Regardless of the continuing COVID-19 pandemic, some international 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 resolution includes a cashless fee system powered by blockchain.

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

In response to a Thursday announcement, Mystic Valley organizers partnered with native cryptocurrency trade Bitazza and blockchain startup Fuse.io to mint its personal crypto token, MYST.

The brand new token is designed to supply all monetary transactions on the competition together with funds made to foods 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.

In response to 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 fee system can be anticipated to cut back expensive charges charged by main point-of-sale programs. “Community’s $0.01 transaction makes the implementation of cashless funds accessible to any type of occasion organizer at [a] fraction of the price,” the announcement notes.

A spokesperson for the occasion informed Cointelegraph that customers will be capable to trade the unused quantity of MYST tokens for fiat. “Then they may get a money or wire switch refund,” the particular person added.

Alongside offering a cashless fee 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 trade has been carefully tied with crypto lately. Audius, a Binance-backed decentralized music sharing service, distributed $8 million in governance tokens to musicians and listeners on its platform in late October. In late September, French DJ David Guetta secured a cope with crypto-focused digital actuality platform Sensorium Galaxy.