The “Gangnam Style” singer PSY could be primed 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 2023 concert tour.
No NFT Joy for ‘Gangnam Style’ PSY?
In October 2022, P Nation said it was launching a fan community called soPSYety. The agency said the project was supported by NFTs, including a range called PSYger.
P Nation announced that PSY’s Summer Swag and All Night Stand concerts will “offer the opportunity to purchase tickets in advance to those who own PSYger NFTs.”
[PSY]March 2023 #익산 #인천 #대구 #부산 #싸이흠뻑쇼202 3 #SUMMERSWAG2023 #TicketOpen #230607 #수요일 #NFT선예매_12PM #일반예매_8PM # #interpark ticket pic.twitter.com/vSIm0omKV1
— P NATION (@OfficialPnation) May 25, 2023
However, this policy may have landed the star and his company in trouble with the South Korean Fair Trade Commission (FTC).
The FTC is reportedly on the warpath and could “cancel” a highly anticipated 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 matches are scheduled for March 20 and 21.
For the first time in MLB history, the regular season kicks off in Korea!
The @Dodgers and @Padres 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 Coupang Wow arm of e-commerce giant Coupang, is offering exclusive ticket access to its paying members.
The FTC, the media outlet reported, is considering an investigation into PSY’s MLB games and NFT ticket sales for possible violations of the Platform Competition Act.
Marketing materials for PSY/P Nation NFTs. (Source: P Nation/Screenshot)The media added that many critics have spoken out about alleged “reverse discrimination.” They say such practices “undermine consumer welfare.”
About 10,000 people have purchased tickets for the MLB games through Coupang Wow. One match sold out within eight minutes.
K-pop NFT projects in jeopardy?
The FTC’s ruling in the PSY case could have serious consequences for other K-pop companies.
Many of K-pop’s biggest players have developed extensive NFT, web3, and crypto schemes. And many of these use NFTs and coins to give fans access to “exclusive” rewards.
In many cases, these plans include the sale of early tickets and priority slots for meet-and-greet events with fans.
Known worldwide for hits such as ‘Daddy’, ‘Gentleman’ and ‘Gangnam Style’, PSY debuted in South Korea in 1999.
“Gangnam Style” rose to fame in December 20212 and has been viewed more than 5 billion times on YouTube. He launched P Nation in 2019.
