Hyundai Card, a subsidiary of the Hyundai Motor Group, is tackling the issue of ticket scalping by introducing non-fungible tokens (NFTs) for the upcoming Jang Beom-June concert in Seoul. Ticket scalping, where bots purchase tickets in bulk for resale at higher prices, is a global problem, particularly rampant in Asia. Hyundai’s innovative solution involves a “macro-blocking” system that restricts the transfer and resale of tickets, ensuring fairness in sales. Verified users can purchase and use tickets, and resale of NFT tickets is not allowed once purchased. This marks the first application of this NFT-based solution, part of Hyundai Card’s joint venture with Like Lion, called Modern Lion.
The NFT-based solution is implemented through KONKRIT, an NFT marketplace app established by Hyundai Card and Like Lion. It represents a significant step in addressing the challenges posed by automated software, which accounts for over 40% of online ticket bookings in many markets, according to Imperva’s 2023 Bad Bot Report. Hyundai Card previously used NFTs for concert ticket sales in 2022, issuing NFT tickets for a Dosii concert, providing exclusive perks to NFT ticket holders, such as central first-row seats and the opportunity to meet the musicians.
The ticketing industry has experienced notable transformations through blockchain technology and NFTs. Examples include Platinium Group introducing NFT race tickets for the Monaco Grand Prix, Flybondi collaborating with TravelX to offer flight tickets as NFTs for increased flexibility and transparency, and even Ticketmaster allowing event organizers to make sales available primarily to owners of specific NFTs. This shift toward blockchain and NFTs is aimed at enhancing security, transparency, and overall user experience in the ticketing process.
More on how the system HYUNDAI NFT TICKET SYSTEM WORKS
In Hyundai Card’s innovative ticketing solution using non-fungible tokens (NFTs), only authenticated users have the privilege to purchase tickets, and once acquired, NFT tickets are non-transferable and cannot be resold. The system, designed with a mobile app-centered user experience, effectively blocks the use of macros on websites, a key factor in ticket scalping. This approach aims to eliminate the need for consumers to resort to buying tickets from scalpers at inflated prices, addressing a significant challenge in the industry.
To further enhance security and prevent abuse, Hyundai Card implements identity authentication (CI) during the app’s signup process, making it difficult for individuals to exploit multiple accounts for deceptive purposes. Additionally, the company utilizes blockchain data to monitor and identify patterns of abuse, ensuring a proactive response to evolving ticket scalping techniques.
The NFT ticketing system introduces an extra layer of identity verification, even in cases of ticket transfer, providing an additional deterrent against potential abuses in the ticketing process. By leveraging blockchain and NFT technology, Hyundai Card seeks to revolutionize ticketing practices, offering a more secure, transparent, and fair experience for concertgoers.