Despite the ongoing COVID-19 pandemic, some events are proceeding as planned. Instead of recalling them, they work to limit contact between their participants. For this purpose, new technologies are used. One of such solutions is a blockchain-powered cashless payment system.
MYST token at a festival in Thailand
Mystic Valley, one of the largest music festivals in Thailand, will issue its own token, which will be used during the event for cashless payments. According to Thursday’s announcement, to issue their own MYST token, the organizers of Mystic Valley have teamed up with the local Bitazza exchange and the startup Fuse.io,
The new token will handle all financial transactions during the festival. With its help, you will be able to pay at each position, among others with food or drinks. The event will be held November 27-29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima. The purpose of the MYST token is to eliminate the need for paper money.
The new cashless payment system is also expected to reduce the costly fees charged by major payment systems.
“A $ 0.01 network transaction makes the implementation of cashless payments available to any type of event organizer at a fraction of the cost”
– we read in the announcement.
Party goers will be able to exchange unused MYST tokens for fiat currencies. They will receive their refund in cash or by bank transfer. In addition to providing a cashless payment system, Mystic Valley allows you to purchase tickets using cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Music and cryptocurrencies
The music industry has been closely related to cryptocurrencies in recent years. Audius, backed by Binance, a decentralized music sharing service, gave out $ 8 million in governance tokens to musicians and listeners on its platform in late October.
In mid-May 2020, we informed that the EMusic digital music store issues the eMU token. The token was supposed to help musicians to earn more on their royalties. Launched in 1998, EMusic is known to be one of the first websites to sell MP3 recordings. According to data from Owler, the company currently employs 278 people and generates annual revenues of USD 65.7 million.