Despite the ongoing COVID-19 pandemic Some global events have chosen to move forward as planned. Instead of dropping out, they work to limit the close contact between participants by introducing new technology. One such solution includes a blockchain-based “cashless” payment system.
Mystical valley, one of the biggest music festivals in Thailand, will issue its own token for cashless payments during its next three-day event.
According to an announcement made on Thursday, The organizers of Mystic Valley have teamed up with local crypto exchange Bitazza and blockchain startup Fuse.io to mint your own cryptocurrency token, MYST.
The new token is designed to Providing all financial transactions at the festival, including payments to food and beverage manufacturers and retailers. The event will take place November 27-29 at Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
According to the announcement, MYST aims to eliminate the need for paper moneyThis results in a more seamless and secure experience for participants and providers.
The new cashless payment system is also expected to reduce the costly fees charged by major point-of-sale systems.. “Network’s $ 0.01 transaction makes cashless payment implementation accessible to any type of event organizer [una] Fraction of the cost, ”says the ad.
A spokesman for the event informed Cointelegraph of this Users can exchange the unused amount of MYST tokens for fiat. “Then they get a refund in cash or by bank transfer,” the person added.
In addition to providing a cashless payment system With Mystic Valley, participants can also buy their tickets with important cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and the Stablecoin Tether (USDT).says the ad.
The music industry has been closely linked to cryptocurrencies in recent years. Audius, a decentralized music exchange service supported by Binance, At the end of October, governance tokens worth $ 8 million were distributed to musicians and listeners on its platform. Until the end of September The French DJ David Guetta has signed a contract with a virtual reality platform geared towards cryptocurrency, Sensorium Galaxy.