CJ OliveNetworks, South Korea's leading IT service management company, announced on September 27 that it will provide a ticket solution with Non-fungible token (NFT) technology to the 26th Busan International Film Festival (BIFF) for the first time in Korea.
CJ OliveNetworks has been building and operating OneOrder Ticket, an integrated ticket solution, not only for CGV movie theater ticket reservation and issuance, but also for the 7 major international film festivals held in Korea.
The company said it will introduce an NFT-based one-order ticket solution through the online reservation service of the Busan International Film Festival, which will open on October 6.
CJ OliveNetworks signed a business agreement with Blocko, a company specializing in block chain technology, to introduce NFT technology to ticket solutions, and received NFT technology support.
If NFT is applied, a separate unique recognition value is given to each ticket purchased by a visitor, so that the origin of the ticket can be traced. Through this, it is possible to eradicate unfair practices in ticket trading and to protect consumers by eliminating false sales and counterfeiting.
CJ OliveNetworks expects to be able to apply NFT technology not only for movie tickets, but also for tickets to famous concerts and sports events.
"As we have been providing reservation solutions for various festivals such as international film festivals and performances for the past 10 years, there have been concerns about eradicating unfair ticket transactions such as fake sales and counterfeiting," said Kim Hee-seong, head of CJ OliveNetworks' NEXT Business 2 Department. "Through the introduction of this NFT technology, we will be able to eradicate unfair ticket transactions."
