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South Korean Regulators Turn up Heat on ‘Gangnam Style’ PSY’s NFT Concert Ticket Sales

The performer behind the hit song “Gangnam Style,” PSY, might potentially encounter regulatory issues regarding NFTs in his home country of South Korea.

According to Biz World, PSY’s entertainment company, P Nation, initiated an NFT-driven pre-sale project for PSY’s concert tour scheduled for 2023. This venture could lead to regulatory challenges related to NFTs within South Korea.

No NFT Joy for ‘Gangnam Style’ PSY?

In October 2022, P Nation announced the launch of a fan community named “soPSYety,” backed by NFTs, including a series called “PSYger.”

P Nation also revealed that individuals owning PSYger NFTs would have the opportunity to purchase tickets in advance for PSY’s Summer Swag and All Night Stand concerts.

However, this policy has potentially raised concerns with the South Korean Fair Trade Commission (FTC). Reports suggest that the FTC is taking a strong stance on the matter and could potentially impact a highly anticipated Major League Baseball (MLB) event scheduled to take place in Seoul next month.

In July 2023, the MLB unveiled plans for the Los Angeles Dodgers and San Diego Padres to kick off the 2024 regular season with two games in Seoul on March 20 and 21. The FTC’s concerns are centered around the event’s primary partner, the e-commerce giant Coupang’s Coupang Wow division, offering exclusive ticket access to its paid members.

As per reports, the FTC is contemplating an investigation into both the MLB games and PSY’s NFT-based ticket sales for potential violations of the Platform Competition Act. Critics have expressed concerns about what they perceive as “reverse discrimination,” arguing that such practices undermine consumer welfare. It’s noteworthy that 10,000 tickets for the MLB games were purchased via Coupang Wow, with one game selling out in just eight minutes.

K-pop NFT Projects in Peril?

The verdict from the South Korean Fair Trade Commission (FTC) regarding the PSY case could have far-reaching implications for other ventures within the K-pop industry.

Numerous prominent figures in K-pop have developed extensive plans involving NFTs, web3 technologies, and cryptocurrencies, often using NFTs and tokens to provide fans with access to exclusive rewards. These initiatives frequently include early access to ticket sales and priority slots for meet-and-greet events with fans.

PSY, known globally for hits like “Daddy,” “Gentleman,” and “Gangnam Style,” made his debut in South Korea in 1999. “Gangnam Style,” in particular, catapulted him to global fame in December 2012 and has amassed over 5 billion views on YouTube. He established P Nation in 2019, marking his continued presence and influence in the music industry.

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