The organizers of Romania’s largest electronic music festival, Untold Festival, have partnered with the Elrond Network to enable concert goers to pay for tickets to EGLD.
The organizers of the Untold Festival announced that the festival is planned to be held next month, and visitors will be able to purchase tickets for EGLD. Despite the ongoing pandemic, an unlimited number of people will be able to attend concerts, since since June the number of reported cases of COVID-19 infection in Romania has already been less than 1,000. Last year, the Untold Festival was canceled due to the pandemic. More than 375,000 people from 120 countries attended the event in 2019, according to Untold.
Elrond Network CEO Beniamin Mincu said any transactions and commissions when purchasing tickets using EGLD will be reflected in Untold’s financial statements. Tickets will cost from 1.37 EGLD (about 159 euros). According to Minku, the festival will be attended by representatives of Elrond, who will teach festival visitors the basics of blockchain and cryptocurrencies.
“Blockchain has huge potential. Large gatherings of young people who are digitally savvy are a good opportunity to promote blockchain and cryptocurrencies, so we need to use it to bring the digital generation to the latest technology, ”said Minku.
After “testing” EGLD ticket purchases for Untold Festival, the project management will continue to interact with the entertainment industry. Elrond will be exploring how cryptoassets can be used in the “festival economy” and working with stars issuing their own non-fungible tokens (NFTs).
The EGLD rate has grown significantly over the past month – at the end of July, the crypto asset was traded for $ 70, and today its value is already more than $ 136. In April, the Romanian State University of Luciana Blaga in Sibiu also announced that it was ready to accept EGLD as tuition fees.
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