Regardless of the continued COVID-19 pandemic, some international occasions have chosen to maneuver ahead as deliberate. As an alternative of canceling, they’re working to restrict shut contact between attendees via the introduction of latest applied sciences. One such resolution includes a cashless cost system powered by blockchain.
Mystic Valley, one the biggest music festivals in Thailand, might be issuing its personal token for cashless funds throughout its upcoming three-day occasion.
In accordance 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 foods 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 accordance with the announcement, MYST is meant to eradicate the necessity for paper cash, leading to a smoother, safer expertise for attendees and distributors.
The brand new cashless cost system can be anticipated to scale back expensive charges charged by main point-of-sale methods. “Community’s $0.01 transaction makes the implementation of cashless funds accessible to any type 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 alternate the unused quantity of MYST tokens for fiat. “Then they are going to get a money or wire switch refund,” the particular person added.
Alongside offering a cashless cost 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 business 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 cope with crypto-focused digital actuality platform Sensorium Galaxy.