A move to dismiss a class-action lawsuit against Fenwick & West law firm, the former legal counsel for the defunct FTX, has been initiated. The law firm has denied allegations of misconduct levelled against them while providing FTX boss Sam Bankman (a former client) with legitimate legal services.
However, the law firm adamantly refutes these allegations and maintains that it has offered FTX regular, legitimate legal services. Sam Bankman, the former CEO of FTX, is accused of abusing the law firm’s counsel, and the legal advisor contends that Bankman-Fried should be held accountable for any claimed misbehaviour.
On the other hand, the South Korean entertainment firm Dreamus, which is making news for introducing NFT (Non-Fungible Token) ticketing services via the rewards program of its parent company, SK Planet, suggests a revolutionary approach to the popular K-pop event tickets.
Dreamus Explains NFT Ticketing System, Explains Benefits
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Explaining how blockchain technology and NFTs work, the company, on its X handle, said that its creative ticketing method produces distinctive and secure digital tickets for K-pop concerts and other entertainment events. The NFT ticketing service was described as a break from conventional ticketing strategies and brings several benefits for event organizers and attendees.
The tickets are said to have the ability to be easily transferable, tamper-proof, and counterfeit-proof by using NFTs, and they also offer a visible and verifiable record of ownership. This strategy improves security and creates fresh opportunities for fan interaction and collections. The report says that interested parties can access their tickets on Avalanche NFTs.
Further explaining the workings, DL News Mike Millard says that the use of NFTs in the entertainment sector, especially in the K-pop community, demonstrates the industry’s readiness to embrace blockchain technology and investigate cutting-edge methods of fan engagement.
Mike added that it fits well with the broader trend of adopting NFTs for digital goods, including music and art. While speaking to journalists from Decrypt news platform, Ava Labs’ head of Korea, Justin Kim, said that the NFT ticketing is designed to help solve the insistent issues arising from scalpers and bots in the live concert ticketing market.
Justin also explained that the NFT tickets at Dreamus is designed to display QR code to the buyer, which will also be activated on the D-day of the said event. He made it clear that the tickets in the platform is quite different from the ones in the OpenSea which is often publicly visible.
Justin said that the users of these tickets can either configure its features or the options for the purchased tickets. He also added that buyers can remove the resale option to avoid an individual’s ticket(s) getting transferred to someone else.