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The Untold Festival Partners With Elrond Network To Allow Fans Buy Tickets In Crypto

The Untold Festival has partnered with the Elrond network to allow fans to buy their tickets in cryptocurrency.

It has been reported that Untold said that tickets for its 2021 festival could be purchased using Elrond eGold (EGLD). The festival reported that it would be allowed to have an unlimited number of attendees despite the ongoing pandemic, the number of daily reported COVID-19 cases in Romania has been under 1,000 since June.

Beniamin Mincu, the CEO of Elrond, said:

“The project would be exploring a festival economy running on semi-fungible tokens as well as artists dropping nonfungible tokens, or NFTs, to fans from the stage. However, Untold attendees will also be able to accept NFTs from the festival at a later time. Blockchain technology has immense potential for large gatherings of digital natives who for a brief period of time become part of a hyperlocal economy.”

However, Elrond added that any fees for settling ticket purchases using EGLD will be recorded on Untold’s balance sheets. Tickets start at 159 euros ($186), or around 1.37 EGLD as of August 17. Elrond will also have representatives at Untold to educate festival attendees on crypto and blockchain.

The report said that officials cancelled the Untold festival in 2020, as the number of COVID-19 cases around Europe and the world was rising before vaccines had been introduced.

Thus, according to Untold, more than 375,000 people attended the event in 2019. Though the event reported there were attendees from more than 120 countries in previous years, this may change due to travel restrictions and access to vaccines.

Source: Cointelegraph



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