Technology / 07.28.21
Croatian Music Fest Launches NFT Ticketing, Aiming to Become World's First DAO Festival
Time Out (07/26/21) Rasin, Lara
Croatia's Circus Maximus music festival scheduled for August aims to be the first Distributed Autonomous Organization festival in the world, which applies a smart contract to its budget. The implication is that fans will primarily dictate all aspects of the event, including venue location, artists and how and where the budget will be allocated. The festival has unveiled a non-fungible token (NFT) ticketing system, with Circus Maximus to issue transferable NFT ticket tokens as a cryptographic token enabled by an ERC1155 smart contract on xDai chain. After securing a ticket, fans can use an app to check in and receive an NFT as a permanent digital record of their purchase. Scalping and counterfeiting will also be impossible as each ticket will be authentic and unique to the holder.
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Tags: Music , News , NFT