Blockchain and Music are beginning to gain a common ground, as the Untold Festival which will take place in Romania next month, has joined with the Elrond Network to allow concert goers to pay in bitcoin for their tickets.
Untold announced on Tuesday that Elrond could be used to purchase tickets for its 2021 festival (EGLD). Despite the ongoing pandemic, the festival announced that it will be permitted to have an unlimited number of guests – the number of daily recorded COVID-19 cases in Romania has been under 1,000 since June.
Following the launch of EGLD ticket purchases for Untold, Elrond Network CEO Beniamin Mincu stated that the project would investigate “a festival economy based on semi-fungible tokens” as well as musicians dropping nonfungible tokens, or NFTs, to fans from the stage.
Untold attendees, on the other hand, will be allowed to accept NFTs from the event “at a later time.”
“Blockchain technology has enormous promise for massive gatherings of digital natives who become part of a hyperlocal economy for a brief period of time,” Mincu added.
Any fees for using EGLD to settle ticket purchases will be recorded on Untold’s balance sheets, according to Elrond. At the time of publication, tickets start at €159, or around 1.37 EGLD. Elrond will have reps at Untold to teach festivalgoers about cryptocurrency and blockchain.
Last year, the Untold event was cancelled because the number of COVID-19 cases across Europe and around the world was increasing before any vaccination was available.
According to Untold, the event drew around 375,000 attendees in 2019. Despite the fact that past years’ attendees came from more than 120 nations, this could alter due to travel limitations and vaccine availability.
Elrond’s EGLD has increased dramatically in price over the previous month, rising from under $70 at the end of July to $136.79 at the time of publication.
Some Romanian businesses and institutions, notably Sibiu’s Lucian Blaga University, have expressed interest in accepting the token as a method of payment.