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    IIT Delhi partners with Binance to issue NFT tickets

    IIT Delhi and Binance partnership

    The Indian Institute of Technology, IIT Delhi, has partnered with Binance, a cryptocurrency exchange and blockchain platform, to offer non-fungible token (NFT) tickets and proof of attendance protocol (PoAP) during its upcoming three-day cultural fest, Rendezvous,’ which will take place from April 24-26. On concert occasions, NFT tickets will be distributed to the audience.

    Binance also announced that it will hold competitions in crypto trading and NFT arts, as well as a ‘crypto for all’ educational webinar on crypto and blockchain on May 1st, at which participants will get certificates. Binance is also the IIT festival’s title sponsor.

    IIT Delhi enters the NFT world.

    The cooperation with Binance, according to Khushpreet Singh, BRCA IIT Delhi’s general coordinator, would let students learn about blockchain technology and experience some of its applications in action. “The event’s digitalization will undoubtedly introduce a new degree of excitement to the attendance experience, while also imparting knowledge about this most fascinating technology that helps us to be future-ready,” he added.

    Registration for the festival has been a long-standing issue, according to Aman Lohia, the general coordinator, and the adoption of blockchain and NFT will help address it.

    Binance cryptocurrency platform

    Binance is one of the most popular cryptocurrency exchange platforms, with an estimated 28.5 million users. The company has a long history of working with students and educational institutions. For example, Binance and the Inter-Institutional Inclusive Innovation Centre (i4c) organized a ‘Blockchain for Good’ Ideathon for students in India last month with the goal of using blockchain technology to solve problems.

    Binance’s head of Asia-Pacific, Leon Foong, expressed his delight at the opportunity to use his company’s infrastructure and platform to excite and educate kids about Web3, blockchain, and cryptocurrency.

    “We’re excited to see what new ideas will emerge during the festival, as well as the new economic prospects that events like this will provide,” Foong added.

    Popularity of NFTs

    Despite the fact that NFT arts are immensely popular, businesses are increasingly looking into real-world applications of NFTs. Due to their inability to be duplicated, the adoption of NFTs for ticketing would reduce the issue of duplicate or false tickets. Organizers will be able to trace the ticket’s complete life cycle because the entire ticket distribution will be based on blockchain.

    In March, an art and music festival organized by Afterparty in Las Vegas sold half of the 6,000 tickets as non-refundable tickets.

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