Coachella Partners with FTX US to Auction Lifetime Festival Passes as NFTs
The Coachella Valley Music and Arts Festival is offering music fans lifetime access to Coachella, as well as advantages like front-row seating and more.
NFTs could be a game-changer for the music industry and event ticketing in the future, and now there's a high-profile project that mixes the two. Coachella Valley Music & Arts Festival reported yesterday that it will collaborate with FTX US to release NFTs, which will include lifetime passes to the annual concert festival.
Coachella will auction off ten Key NFTs, each of which includes a lifetime pass to the annual music festival in Indio, California, as well as access to all Coachella virtual events. The NFTs, which may be traded, will also contain exclusive advantages for the 2022 festival, such as front-row seating, a celebrity chef supper, and on-stage access at the Sahara Tent.
In addition to that, the festival will release two more NFT collections. One will be limited to 1,000 pieces at $180 each and may be redeemed for a physical photo book from the festival, whereas another NFT collection will be entirely digital and will span 10,000 pieces at $60 each.
The NFTs will be sold through Coachella’s NFT platform and the FTX NFTs marketplace, and a portion of the proceeds will be donated to GiveDirectly, LCampesinas, & FINDFoodBank, and a royalty will support the creators involved.
“Since each NFT is a permanent record verified on a blockchain, they have the unique capability to securely guarantee their owner permanent rights to [in real life] experiences too,” he said. “We think lifetime access to Coachella is a perfect use case for NFTs. These Coachella Keys are digital items that provide real value to their owners over the long term.”
While Ethereum is now the most popular platform for NFT collectibles, Solana is gaining popularity due to faster transactions, reduced fees, and a smaller environmental impact. Coachella picked Solana for the last two reasons, according to Schoonover, especially for collectors who may be interacting with NFTs for the first time.
Harry Styles, Billie Eilish, and Kanye West will headline Coachella 2022, which will take place from April 15-17 and 22-24. Lil Baby, Phoebe Bridgers, Megan Thee Stallion, Doja Cat, and Run the Jewels are among the other performers.
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