KUALA LUMPUR, June 9 — Perak is set to host Malaysia’s inaugural non-fungible token (NFT) driven festival in August with an aim to revolutionise the digital economy.

The event, dubbed Visit Ipoh Festival, is scheduled to take place from August 26 until October 1.

The festival is expected to bring an estimated 450,000 visitors and revenue of up to RM130 million to Ipoh over a span of six weeks.

The initiative is supported by the Perak State Tourism, Industry, Investment and Corridor Development Committee chairman Loh Sze Yee to promote Ipoh as a leading cultural destination and drive the digital economy.

"We are proud to support the Visit Ipoh Festival as an initiative to drive the digital economy for Ipoh and Perak,” said Loh.

"This festival is not only a celebration of culture and art but also a stepping stone towards a thriving digital economy.”

Loh said he believes that the Visit Ipoh Festival will set a benchmark for the rest of Malaysia, inspiring other cities and regions to embrace the digital revolution and harness its economic potential.

"We are confident that this festival will showcase the ingenuity and creativity of our local talents while positioning Ipoh and Perak as leaders in the digital landscape.”

The festival will be spearheaded by Perak’s Cultural Economy Policy and Research Centre alongside Go Plus Hub, the NFT partner for the event.

Go Plus Hub founder and chief executive officer Jeff Wong expressed his excitement for the partnership and said his firm is committed to creating a unique and immersive experience for visitors while setting new standards for the integration of technology and art.

"In embracing the power of NFTs, Visit Ipoh Festival is at the forefront of driving the digital economy and showcasing the limitless potential of digital assets.”

The festival will also see a partnership with Universiti Kebangsaan Malaysia (UKM) to help students gain insights from the creative industry.

UKM Centre for Research in Language and Linguistic chairman Assoc Prof Nor Fariza said the collaboration provides an invaluable opportunity for the students to gain first-hand insights from the industry.

"By understanding the full ecosystem of the industry, our students will be better equipped to contribute to the digital economy and drive innovation in Malaysia.

"We are also committed to researching, documenting, and archiving festival statistics, ensuring that the data becomes a valuable resource for future reference and analysis.”

The festival will be held along the Kinta River Walk to provide a captivating setting for visitors to explore and engage with the festival’s attractions.

From art exhibitions and installations to cultural shows and fairs, the festival will showcase a diverse range of experiences that celebrate the rich heritage of Ipoh.

One of the festival’s highlights includes the presence of representatives from Fukuoka, the twin city of Ipoh.

Visitors will have the opportunity to engage in food-tasting sessions while gathering more information about visiting Fukuoka, fostering cultural exchange between the two cities.

The festival will also see the opening of Art Ipoh 2.0 led by renowned art curator Philip Wong at Tin Alley, following a successful maiden run in 2019.