Regardless of the continued COVID-19 pandemic, some international occasions have chosen to maneuver ahead as deliberate. As a substitute of canceling, they’re working to restrict shut contact between attendees by means of the introduction of recent applied sciences. One such answer includes a cashless fee 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 line with a Thursday announcement, Mystic Valley organizers partnered with native cryptocurrency alternate Bitazza and blockchain startup Fuse.io to mint its personal crypto token, MYST.
The brand new token is designed to supply all monetary transactions on the pageant together with funds made to food 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 line with the announcement, MYST is meant to get rid of the necessity for paper cash, leading to a smoother, safer expertise for attendees and distributors.
The brand new cashless fee system can also be anticipated to cut back expensive charges charged by main point-of-sale programs. “Community’s $0.01 transaction makes the implementation of cashless funds accessible to any type of occasion organizer at [a] fraction of the price,” the announcement notes.
A spokesperson for the occasion informed Cointelegraph that customers will be capable to alternate the unused quantity of MYST tokens for fiat. “Then they may get a money or wire switch refund,” the individual added.
Alongside offering a cashless fee system, Mystic Valley additionally permits attendees to purchase their tickets with main cryptocurrencies equivalent to Bitcoin (BTC), Ether (ETH) and the stablecoin Tether (USDT), the announcement notes.
The music trade has been intently tied with crypto in recent times. Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October. In late September, French DJ David Guetta secured a deal with crypto-focused digital actuality platform Sensorium Galaxy.