OneOrder Ticket is the event ticket sales solution provided by CJ OliveNetworks. The company said that it will introduce the non-fungible token (NFT) technology to block ticket scalping. Photo courtesy of CJ OliveNetworks

Leading-edge technology will block ticket scalping

When it comes to the non-fungible token (NFT), CJ OliveNetworks appear to blaze the trail in South Korea by applying the cutting-edge technology to the real-world business.

The Seoul-based company announced on Sept. 27 that it will embed the NFT technology to its ticket sales solution, dubbed OneOrder Ticket, for the Busan International Film Festival (BIFF) slated for next month.

NFT refers to a unit of data stored on a digital ledger, or blockchain, which has gained traction across the world after Twitter CEO Jack Dorsey’s first tweet as an NFT sold at almost $3 million early this year.

CJ OliveNetworks expected that its NFT-powered solution will be able to help prevent one of the biggest troubles for ticket sellers _ scalping with shopping bots.

The corporation said that the technology will be able to block forgery and illegitimate demand so as to make event ticketing safer and more secure.

The BIFF is one of the most significant film festivals in Asia. The annual event will continue between Oct. 6 and 15 this year, and ticket sales will start on Sept. 28.

CJ OliveNetorks plans to expand the use of NFT to other event ticketing like sports games or music concerts based on its OneOrder Ticket solution.

“Over the past 10 years, event hosts have agonized over stopping ticket scalping or fake orders of tickets. The use of NFT will do away with their headaches,” CJ OliveNetworks senior official Kim Hee-sung said.

This is not the first time for CJ OliveNetoworks to grab headlines with the NFT technology.

This July, the outfit teamed up with Lambda 256, an affiliate of Dunamu that operates cryptocurrency exchange Upbit, to tap into the NFT market.

Under the two-way collaboration, they agreed to join forces in the NFT business both at home and abroad.

For example, the two vowed to offer custody services for digital assets for reliable and convenient transactions between owners of unique commodities and their potential buyers.

Included in their target markets is the intellectual property segment.