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 subsidiary of tech giant SK Planet will use the subnet to enhance its popular ticketing app OK Cashbag to improve 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 the ticketing processes and the overall event experience.
WHY DID SK PLANET CHOSE BLOCKCHAIN TECHNOLOGY?
One of the primary goals of this partnership is to improve the ticketing experience and to gain more market shares of the $230M Korean concert ticket industry. SK Planet intents to fight counterfeits, abuses in the secondary market and provide a better overall experience. Avalanche blockchain is highly customizable thanks to subnets, hence the need to have their own. Using blockchain for will improve the experience for both organisers and fans. SK Planet has the ambition to integrate other services with its UPTN subnet in the future, helping the company get a substantiel competitive egde by staying at the forefront of technological changes.