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Ticket reselling has been an ongoing situation in South Korea’s music scene, leaving followers annoyed and compelled to pay excessive ticket costs. Nevertheless, Korean singers at the moment are taking revolutionary measures to fight this drawback with blockchain and NFT ticket options.
Jang Beom-june Implements Blockchain Know-how
Ticket reselling has been a persistent drawback within the native music business. A survey carried out 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 very least as soon as. The affiliation estimates that just about half of the tickets for sold-out exhibits find yourself within the palms of resellers.
To sort out this drawback, 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 remove ticket price-gouging and guarantee honest 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 on account of an issue with ticket reselling. This left many followers devastated, as they may not attend the extremely anticipated occasion.
Hyundai Card’s NFT Ticket Resolution
Hyundai Card is gaining consideration for utilizing NFT tickets to fight the problem at Jang Beom-june’s live performance subsequent month in Seoul. The corporate has recognized automated shopping for packages and hoarding patterns as the basis causes.
NFTs are distinctive digital property that can not be duplicated or counterfeited, making them ideally suited for ticket gross sales. Solely verified app customers should buy and use these tickets, and they’re designed to forestall using macros and a number of accounts.
Hyundai Card’s method features a honest ticket drawing course of utilizing blockchain-generated random numbers, making certain equity within the lottery. This technique ensures that all the course of of buying, storing, and utilizing tickets is confined inside 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 info throughout signup. This measure makes it difficult to make use of a number of accounts for misleading functions. Moreover, blockchain knowledge is utilized to observe and proactively handle any patterns of hoarding and abuse, based on Hyundai Card.
Utilizing NFTs as a ticket resolution might be essential in combating ticket reselling in South Korea’s music scene and past. Not solely does it handle the problem of excessive costs, but it surely additionally ensures honest distribution and protects the integrity of ticket gross sales.
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