- NFT technology was integrated to the Busan International Film Festival’s ticket solution to eradicate unfair practices
- Expansion to entertainment and media content will accelerate NFT adoption
- Opening and closing films will go on sale on September 28 and general films on the 30th
CJ OliveNetworks introduced a ticket solution that is combined with non-fungible token (NFT) technology at the 26th Busan International Film Festival (BIFF) for the first time in Korea.
The company has built and operated One Order Ticket, an integrated ticketing solution, at the 7 major international film festivals held in Korea as well as CGV movie ticket reservation system. Now it will showcase its NFT-based One Order Ticket solution through the online reservation service for the BIFF.
The solution is the result of a business agreement the company entered with the block chain technology company Blocko to bring NFT technology to ticket solutions.
With NFT technology, a unique value is assigned to each ticket so that the source of the ticket can be traced, which will help protecting consumers from unfair practices and counterfeit ticket sales.
NFT technology can be applied not only to movie tickets but also to concert and sports event tickets, and it help improve consumer rights and interests by creating a fair and transparent transaction culture, which in return will accelerate the adoption of NFT.
The company plans to expand the use of NFT technology to various content in the entertainment and media sectors creating things like a “Photo card” that can be stored permanently and “My ticket” that a special meaning can be included.
Tickets for the opening and closing films of the BIFF go on sale on the 28th and general screenings on the 30th through the BIFF’s official website or app.
“We have provided reservation solutions for international film festivals, festivals, and performances for the past 10 years, and we have tried to come up with a way to eradicate unfair ticket transactions such as fake ticket sales and scalping. With NFT, it will be possible to establish a culture that satisfies both users and consumers,” said Kim Hee-seong, head of CJ OliveNetworks’ NEXT Business team.
