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Thai music festival to use its own token for a cashless event

Thai music festival to use its own token for a cashless event

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 by means of the introduction of latest applied sciences. One such answer entails a cashless cost system powered by blockchain.

Mystic Valley, one the biggest music festivals in Thailand, shall be issuing its personal token for cashless funds throughout its upcoming three-day occasion.

Based on 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 offer 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.

Based on the announcement, MYST is meant to remove 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 cut back pricey charges charged by main point-of-sale programs. “Community’s $0.01 transaction makes the implementation of cashless funds accessible to any form of occasion organizer at [a] fraction of the price,” the announcement notes.

A spokesperson for the occasion advised Cointelegraph that customers will be capable of alternate the unused quantity of MYST tokens for fiat. “Then they are going to 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 comparable to Bitcoin (BTC), Ether (ETH) and the stablecoin Tether (USDT), the announcement notes.

The music business has been carefully tied with crypto lately. Audius, a Binance-backed decentralized music sharing service, distributed $eight million in governance tokens to musicians and listeners on its platform in late October. In late September, French DJ David Guetta secured a take care of crypto-focused digital actuality platform Sensorium Galaxy.

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