Tackling Ticket Reselling with NFT Solution in South Korea
South Korean artists combat ticket reselling using blockchain and NFTs, with Hyundai Card's new system for an NFT ticket solution.
Ticket reselling has been an ongoing issue in South Korea's music scene, leaving fans frustrated and forced to pay high ticket prices. However, Korean singers are now taking innovative measures to combat this problem with blockchain and NFT ticket solutions.
Jang Beom-june Implements Blockchain Technology
Ticket reselling has been a persistent problem in the local music industry. A survey conducted by the Record Label Industry Association of Korea revealed that 32.8 per cent of individuals between the ages of 19 and 29 had purchased a ticket from a reseller at least once. The association estimates that nearly half of the tickets for sold-out shows end up in the hands of resellers.
To tackle this problem, singer Jang Beom-june announced that his upcoming concert will utilize blockchain technology to sell tickets as NFTs. This move aims to eliminate ticket price-gouging and ensure fair ticket distribution.
Jang Beom-june's decision to use NFTs for ticket sales comes after he had to cancel all reservations for his concert this month due to a problem with ticket reselling. This left many fans devastated, as they could not attend the highly anticipated event.
Hyundai Card's NFT Ticket Solution
Hyundai Card is gaining attention for using NFT tickets to combat the issue at Jang Beom-june's concert next month in Seoul. The company has identified automated buying programs and hoarding patterns as the root causes.
NFTs are unique digital assets that cannot be duplicated or counterfeited, making them ideal for ticket sales. Only verified app users can purchase and use these tickets, and they are designed to prevent the use of macros and multiple accounts.
Hyundai Card's approach includes a fair ticket drawing process using blockchain-generated random numbers, ensuring fairness in the lottery. This system guarantees that the entire process of purchasing, storing, and using tickets is confined within the app, preventing external leaks or resale. Even when the account that bought the NFT ticket is transferred, logging in from a new device will trigger a need for further verification.
Furthermore, to combat misuse, the app mandates verification of customer information during signup. This measure makes it challenging to use multiple accounts for deceptive purposes. Additionally, blockchain data is utilized to monitor and proactively address any patterns of hoarding and abuse, according to Hyundai Card.
Using NFTs as a ticket solution could be crucial in fighting ticket reselling in South Korea's music scene and beyond. Not only does it address the issue of high prices, but it also ensures fair distribution and protects the integrity of ticket sales.
