The coronavirus pandemic created a lot of challenges for music festivals. Despite challenges, some organizers decided not to cancel or postpone the festivals. Importantly, instead of canceling the event, they are working to limit close contact between attendees. They want to protect people by using new technologies. For example, one solution is to use a cashless payment system powered by blockchain. Interestingly, the Thai music festival will use its own crypto token to protect attendees.
Mystic Valley is one of the largest music festivals in Thailand. This fact once more underlines the importance of this festival. Importantly, Mystic Valley will be issuing a token for cashless payments during its upcoming three-day event. People should take into account that, organizers of this festival partnered with local cryptocurrency exchange Bitazza and blockchain startup Fuse.io to mint its own crypto token MYST.
Interestingly, MYST is designed to provide all financial transactions at the festival including payments made to food and drink vendors, etc. The event will take place from November 27 to November 29 at the Mountain Creek Golf Resort in Khao Yai, Nakhon Ratchasima.
Crypto token and new opportunities
Countries are struggling to cope with the coronavirus pandemic and it is quite hard to organize a festival. The purpose of this crypto token is to eliminate the need for paper money. This way it will be easier to reduce risk factors associated with public gatherings.
Moreover, the new cashless payment system is also expected to reduce costly fees charged by major point-of-sale systems. Interestingly, the network’s $0.01 transaction makes the implementation of cashless payments accessible to any kind of event organizer at a fraction of the cost.
Also, users will be able to exchange the unused amount of MYST tokens for fiat, then they will get a cash or wire transfer refund.
The music festival allows attendees to buy their tickets with major cryptocurrencies such as Bitcoin, Ether, and the stablecoin Tether.
The coronavirus pandemic created a lot of issues for the music industry. It won’t be easy to repair the damage caused by the pandemic. Organizers of the music festival in Thailand decided not to cancel the event. However, they would like to reduce risk factors. Thanks to crypto token organizers will be able to protect attendees as well as other vendors. Attendees should follow rules and regulations as the coronavirus pandemic is not over yet and they should keep their distance from other people.