Hyundai Card Implements NFT Ticket Sales to Prevent Misuse at 3-Day Cultural Event
Staff Writer • 2024-09-13
SEOUL, – Hyundai Card, South Korea’s leading finance and technology company, is set to host its fourth Hyundai Card DaVinci MOTEL, a three-day festival in the Itaewon area of Seoul, from Sept. 27–29, 2024. Hyundai Card has taken another step forward in integrating blockchain technology into its event operations by utilizing NFT tickets for the upcoming DaVinci MOTEL. This innovative approach is designed to combat ticket misuse, ensuring fair distribution and preventing illegal resales, a problem that has plagued the event ticketing industry for years. The Power of NFTs in Ticketing NFT technology offers a unique solution by leveraging blockchain to establish verifiable ownership and authenticity. When integrated into ticket sales, NFT technology records the purchase on an immutable blockchain ledger, enhancing transparency and significantly reducing unauthorized transfers. This makes it far more challenging for scalpers to resell tickets, while also deterring automated programs, such as bots or macros, which are often used for bulk ticket purchases. To facilitate this, Hyundai Card established Modern Lion, a joint venture with South Korean tech startup Like Lion, which mints NFTs based on Hyundai Card's brand assets. In 2022, Modern Lion filed a trademark for the KONKRIT app, a marketplace where NFT tickets can be bought and sold. Successful NFT Integration in 2023 and Beyond Hyundai Card’s foray into NFT ticketing began with the 2023 DaVinci MOTEL, where all 50,000 tickets were sold as NFTs. This marked the first large-scale event in South Korea to fully embrace NFT ticketing, moving away from traditional paper or electronic tickets. By allowing participants to enter the venue using only their digital purchase record via the KONKRIT app, Hyundai Card streamlined the entire event process—from ticket purchase to concert entry—dramatically improving convenience. The feedback was overwhelmingly positive, especially regarding the system's effectiveness in preventing ticket scalping. Following this success, Hyundai Card adopted the same NFT ticketing model for a concert by South Korean singer-songwriter Jang Beom June in January 2024. The concert, held at the Hyundai Card Understage venue, was free from black-market ticketing, thanks to KONKRIT’s secure blockchain-based system. Expansion of NFT Offerings at 2024 DaVinci MOTEL The 2024 DaVinci MOTEL will continue to innovate, offering both online and offline NFT experiences. Event participants will receive limited-edition NFC-enabled t-shirts, along with NFT-issued coupons through NFC tags. These coupons will unlock special offers at onsite pop-up stores, enriching the overall festival experience. Moreover, an update to KONKRIT’s global patch system now allows international attendees to fully engage with the platform, from registration to payment, marking Hyundai Card’s continued expansion of its NFT ecosystem to a global audience. A Star-Studded Lineup This year’s DaVinci MOTEL will feature 39 high-profile performers and speakers from various industries, blending entertainment and intellectual discourse. Notable participants include Steven Yeun, star of The Walking Dead and Minari, who will discuss his acting career. American postmodern artist David Salle and renowned photographer Daniel Arnold will share insights into their work, while Tokyo-based fashion designer Yoon Ahn, co-founder of AMBUSH, will discuss global brand collaborations. The event’s K-pop lineup includes celebrated artists such as RAIN, SUNMI, and Zion.T, alongside hip-hop stars The Quiett and CHANGMO. Min Heejin, creative director behind K-pop sensation NewJeans, will deliver a talk on K-pop branding, adding to the diverse range of topics covered. A Cultural Phenomenon DaVinci MOTEL offers more than just concerts or talks; it’s a multifaceted cultural event. Performances include stand-up comedy, musicals, and curated film soundtrack listening sessions. Long-time Hyundai Card partner MoMA (Museum of Modern Art) will showcase performance art selected by its Media & Performance curators, adding a global cultural layer to the event. Hyundai Card continues to position itself at the forefront of the intersection between culture and technology, with NFT integration serving as a key part of its strategy to provide seamless and innovative experiences to its customers. About Hyundai Card Established in 2001 as a financial arm of Hyundai Motor Group, Hyundai Card is a leader in credit card issuance and fintech innovation in South Korea. Leveraging cutting-edge data science, Hyundai Card has pioneered the world’s first data-driven Private Label Credit Card (PLCC) business. As a cultural trendsetter, Hyundai Card is known for initiatives like the Hyundai Card Super Concert and Hyundai Card DaVinci MOTEL, creating unique brand experiences for its customers. Through strategic partnerships with global giants such as Visa and Apple Pay, Hyundai Card continues to expand its global presence.
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