The well-known giant music festival, Coachella Valley Music and Arts Festival, has entered an alliance with crypto exchange FTX US to issue an accumulation of non-fungible tokens (NFT). The popular music festival took to their Twitter handle, on 1 February 2022, to announce the same.
After a long break of two years, due to the coronavirus pandemic, the much-awaited music festival seems to be returning with a bang this April. Coachella’s new set of NFTs, Coachella collectibles, will provide on-site advantages and VIP entries to the event which will embark on this come-back, according to their website. This advanced alliance aims to cultivate crypto-based endurance at the famous festival.
The NFTs which happen to be in a restricted bunch will be dropping in this Friday, 4 February 2022. This marketplace is built on the Solana blockchain. However, the users must have an account on the US-regulated crypto exchange, FTX US. The gains from the elements sold will be donated to Give Directly, Lideers Campesinas, and Find Food Bank, with a percentage that will support the founders involved.
Sam Schoonover, the innovation lead of the music festival, said that only blockchain technology can give a unique ability to offer tradeable lifetime passes to the music and arts festival. He added,
“As the metaverse continues to develop, we will create more opportunities for fans to have fun and interact with each other and their favorite artists both online and offline.”
Coachella collectibles can be exchanged for real-world passes
The collectibles are being offered in a variation of three sets. The first set is called Coachella key collection, which grants lifetime entrance to the festival with additional VIP perks. This set is found only in ten tokens. The features offered through these keys are said to evolve and grow every year.
The remaining two sets are limited-edition token collections for the fan base. The second one is The Dessert Reflections Collections, these can be exchanged for photobooks which consist of pictures from the festival. This set is available in 1000 tokens, priced at $180 each.
The third collection, found in 10,000 tokens, is called Sights and Sounds Collections. These offer soundscapes from the Polo Fields.
This is the first time that any music festival has used NFTs in exchange for lifelong passes in the real world.