Resolving Ticket Reselling Using NFT Solution In South Korea

Resolving Ticket Reselling Using NFT Solution In South Korea

Ticket reselling has been a continuing issue in South Korea’s music scene, leaving fans frustrated and compelled to pay high ticket prices. Nonetheless, Korean singers appear to be adopting innovative measures to resolve the matter using blockchain and NFT ticket solutions.

Jang Beom-June Implements Blockchain Technology

Ticket reselling has for long been a persistent problem in the Asian nation’s local music sector. A survey done by the Record Label Industry Association of Korea showed that 32.8% of individuals between the ages of 19 and 29 had bought a ticket from a reseller at least once. The association also estimates that almost half of these tickets for sold-out shows end up in the hands of resellers.

To resolve this issue, singer Jang Beom-June announced that his upcoming concert will use blockchain technology to sell tickets as NFTs. The move strives to get rid of ticket price-gouging and guarantee fair ticket distribution.

Jang Beom-june’s decision to utilize NFTs for ticket sales comes after he was forced to cancel all reservations for his concert in January 2024 because of an issue related to ticket reselling. This cancellation left many fans devastated since they could not attend the much-awaited event.

Hyundai Card’s NFT Ticket Solution

Hyundai Card is gaining lots of attention for using NFT tickets to resolve the issue of Jang Beom-june’s concert in February in Seoul. The firm has identified automated buying programs and hoarding patterns as the root causes.

NFTs are distinct digital assets that cannot be counterfeited or duplicated, making them perfect for ticket sales. Only the verified app users can buy and use the tickets, and they are designed to prevent the use of macros and multiple accounts.

Hyundai Card adopts an equitable ticket selection method by leveraging blockchain-generated random numbers, thereby ensuring a transparent lottery process. This approach secures the entire lifecycle of ticket acquisition, storage, and utilization exclusively within the app, guarding against external breaches or unauthorized resale. Additionally, in the event of an account transfer for the purchased NFT ticket, accessing it from a new device prompts additional verification measures to maintain security.

Moreover, to resolve the issue of misuse, the app mandates verification of customer information during signup. The measure makes it hard to use many accounts for deceptive purposes. Furthermore, blockchain data is used to monitor and proactively address patterns of abuse and hoarding, based on the Hyundai Card.

Using non-fungible tokens as a ticket solution might be important in combating ticket reselling in South Korea’s music scene and beyond. Apart from addressing the issue of high prices, it also guarantees fair distribution and protects the integrity of ticket sales.

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