By James Lawrence - News - 1 month ago

Bermuda Syzygy Festival Sells Blockchain-Based Tickets

According to an article published in Bermuda’s Royal Gazette, yesterday December 10, tickets for this month’s Syzygy Festival will be available via a blockchain-based system for the first time in Bermuda. Tickets for the event are also available for purchase with both Bitcoin and Ethereum.

Syzygy Festival, taking place Saturday, December 29, is a celebration of Soca and Reggae music genres, attracting international headliners Bunji Garlin and Sizzla Kalonji. The festival has partnered with Canadian-based technology company EventChain to sell tickets, which in a Bermuda first, are available via crypto payment and are securely hosted on blockchain technology.

Vancouver-based, EventChain is a decentralized blockchain network that sells tickets for various third-party events via a unique smart contract ticketing system. These ‘SmartTickets’ function as tokens, that leverage smart contract technology to solve many problems with modern ticketing such as counterfeiting, reselling markups and processing fees. Tickets via EventChain also had added benefits unique to tokenization, such as custom variables for the reselling of tickets, real-time and accurate ticket availability levels, and greater variety in payment options.

Speaking with the Royal Gazette, Alex Marshall, an entrepreneur in Bermuda, as well as promoter, and performer at Syzygy said, “It’s the largest line-up to my knowledge of international acts on a stage in Bermuda. And in order to hit a new tourism demographic, we are the first event ever in Bermuda where people can purchase tickets on blockchain through our partners EventChain… People can pay with cash or pay with bitcoin or other cryptocurrencies. It’s the first time outside of the United States people can do this. With Bermuda bidding to be a leader in the blockchain space, that’s pretty cool.”

Mr. Marshall added: “There is an entire demographic who hold cryptocurrency and want to spend it. It’s exciting and different and will attract people from overseas. It’s tapping into a whole new demographic that not even the Bermuda Tourism Authority has tackled. We plan to do this every year and it will grow and grow.”

Earlier this year, Bermuda outlined virtual currency legislation seeking to attract fintech entrepreneurs, with reports the government of Bermuda struggle to keep up with international interest for progressive crypto-regulation from the island.

Ashton Addison, CEO of EventChain, said: “We accept cryptocurrencies like Bitcoin and Ethereum as well as credit cards and other traditional payment methods.”

The Syzygy Festival is also for a good cause, with proceeds going to the Chewstick Foundation Charity to help encourage the arts and talent in the youth & community. The event takes place December 29, from 6 pm to 3 am, held at the former BAR Land Rover headquarters at Dockyard, which is now the concert venue The Shed.