[News Terms] Solved the Scalping Problem, 'NFT Ticket'

Singer Jang Beom-jun issued 'NFT (Non Fungible Token) tickets' to block ticket scalping, which are digital asset tickets that store and manage key information on the blockchain.

[Image source=Pixabay]

NFT, which stands for Non Fungible Token, can be simply described as a 'digital certificate of ownership.' Like a certificate of ownership, all related information such as ownership and sales history is stored on the blockchain, making it impossible for third parties to forge or copy. Another advantage is that all transaction records and ownership transfers can be easily verified at any time. Additionally, unlike virtual assets such as cryptocurrencies that have uniform conditions depending on the issuer, NFTs contain unique identification values, making them non-interchangeable.

Accordingly, by utilizing NFTs, unlike traditional tickets, ownership and provenance can be securely verified, which is expected to solve problems such as ticket forgery and scalping that have long plagued the industry. Traditional paper and mobile tickets could not be identified if captured or forged, but tickets applying NFT technology can track the actual owner. Furthermore, programs called 'macros,' which are used to buy tickets in bulk and resell them, can also be blocked, preventing fake listings. Previously, NFT admission tickets were sold for Bruno Mars' Korea concert and the Busan International Film Festival.

Hyundai Card plans to issue all tickets for singer Jang Beom-jun's 'Hyundai Card Curated 92 Jang Beom-jun: Silent Rain Falls' concert, starting from the 7th of next month, as NFT tickets. Hyundai Card has restricted ticket purchase and use to users authenticated within the related app, and NFT tickets purchased once cannot be resold. They also adopted a mobile app-centered UX (user experience) to block access by macros, which were mainly used on existing websites. To ensure a fair lottery, a method of generating verifiable random numbers randomly was also introduced.

Meanwhile, digital assets based on blockchain, like NFT tickets, include tokenized forms of tangible assets such as virtual currencies, securities, real estate, artworks, luxury bags, and wine, as well as intangible assets like carbon emission rights registered on blockchain networks.