The singer of “Gangnam Style,” PSY, could be set for an NFT clash with regulators in his native South Korea.
Per Biz World, the singer’s entertainment agency P Nation launched an NFT-powered pre-sale project for PSY’s concert tour in 2023.
No NFT Joy for ‘Gangnam Style’ PSY?
In October 2022, P Nation said it was launching a fan community called soPSYety. The agency said that the project was backed by NFTs, including a range named PSYger.
P Nation announced that for PSY’s Summer Swag and All Night Stand concerts, “opportunities to buy tickets in advance will be given to those who own 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) May 25, 2023
However, this policy may have landed the star and his firm in trouble with the South Korean Fair Trade Commission (FTC).
The FTC is reportedly on the warpath, and could “cancel” a much-awaited Major League Baseball showdown in Seoul next month.
In July 2023, the MLB unveiled plans for the Los Angeles Dodgers and San Diego Padres to open the 2024 regular season with two games in Seoul. The games are slated for March 20 and 21.
For the first time in MLB history, the regular season will start in Korea!
The @Dodgers and @Padres will open the 2024 slate on March 20-21. pic.twitter.com/IvIJ9nqI8V
— MLB (@MLB) July 12, 2023
However, the FTC is concerned that the games’ main partner, the e-commerce giant Coupang’s Coupang Wow arm, is offering exclusive ticket access to its paid members.
The FTC, the media outlet reported, is considering investigating the MLB games and PSY’s NFT ticket sales, for possible violations of the Platform Competition Act.
Marketing materials for PSY/P Nation NFTs. (Source: P Nation/Screenshot)The media outlet added that many critics have hit out at alleged “reverse discrimination.” They say such practices “undermine consumer welfare.”
Some 10,000 people have bought tickets to the MLB games via Coupang Wow. One game sold out in just eight minutes.
K-pop NFT Projects in Peril?
The FTC’s verdict in the PSY case could have serious repercussions for other K-pop ventures.
Many of K-pop’s biggest players have developed extensive NFT, web3, and crypto plans. And many of these involve using NFTs and coins to allow fans to access “exclusive” rewards.
In many cases, these plans have involved early access ticket sales and priority slots for meet-and-greet events with fans.
Known globally for hits such as “Daddy,” “Gentleman,” and “Gangnam Style,” PSY debuted in South Korea in 1999.
“Gangnam Style” shot to fame in December 20212, and has over 5 billion views on YouTube. He launched P Nation in 2019.