Coachella Music Festival Offers Lifetime Passes as NFTs
The first collection called the 'Coachella Keys Collection', consists of 10 NFTs each offering lifetime festival access and VIP on-site experiences this year that include front row seats at the Coachella Stage, on-stage access at a specific tent including a celebrity chef dinner.
“Access to lifetime Coachella passes lasts year after year, forever, until you decide to sell your NFT. Once it is sold, the new owner of the NFT is granted this lifetime access. To ensure we are able to fulfill your lifetime Coachella festival passes and experiences, Key owners will need to verify their ownership on the redemption page each year by April 1st,” the company explained.
The series also includes two NFT collections. The 'Sights and Sounds' collection will include 10,000 NFTs featuring photos and music from past festivals priced at $60 each. Additionally, there are 1,000 NFTs in the 'Desert Reflections' collection, featuring ten digital posters from past Coachella concerts priced at $180 each which buyers can redeem for a physical copy of a Coachella photo book.
An undisclosed portion of the proceeds from the NFTs sold will go to three charities including GiveDirectly, Lideres Campesinos, and Find Food Bank, with a royalty supporting the creators involved.
Partnership With FTX US
As part of its partnership with FTX, Coachella will be also launching an NFT marketplace and will be releasing its own set of NFTs. Sam Schoonover, innovation lead for Coachella, said the partnership would allow them to have the infrastructure and support for their future blockchain initiatives.
"We've all seen how NFTs enable true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world too. Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever," Schoonover said.
The NFTs will be minted on the Solana blockchain. Festival representatives noted that Solana was the preferred choice as it allegedly consumes the least amount of energy among other platforms.
