Regardless of the continuing COVID-19 pandemic, some world occasions have chosen to maneuver ahead as deliberate. As a substitute of canceling, the
Regardless of the continuing COVID-19 pandemic, some world occasions have chosen to maneuver ahead as deliberate. As a substitute of canceling, they’re working to restrict shut contact between attendees via the introduction of latest applied sciences. One such answer includes a cashless cost system powered by blockchain.
Mystic Valley, one the most important music festivals in Thailand, will probably be issuing its personal token for cashless funds throughout its upcoming three-day occasion.
In keeping with a Nov. 19 announcement, Mystic Valley organizers partnered with native cryptocurrency trade Bitazza and blockchain startup Fuse.io to mint its personal crypto token, MYST.
The brand new token is designed to offer all monetary transactions on the pageant together with funds made to meals and drinks distributors and merchandisers. The occasion is scheduled to run from Nov. 27 to Nov. 29 on the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
In keeping with the announcement, MYST token is meant to get rid of the necessity for paper cash, leading to a smoother and safer expertise for attendees and distributors.
The brand new cashless cost system can also be anticipated to scale back expensive charges charged by main level of sale techniques. “Community’s $0.01 transaction makes the implementation of cashless funds accessible to any form of occasion organizer at [a] fraction of the associated fee,” the announcement notes.
A spokesperson for the occasion informed Cointelegraph that customers will be capable to trade the unused quantity of MYST tokens for fiat. “Then they’ll get a money or wire switch refund,” the individual added.
Alongside offering a cashless cost system, Mystic Valley additionally permits attendees to purchase their tickets with main cryptocurrencies like Bitcoin (BTC), Ether (ETH), and stablecoin Tether (USDT), the announcement notes.
The music trade has been carefully tied with crypto in recent times. Audius, a Binance-backed decentralized music sharing service, distributed $eight million in governance tokens to musicians and listeners on its platform in late October 2020. In late September, French DJ David Guetta secured a cope with crypto-focused digital actuality platform Sensorium Galaxy.