“Gangnam Model” singer PSY might discover himself embroiled in an NFT dispute with regulators in his native South Korea.
In line with Biz World, the singer’s leisure company P Nation has launched an NFT-based pre-sale challenge for PSY’s 2023 live performance tour.
No NFT Pleasure for PSY from “Gangnam Model”?
In October 2022, P Nation stated it was launching a fan neighborhood referred to as soPSYety. The company stated the challenge was supported by NFTs, together with the PSYger line.
P Nation introduced that for PSY’s Summer time Swag and All Evening Stand concert events, “the chance to buy tickets prematurely will likely be offered to those that have the PSYger NFT.”
[PSY]New 12 months 2023 3 #SUMMERSWAG2023 #TicketOpen #230607 #수요일 #NFT선예매_12PM #일반예매_8PM #인터파크에서 #interparkticket pic.twitter.com/vSIm0omKV1
— P NATION (@OfficialPnation) Could 25, 2023
Nevertheless, this coverage might result in issues for the star and his firm with the South Korean Truthful Commerce Fee (FTC).
The Federal Commerce Fee is reportedly on the warpath and will “cancel” the extremely anticipated Main League Baseball showdown in Seoul subsequent month.
In July 2023, 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 scheduled for March 20 and 21.
For the primary time in MLB historical past, the common season begins in Korea!
The @Dodgers and @Padres will open the 2024 roster on March 20-21. pic.twitter.com/IvIJ9nqI8V
— MLB (@MLB) July 12, 2023
Nevertheless, the Federal Commerce Fee is anxious that the gaming’s high accomplice, the Coupang Wow division of e-commerce big Coupang, is providing unique entry to tickets to its paying members.
The Federal Commerce Fee is reportedly contemplating investigating MLB video games and PSY NFT ticket gross sales for potential violations of the Platform Competitors Act.
The media added that many critics slammed the alleged “reverse discrimination”. They are saying the follow “undermines shopper welfare.”
About 10,000 individuals have bought tickets to MLB video games by way of Coupang Wow. One recreation offered out in simply eight minutes.
Are Ok-pop NFT Tasks in Hazard?
The Federal Commerce Fee’s verdict within the PSY case might have main implications for different Ok-pop companies.
Lots of Ok-pop’s greatest gamers have developed in depth NFT, web3, and cryptocurrency plans. And plenty of of them contain the usage of NFTs and cash to permit followers to entry “unique” rewards.
In lots of circumstances, these plans included early entry ticket gross sales and precedence seating for fan meet-and-greets.
Recognized all over the world for hits reminiscent of “Daddy”, “Gentleman” and “Gangnam Model”, PSY debuted in South Korea in 1999.
“Gangnam Model” rose to fame in December 20212 and has over 5 billion views on YouTube. He launched P Nation in 2019.