Gentleman,” and “Gangnam Fashion,” PSY debuted in South Korea in 1999.
“Gangnam Fashion” shot to fame in December 20212, and has over 5 billion views on YouTube. He launched P Nation in 2019.
