The Untold Festival, scheduled to be held in Romania next calendar month, has partnered with the Elrond network to allow concert goers to pay for their tickets in cryptocurrency.

In a Tuesday declaration, Untold said that tickets for its 2022 festival could be purchased using Elrond eGold (EGLD). The festival reported that information technology would be allowed to have an unlimited number of attendees despite the ongoing pandemic (the number of daily reported COVID-xix cases in Romania has been under i,000 since June.)

Following the rollout of the ticket purchases with EGLD for Untold, Elrond CEO Beniamin Mincu said the projection would be exploring "a festival economy running on semi-fungible tokens" too as artists dropping nonfungible tokens, or NFTs, to fans from the stage. Yet, Untold attendees will likewise exist able to accept NFTs from the festival "at a later time."

"Blockchain technology has immense potential for large gatherings of digital natives who for a brief flow of fourth dimension become part of a hyperlocal economy," said Mincu.

Co-ordinate to Elrond, any fees for settling ticket purchases using EGLD volition be recorded on Untold's residuum sheets. Tickets beginning at 159 euros ($186), or roughly ane.37 EGLD at the time of publication. Elrond will too take representatives at Untold to educate festival attendees on crypto and blockchain.

Officials cancelled the Untold festival in 2022, as the number of COVID-nineteen cases around Europe and the world was ascension before vaccines had been introduced. According to Untold, more than 375,000 people attended the result in 2022. Though the event reported there were attendees from more than 120 countries in previous years, this may change due to travel restrictions and admission to vaccines.

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The price of Elrond's EGLD has risen significantly in the last calendar month, from under $seventy at the end of July to $136.79 at the time of publication. Some companies and institutions in Romania accept said they are willing to accept the token as a class of payment, including the Lucian Blaga University of Sibiu.