The Untold Festival, which will take place in Romania next month, has teamed up with the Elrond Network to allow concertgoers to pay for their tickets in cryptocurrency.
Untold announced on Tuesday that tickets for its 2021 festival could be purchased using Elrond (EGLD). Despite the ongoing pandemic, the festival reported that it would be allowed to have an unlimited number of attendees — the number of daily reported COVID-19 cases in Romania has been under 1,000 since June.
Following the rollout of the ticket purchases with EGLD for Untold, Elrond Network CEO Beniamin Mincu stated that 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. Untold attendees, on the other hand, will be able to accept NFTs from the festival “at a later time.”
“Blockchain technology has enormous potential for large gatherings of digital natives who become part of a hyperlocal economy for a brief period of time,” Mincu said.
According to Elrond, any fees for using EGLD to settle ticket purchases will be recorded on Untold’s balance sheets. At the time of publication, tickets start at €159, or approximately 1.37 EGLD. Elrond will also have representatives at Untold to educate festival goers about cryptocurrency and blockchain.
Last year, officials canceled the Untold festival because the number of COVID-19 cases in Europe and around the world was increasing before any vaccine was available. According to Untold, the event drew over 375,000 people in 2019. Despite the fact that previous years’ events reported attendance from more than 120 countries, this may change due to travel restrictions and vaccine availability.
Elrond’s EGLD price has risen significantly in the last month, from less than $70 at the end of July to $136.79 at the time of publication. Some Romanian businesses and institutions, including the Lucian Blaga University of Sibiu, have stated their willingness to accept the token as payment.