By Hannah Perez
The Untold festival team partnered with Elrond Network to accept payments in the EGLD cryptocurrency. They will also be launching a new NFT collection during the event.
One of Europe’s biggest electronic music festivals is exploring a new payment alternative: cryptocurrencies
Untold Festival, which is set to hold its 2021 edition next month in Romania, announced that this time around it will accept the digital currency Elrond
(EGLD) for payment of its tickets.
The event’s organizers partnered with blockchain platform Elrond Network to allow electronic music fans the option to pay for their festival tickets with that network’s native cryptocurrency, called EGLD. The Elrond
development team reported the new partnership via its official blog this Tuesday.
“Electronic music and cryptocurrency enthusiasts will be able to purchase tickets for attendance using the EGLD cryptocurrency, which powers the Elrond Network’s Internet-scale Blockchain
and the viral crypto super app Maiar,” they wrote in the statement.
Untold partners with Elrond Network
One of the leading music festivals in Europe and the largest in Romania, Untold 2021 will bring together three renowned DJs – David Guetta, Martin Garrix, Dimitri Vegas and Like Mike. It will also feature international musicians such as The Script, Parov Stelar, Tyga, Sam Feldt,
who, among other renowned bands, artists and DJs, will take the stages of the festival.
Although with a limited capacity of attendees, the new edition of the festival promises to be an epic event. In 2019, Untold had 372,000 attendees from around the world. It has been named Best Major Festival at the European Festival Awards
In this edition, in addition to including digital currencies as a novel form of payment, the festival is also foraying into the world of non-fungible tokens. According to the release, the creative collaboration with Elrond will give all Untold attendees the opportunity to experience a special “NFT moment
“ Blockchaintechnology has immense potential for large gatherings of digital natives who for a short period of time become part of a hyperlocal economy.This year we are committed to EGLD ticketing and NFTs,” Beniamin Mincu, CEO of Elrond
Network, commented on the matter.
The festival will launch a series of collectibles on the NFT marketplace of Maiar d
es after the concert is held. “Attendees will be able to collect [tokens] as part of their timeless digital collection of life’s important moments.”
First music festival to launch NFT
Untold in April became the first music festival in the world to launch an NFT collection. The tokens, available on the OpenSea marketplace, represent the “most important characters and stories from the enchanted world of our festival,” the team said.
– UntoldFestival (@UntoldFestival) April 13, 2021
In this regard, the CEO of Elrond said that the partnership will continue to explore other advantages of technology for future editions of the festival.
We hope to explore other use cases in the following editions, such as the economics of a festival running on semi-fungible tokens issued on the Elrond network, or artists dropping NFTs live on stage, for all their fans to engage exclusively.
According to Elrond, any fees for settling ticket purchases using EGLD will be recorded in Untold’s balances. Ticket prices start at €159, or approximately 1.25 EGLD at the time of publication. Elrond will also have representatives at Untold to educate festival attendees about crypto and. Blockchain.
“We’re excited to work alongside Elrond Network and merge live and digital into a series of unique moments. And we are happy that, thanks to this partnership, our community will be able to interact with Blockchaintechnology on the festival grounds,” added Bogdan Radulescu, Head of Partnerships and New Business at Untold Festival.”
Version by Hannah Estefania Perez / DiarioBitcoin
Image from Unsplash