Iconic K-pop star PSY, renowned for mega-hits like “Gangnam Style,” is facing scrutiny from South Korean regulators over his company P Nation’s move into NFT-based concert ticketing. The scheme promises priority ticket access to NFT holders, but this exclusivity may violate competition laws.
P Nation recently unveiled an NFT collection named PSYger and a fan community called soPSYety to support the singer’s 2023 tour. However, the Fair Trade Commission (FTC) is now investigating whether tying ticket pre-sales to NFT ownership represents an unfair business practice.
The probe threatens a much-anticipated MLB regular season event in Seoul, where special coupang.com ticket allotments also sparked “reverse discrimination” complaints. Critics argue these exclusivity-for-ownership models undermine consumer welfare.
The FTC’s verdict could have wide implications across K-pop where NFT incentives for everything from meet-and-greets to merchandise are now common. Major agencies see digital collectibles as a way to strengthen fandom and give fans “membership” status. But this perceived preferential treatment is running afoul of local regulation.
For PSY and P Nation, the rallying cry may have to shift from “K-pop style” to “Play by rules style” in navigating South Korea’s evolving stance. The one-time viral chartbuster could set an important precedent — for better or worse — on how far privileges can be extended for fan token holders. Just like his unexpected global domination, PSY may be an unlikely face driving key decisions on K-pop’s blockchain future.
