Hyundai Card Makes use of NFTs to Stop Ticket Scalping
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Hyundai Card, the bank card firm underneath Hyundai Motor Group, is utilizing non-fungible tokens (NFTs) to sort out ticket scalping — a follow the place bots purchase tickets in bulk and resell them at increased costs.
Ticket scalping is a pervasive international difficulty, significantly rampant in Asia. In line with Imperva’s 2023 Unhealthy Bot Report, 83.4% of world leisure web site site visitors in 2022 originated from automation. At present, in lots of markets, automated software program accounts for over 40% of on-line ticket bookings.
To forestall and discover a resolution to ticket scalping, Hyundai launched a “macro-blocking” system that restricts the switch and resale of tickets. Solely verified customers should buy and use tickets, and resale of NFT tickets shouldn’t be allowed as soon as bought.
The brand new NFT-based resolution is being utilized for the primary time within the ticket sale for the upcoming Jang Beom-June live performance in Seoul subsequent month.
All tickets for the Jang Beom-June live performance are offered on KONKRIT, the NFT market app established by Hyundai Card and the student-run tech startup Like Lion, as a part of their joint NFT enterprise, Trendy Lion.
The answer not solely facilitates truthful ticket gross sales but additionally ensures impartiality within the ticket lottery through the use of verifiable numbers generated randomly.
Whereas this represents the primary use of this new method, Hyundai Card has beforehand employed NFTs for live performance ticket gross sales.
In 2022, the corporate issued NFT tickets for a live performance that includes Dosii, a Korean duo that includes producer Choi Jong-hyuk and vocalist Jeon Ji-hye. NFT ticket holders loved unique perks, together with a central first-row seat for the efficiency and the prospect to fulfill the musicians.
The ticketing business has seen important affect from blockchain know-how and NFTs in varied sectors.
Examples embody Platinium Group introducing NFT race tickets for the Monaco Grand Prix and Flybondi collaborating with TravelX to supply flight tickets as NFTs for elevated flexibility, transparency, and safety. Even Ticketmaster has begun permitting occasion organizers or distributors to make gross sales obtainable primarily or solely to homeowners of particular NFTs.
