[비즈한국] Modern Lion, a joint venture between Hyundai Card and Like Lion, is launching a new service. Established with the goal of "popularizing the NFT (Non-Fungible Token) experience," Modern Lion currently operates the NFT marketplace 'KONKRIT'. It has now been confirmed that the company is preparing to launch 'Jetmarket,' a new platform focused on NFT ticket sales. Amid the recent global NFT market downturn, attention is focused on whether Modern Lion can succeed in popularizing NFTs through anti-scalping tickets.
Modern Lion will launch 'Jetmarket,' a platform centered on NFT ticket sales, on April 1. Modern Lion recently registered Jetmarket on the Google Play Store, identifying it as a "digital ticket trading" service.
A representative from Modern Lion explained, "We prepared Jetmarket to provide a more convenient user experience than the KONKRIT app. We are focusing on specialized ticket sales functions and enhancing user convenience. As we transition services to Jetmarket, it is likely that KONKRIT will be phased out in the long term."
Modern Lion is an NFT service provider established in August 2022 as a joint venture (JV) between Hyundai Card and the programming education firm Like Lion. The company is led by programmer Lee Doo-hee, the founder of Like Lion. Like Lion is the largest shareholder of Modern Lion, with CEO Lee and Hyundai Card’s payment gateway (PG) subsidiary, Blue Walnut, holding the remaining shares. It has been confirmed that Hyundai Card has divested all its shares in Modern Lion.
On March 12, Hyundai Card and Modern Lion jointly filed for Korean and English trademarks for Jetmarket with the Korean Intellectual Property Office. The product classifications include classes 09, 35, 36, 38, 41, and 42. Designated goods include: downloadable music and image files certified by NFTs; online retail services for NFT software and NFT-certified virtual credit cards; virtual currency trading and exchange brokerage, NFT token trading and exchange brokerage, and electronic financial transaction services; electronic communication services for credit card transaction authorization and online community forum provision; online provision of non-downloadable virtual goods; and virtual reality software design and development.
The first service introduced by Modern Lion was the NFT exchange 'KONKRIT Beta,' launched in October 2022. At the time, Hyundai Card and Modern Lion stated, "Starting with KONKRIT Beta, we plan to introduce various NFT projects focused on practicality, such as NFT wallets."
On June 1, 2023, the KONKRIT app was officially launched. KONKRIT is a platform designed to allow users to purchase unfamiliar NFT content in an environment as familiar as standard e-commerce. On KONKRIT, users can easily pay for NFT content in Korean Won—not just virtual assets—using bank transfers or credit cards, and blockchain wallets can be created easily via social media accounts. Above all, it distinguishes itself from NFT trading that merely involves owning images by selling practical content such as memberships and tickets for cultural performances.
Modern Lion has been working to prevent scalping by utilizing blockchain technology. Since NFT tickets leave a record of the owner and transaction history upon issuance, controlling the NFT transfer function can effectively prevent reselling and unauthorized transfers. Limiting the purchase quantity per person also helps prevent the use of "macro programs" (automated input programs).
The company has also cooperated on Hyundai Card’s cultural content business using blockchain technology. In January 2024, Modern Lion exclusively sold NFT tickets for singer Jang Beom-june’s concert, 'Hyundai Card Curated 92 Jang Beom-june: The Soundless Rain Falls,' held at Hyundai Card Understage, through KONKRIT.
With the launch of Jetmarket, it remains to be seen whether Modern Lion, now focused on ticket sales as its core service, can find a new breakthrough in the NFT market. The NFT market has been in a slump since last year. Interest in NFT trading has waned, and the prices of virtual assets have plummeted significantly. Amid this market environment, Modern Lion has also been posting losses. According to Hyundai Card’s 2024 third-quarter report, Modern Lion recorded a net loss of 1.6 billion KRW in the third quarter. It also posted net losses in 2022 (–300 million KRW) and 2023 (–1.6 billion KRW).
Modern Lion appears to be aiming to strengthen its profitability through Jetmarket. The Jetmarket terms of service state that it "provides ticket reservation services for concerts, movies, sports, events, etc." and "charges a booking fee of 1,000 to 2,000 KRW depending on the product type."
A Modern Lion representative stated, "We are currently focused on operating our ticket sales service without issues. We plan to expand into allowing users to sell or gift NFT tickets incorporated with blockchain technology to others."