Cryptocurrency News

IIT-Delhi Partners With Binance For Cultural Fest, NFT Tickets Part Of The Event

Cryptocurrency exchange and blockchain platform Binance is also sponsoring a couple of competitions at the fest.

During its three-day cultural fest ‘Rendezvous’, from April 24 to 26, the Indian Institute of Technology (IIT) Delhi partnered with Binance, a cryptocurrency exchange, and blockchain platform, to distribute non-fungible token (NFT) tickets and proof of attendance protocol (PoAP).

On concert nights, NFT tickets were distributed to attendees.

Through this association, Binance aimed to educate and raise awareness about the different use cases of blockchain, such as those demonstrated during the festival — NFT tickets, NFT certificates, fan tokens, and PoAP among others.

Binance is sponsoring a few cryptocurrency- and blockchain-related competitions at the fest, such as Cryptocon (a crypto trading competition) and an NFTart competition.

Binance, as the title sponsor of Rendezvous, will also hold a ‘Crypto for All’ instructional webinar on May 1 as part of the festival.

Binance intends to use this webinar to raise investor understanding of crypto and blockchain, as well as to distribute Binance NFT completion certificates to all successful participants.

Leon Foong, the head of APAC at Binance, was quoted as saying in a blogpost, “We are excited to partner with IIT Delhi for Rendezvous, where the most talented tech students from all over the country are brought together. We are happy to leverage Binance’s infrastructure and platform to inspire and educate the attendees of Rendezvous in web3, blockchain and crypto.”

Khushpreet Singh-BRCA IIT Delhi Overall Coordinator said that in India, blockchain was an emerging technology and had a lot of room for creativity.

Mr Singh added that the event’s digitisation would add a new level of excitement for the attendees.

Aman Lohia, the overall coordinator of Rendezvous, said that the idea of NFT tickets has excited the entire campus.

Foong added that they were looking forward to the innovative ideas that would emerge at the fest and the economic opportunities arising from events of this scale.

With NFTs gaining in popularity, it won’t be surprising if many other organisations, too, look at their real-world applications.

Due to their inability to be duplicated, the adoption of NFTs for ticketing would reduce the issue of duplicate or false tickets.

Also, the organisers will be able to trace the ticket’s complete life cycle because the entire distribution system will be based on blockchain.

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