Coachella has launched an NFT marketplace in partnership with FTX.US to sell lifetime festival passes as digital tokens.
Coachella NFTs Hit The Market
Music festival-goers can now be NFT-holders. Earlier today, Coachella announced the launch of its new NFT collections. The three collections will go live on February 4, on the marketplace created by FTX.US, and can give fans lifetime festival access passes and other memorabilia. In addition, interested parties can buy an NFT by participating in the auction that is going live this Friday. The NFTs will be minted on Solana, and a portion of the profits from the sales will be donated to GiveDirectly, Lideres Campesinas, and Find Food Bank.
The Three NFT Collections
One of the collections being launched is the Coachella Keys Collection, which features 10 NFTs that grant owners lifetime access keys to one weekend of the festival every April, as well as Coachella-produced virtual experiences. Other VIP perks for all Coachella Keys Collections owners include special viewing areas at festival stages, lifetime camping at the coveted Safari Campgrounds (luxury tents start at $9,500), and a private dinner prepared by a professional chef on the festival grounds. On top of everything, each NFT from the collection has a unique festival perk available to only the owner. The other two NFT collections dropping are the Sights and Sound Collection and the Desert Reflections Collection.
What Will NFT Owners Get?
Selling the NFT will also transfer the lifetime festival pass, as well as other benefits, to the new owner, who will have to validate the NFT before April 1 to gain access to the festival. On top of the NFT collection, digital collectibles are also up for sale. Owners can mint any NFT from the Sights and Sound Collection to receive physical art prints. This collection will include 10,000 NFTs featuring fan-favorite festival photos and never heard before soundscapes, all priced at just $60 per NFT. Additionally, fans can purchase any one of 1000 NFTs from the Desert Reflections collection, priced at $180 each to redeem a physical Coachella photo book.
Lollapalooza Did It First
The NFT craze has definitely caught on to all leading brands and organizations. The NFL had already launched its NFT-based ticketing system back in November. However, Coachella is not the first festival organization to launch NFTs. The trend was set by Lollapalooza in 2021, by launching an NFT collection featuring tour posters between the years 1991 and 1993. Furthermore, the Lollapalooza collection also featured bands and musical celebrities like Steve Aoki, Band of Horses, Modest Mouse, Perry Farrell, and so on.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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