Wed. Oct 4th, 2023

For the first time, Coachella is offering a lifelong festival pass, but only if you buy an NFT. Three sets of NFTs will be on sale on February 4th through the festival’s NFT marketplace, which was designed by FTX US. The Coachella Keys Collection, a collection of ten NFTs, will be put up for auction by the firm, with the winning bidder receiving a lifetime pass to the event. Coachella passes and “access to Coachella-produced virtual experiences forever” will be available to token holders. As an added benefit, NFT purchasers will have front-row access and a celebrity chef dinner at the 2022 festival.

AEG renamed Staples Center in November as the Arena.

other traditional corporations have proved there’s money to be made by linking actual items and services to digital assets, so Coachella’s decision to wade into NFT isn’t shocking. A lifetime pass could benefit from the fact that NFT resale proceeds can be passed on to the original seller, which could be a good thing. Coachella will receive a royalty if the NFTs are resold, as would photographers, art installation artists, and design artists.

It is possible to use digital tickets without the NFTS, and the NFL even got rid of paper tickets for the season in 2021 by using digital tickets instead.

Tickets are frequently cited as a use case for NFTs and blockchains, and the NFL said in November that it would add NFTs to tickets for select games before Coachella. It’s a different storey when it comes to the NFL, where the digital token doesn’t get you into the game. Coachella’s NFTs allow their holders to exchange the token for two festival passes each year. Non-fee-based resale and digital ticketing are also viable without NFTs – the NFL even abolished paper tickets in 2021. One of the perks of the Bored Ape Yacht Club is apparently getting exclusive entrance to the events, and businesses like Gap and Adidas have sold NFTs that come with tangible goods. For $180, Coachella will sell 1,000 NFTs that may be redeemed for a Coachella photo book in addition to the 10 lifetime passes. At a cost of $60 each, the business plans to offer 10,000 NFTs with “fan-favorite festival photographs and never before heard soundscapes.” Coachella will give a portion of NFT sales to GiveDirectly, Lideres Campesinas, and Find Food Bank, who are all based in Solana Beach.

By Adam

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