Tackling Ticket Reselling with NFT Solution in South Korea
Ticket reselling has been an ongoing problem in South Korea’s music scene, leaving followers pissed off and compelled to pay excessive ticket costs. Nonetheless, Korean singers are actually taking revolutionary measures to fight this downside with blockchain and NFT ticket options.
Jang Beom-june Implements Blockchain Know-how
Ticket reselling has been a persistent problem within the native music trade. A survey performed by the Report Label Trade Affiliation of Korea revealed that 32.8 per cent of people between the ages of 19 and 29 had bought a ticket from a reseller at the least as soon as. The affiliation estimates that almost half of the tickets for sold-out exhibits find yourself within the arms of resellers.
To sort out this downside, singer Jang Beom-june introduced that his upcoming live performance will make the most of blockchain know-how to promote tickets as NFTs. This transfer goals to eradicate ticket price-gouging and guarantee truthful ticket distribution.
Jang Beom-june’s choice to make use of NFTs for ticket gross sales comes after he needed to cancel all reservations for his live performance this month as a consequence of an issue with ticket reselling. This left many followers devastated, as they might not attend the extremely anticipated occasion.
Hyundai Card’s NFT Ticket Resolution
Hyundai Card is gaining consideration for utilizing NFT tickets to fight the difficulty at Jang Beom-june’s live performance subsequent month in Seoul. The corporate has recognized automated shopping for applications and hoarding patterns as the basis causes.
NFTs are distinctive digital belongings that can’t be duplicated or counterfeited, making them supreme for ticket gross sales. Solely verified app customers should buy and use these tickets, and they’re designed to stop the usage of macros and a number of accounts.
Hyundai Card’s method features a truthful ticket drawing course of utilizing blockchain-generated random numbers, guaranteeing equity within the lottery. This method ensures that the complete course of of buying, storing, and utilizing tickets is confined throughout the app, stopping exterior leaks or resale. Even when the account that purchased the NFT ticket is transferred, logging in from a brand new machine will set off a necessity for additional verification.
Moreover, to fight misuse, the app mandates verification of buyer data throughout signup. This measure makes it difficult to make use of a number of accounts for misleading functions. Moreover, blockchain knowledge is utilized to watch and proactively handle any patterns of hoarding and abuse, in keeping with Hyundai Card.
Utilizing NFTs as a ticket answer might be essential in preventing ticket reselling in South Korea’s music scene and past. Not solely does it handle the difficulty of excessive costs, but it surely additionally ensures truthful distribution and protects the integrity of ticket gross sales.
