Hyundai Card to Host Scalper-Free Concert with Singer Jang Beomjun Using 'NFT Tickets'

From the 7th of next month, held every Wednesday and Thursday for 3 weeks

[Photo by Hyundai Card·Hyundai Commercial Newsroom]

Hyundai Card announced on the 24th that it will collaborate with singer Jang Beom-jun and Modern Ryan to present a concert using non-fungible token (NFT) tickets that can fundamentally block ticket scalping.

From the 7th of next month, Hyundai Card will hold the 'Hyundai Card Curated 92 Jang Beom-jun: Silent Rain Falls' concert every Wednesday and Thursday at 7 p.m. for three weeks at Hyundai Card UNDERSTAGE in Hannam-dong, Yongsan-gu, Seoul. All concert tickets will be issued as NFT tickets.

NFT tickets apply blockchain technology, allowing only the purchaser to attend the concert. Transfers and scalping are not possible. Programs like macros, often used for fraudulent ticket sales, cannot be used.

Jang Beom-jun has actively responded to the scalping issue by canceling all sold tickets and reselling them through a lottery system after scalping surged in his recent planned concerts.

Jang Beom-jun’s side explained, "We decided to partner with Hyundai Card and Modern Ryan because we believe that using NFT tickets can eliminate scalping and help create a healthier concert culture."

Concert tickets will be sold to winners selected through a lottery. To prevent scalping and conduct a fairer lottery, the winners will be drawn using Chainlink’s 'VRF (Verifiable Randomness Function) solution.' The VRF solution uses a blockchain-based contract called a 'smart contract' to generate verifiable random numbers on-chain, ensuring transparency in the random drawing.

Lottery applications will be accepted from 2 p.m. on the 29th to 2 p.m. on the 31st via Modern Ryan’s NFT marketplace application 'Konkrit.' Winners can purchase NFT tickets through the Konkrit app from the 1st to the 5th of next month.

NFT tickets are expected to enhance audience convenience. Presenting the NFT ticket via the Konkrit app on-site will allow QR check-in entry, reducing waiting times. Additionally, all processes from ticket purchase to entry can be done one-stop within the app, and since records are stored on the blockchain, tickets can be preserved for a long time.

Hyundai Card has been experimenting with scalping prevention using NFT tickets in partnership with Modern Ryan, a joint venture (JV) established with Megjeng-i Saja Cheoreom in 2022. At the '2023 Hyundai Card Da Vinci Motel' held last September, all tickets were issued as NFT tickets, selling out and blocking scalping.

A Hyundai Card official said, "Based on Hyundai Card’s unique branding capabilities and Modern Ryan’s NFT ticket technology, we plan to promote the introduction of NFT tickets not only for our own performances but also more broadly. We will continue efforts to eradicate scalping, including additional technology development."

Meanwhile, Modern Ryan opened the NFT marketplace Konkrit, which applies a one-stop user experience (UX), on the same day. The app allows NFT purchase, storage, use, transfer, and trading all in one place, lowering the entry barrier to NFTs with social login, automatic wallet creation, and on-site check-in, while also enhancing usability. More details can be found on the Hyundai Card Dive app.

This content was produced with the assistance of AI translation services.