Hyundai Card is drawing attention for its innovative use of Non-Fungible Token (NFT) tickets to preemptively block scalping at the upcoming Jang Beom-June concert. (Image courtesy of Yonhap)
SEOUL, Jan. 26 (Korea Bizwire) — Hyundai Card is drawing attention for its innovative use of Non-Fungible Token (NFT) tickets to preemptively block scalping at the upcoming Jang Beom-June concert sponsored by the card company. The concert is scheduled to take place next month at Understage in Hannam-dong, Yongsan-gu, Seoul.
Announced by Hyundai Card on January 25, the core of this anti-scalping initiative lies in utilizing blockchain technology. The strategy encompasses macro-blocking, preventing the transfer and resale of tickets, and implementing a lottery system for ticket allocation.
This approach allows only verified app users to purchase and use tickets, and prohibits the resale of NFT tickets once purchased. Additionally, the mobile app-centered user experience (UX) design effectively blocks access by automated input programs (macros) commonly used on websites.
Hyundai Card explained, “The crux of scalping has been the use of macros, which some buyers use to hoard tickets through bulk purchases and then resell them at higher prices. This led to a repetitive situation where consumers were forced to buy overpriced tickets.”
To further prevent abuse, the app requires customer information verification during signup, making it difficult to use multiple accounts for manipulative purposes. The use of blockchain data also allows for monitoring and preemptive action against patterns of hoarding and abuse.
The Jang Beom-June concert marks the first time Hyundai Card is implementing this technology for an event involving an external artist. (Image courtesy of Yonhap)
All tickets for this concert are being sold through a lottery on KONKRIT, the NFT marketplace established by Hyundai Card and the programming education startup Like Lion, under their joint NFT venture Modern Lion.
The recent evolution in scalping techniques, where scalpers sell not just the tickets but the entire account that purchased the ticket, has been addressed by Hyundai Card. Even if the NFT ticket’s purchasing account is transferred, logging in from a different device requires additional verification.
“Since the entire process of purchasing, storing, and using the tickets is conducted within the app, it prevents any attempts to leak or resell the tickets outside the app,” said a Hyundai Card representative.
Hyundai Card also introduced blockchain technology for the fair drawing of tickets. This method employs verifiable random numbers generated randomly to ensure fairness in the ticket lottery.
Last June, following a surge in scalping at a Bruno Mars concert, Hyundai Card started developing NFT tickets as a solution to this issue. The Jang Beom-June concert marks the first time Hyundai Card is implementing this technology for an event involving an external artist.
Hyundai Card and Modern Lion proposed this collaboration to Jang Beom-June after hearing that a planned small theater concert series had been canceled due to scalping issues. Jang readily accepted, aligning to solve the scalping problem.
On January 24, Chung Tae-young, Vice Chairman of Hyundai Card, posted on Facebook, “After the Bruno Mars concert, we concluded that we had to climb the tree ourselves to pick the apples. Enhancing and expanding this anti-scalping technology has now become a crucial project for Hyundai Card.”
Kevin Lee (kevinlee@koreabizwire.com)
