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Major European music festival will allow fans to buy tickets using EGLD

“Blockchain technology has immense potential for large gatherings of digital natives who for a brief period of time become part of a hyperlocal economy,” said Beniamin Mincu.

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

In a Tuesday announcement, Untold said that tickets for its 2021 festival could be purchased using Elrond (EGLD). The festival reported that it would be allowed to have an unlimited number of attendees despite the ongoing pandemic — the number of daily reported COVID-19 cases in Romania has been under 1,000 since June.

Elrond Network CEO Beniamin Mincu said following the rollout of the ticket purchases with EGLD for Untold, 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. However, Untold attendees will alsobe 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 period of time become part of a hyperlocal economy,” said Mincu.

According to Elrond, any fees for settling ticket purchases using EGLD will be recorded on Untold’s balance sheets. Tickets start at €159, or roughly 1.37 EGLD at the time of publication. Elrond will also have representatives at Untold to educate festival attendees on crypto and blockchain.

Officials cancelled the Untold festival last year, as the number of COVID-19 cases around Europe and the world were rising before any vaccine had been introduced. According to Untold, more than 375,000 people attended the event in 2019. Though the event reported there were attendees from more than 120 countries in previous years, this may change due to travel restrictions and access to the vaccine.

Related: Thai music festival to use its own token for a cashless event

The price of Elrond’s EGLD has risen significantly in the last month, from under $70 at the end of July to $136.79 at the time of publication. Some companies and institutions in Romania have said they are willing to accept the token as a form of payment, including the Lucian Blaga University of Sibiu.

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Romanian university plans to accept crypto payments for admission fees

The academic institution with a student body of roughly 11,000 said the addition of crypto payments was part of a plan to support local businesses like Elrond.

A public university in the Romanian city of Sibiu in Transylvania has said it will allow students to pay for their admission fees in crypto.

According to an announcement from Lucian Blaga University of Sibiu, or LBUS, on Wednesday, the institution plans to implement crypto payment methods for its more than 11,000 students starting in July. Students will reportedly be able to pay for admission fees — tuition is roughly $1,000 per year for undergraduates — using Elrond (EGLD), which the university will then convert to Romanian leu.

"Our university has been and will continue to be a supporter of the community and local business, and the decision to develop this partnership with Elrond is part of this strategy," said university Rector Sorin Radu.

Starting as an initial exchange offering from the Binance Launchpad in 2019, Elrond has offices in the Transylvanian town of more than 400,000 people and its team contains many graduates of the local university. The project said it plans to carry out other collaborations with LBUS in the future, including research.

According to legislation implemented in July, exchange providers that monitor the purchase of crypto with fiat currency and vice versa must now be authorized if they operate in Romania. Many crypto users handling digital assets in the country are required to use exchanges that incorporate Know Your Customer requirements and comply with both domestic and foreign Anti-Money Laundering provisions.

Elrond has recently seen some significant changes, including its mainnet swap last year as the ERD token became EGLD. At the time of publication, the price of EGLD is $231, having risen more than 13% in the last 24 hours.

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