Sitges Pens Down A Blockchain Deal With SEG, Becomes The First Film Festival To Accept Cryptocurrency
Sitges International Fantastic Film Festival is to become the first major movie fest to accept cryptocurrency. The well-known Spanish genre festival has entered into a deal with fledgling new tech firm Slate Entertainment Group (SEG) to take on its blockchain based digital ticketing platform Slatix, which uses digital currency called Slate, for the purchase of tickets and festival passes.
According to the festival and SEG, tickets purchased using the Slatix app will have “near-zero transaction fees, will be forgery resistant virtually eliminating fraud, and instantly transferable.” SEG’s suite of products in development include Binge, a blockchain VOD platform; Slate and Slatix. The firm will be in Cannes looking for content to add to Binge.
We believe that one day most ticketing platforms will be powered by blockchain technology. As early adopters of the Slatix ticketing platform and Slate currency, Sitges will be one of the first in the entertainment industry to fully utilize the benefits of this technology.
– Micheal Moyal, CEO_ SEG
Blockchain’s digital currencies like Bitcoin, has been hailed by some as a way to decentralize and further democratize internet services and business models. It is one of the hottest topics presently at Cannes — and features in the market’s NEXT program — because it offers potential opportunities for content creators and distributors searching for greater transparency over transactions as well as a growing subset of online savvy consumers.