In April 2023, SK Planet, one of South Korea’s largest information and communications technology platforms, and Ava Labs, the company behind the Avalanche blockchain, entered into a partnership to expand Web3 infrastructure in South Korea through the launch of a dedicated Avalanche Subnet named UPTN.
The Avalanche Subnet UPTN serves as a foundation for various applications and services, including digital collectibles, Web3 wallets, and decentralized communities. For instance, Dreamus, a South Korean entertainment company and a subsidiary of tech giant SK Planet, will use the subnet to enhance its popular ticketing app OK Cashbag to improve the ticket-buying experience. The goal is to enable a “Blockchain Ticket Total Solution Service,” which will enable easy digital transactions, prevent scalping, curb secondary market abuse, and fix issues with counterfeit tickets. Dreamus and SK Planet plan to launch a secondary marketplace with added loyalty features. The end goal is to revolutionize ticketing processes and the overall event experience.
WHY DID SK PLANET CHOOSE BLOCKCHAIN TECHNOLOGY?
One of the primary goals of this partnership is to improve the ticketing experience and gain more market share in the $230M Korean concert ticket industry. SK Planet intends to fight counterfeits, abuses in the secondary market, and provide a better overall experience. The Avalanche blockchain is highly customizable thanks to subnets, hence the need to have their own. Using blockchain will improve the experience for both organizers and fans. SK Planet has the ambition to integrate other services with its UPTN subnet in the future, helping the company gain a substantial competitive edge by staying at the forefront of technological changes.
WHAT IS THE UPTN SUBNET FOR ?
In addition to transforming the ticketing experience, SK Planet’s UPTN platform offers users a convenient and accessible entry point to Web 3.0 through a robust ecosystem powered by Avalanche’s scalable Subnet technology. UPTN is designed to bridge the gap between traditional Web 2.0 services and emerging Web 3.0 applications, supporting features like EVM compatibility for seamless smart contract integration, rapid transaction processing, and enhanced scalability, with the capacity to handle over 6,000 transactions per second. UPTN’s blockchain wallet, UPTN Station, further enhances usability by allowing users to securely manage NFTs and digital assets with ease, fostering an active online community where users can engage with various projects, participate in airdrops, and explore new NFT-enabled services. Through these innovations, SK Planet aims to redefine everyday blockchain interactions and lead a smooth transition to decentralized services for mainstream users.