IOI
For the first time, Coachella is selling lifetime festival passes, but you must first purchase an NFT. The music festival inaugurated an FTX US-built NFT marketplace today, with three collections of NFTs going on sale on February 4th.
The Coachella Keys Collection, a group of ten NFTs that grant wearers lifetime access to the festival, will be auctioned off by the corporation. Owners of the token will receive annual passes to Coachella as well as “everlasting access to Coachella-produced virtual experiences.” NFT sales also come with exclusive benefits for the 2022 festival, such as front-row seating and a celebrity chef meal.
Coachella parent company AEG dubbed the Staples Center the Crypto.com Arena in November, and other traditional corporations have proved there’s plenty of money to be earned by tying tangible products and services to digital ones. NFT resales frequently result in a profit for the original seller, which might be advantageous for something as long-term as a lifetime pass. Coachella, photographers, art installation artists, and design artists will all receive royalties if the NFTs are resold.
Without the Nfts, digital ticketing is possible – The NFL has eliminated paper tickets for the 2021 season.
Ticketing is frequently mentioned as a use case for NFTs and blockchains; prior to Coachella, the NFL stated in November that it would add NFTs to select game tickets. However, in the case of the NFL, the digital token does not entitle you to attend the game. The token is used by owners of Coachella’s NFTs to redeem two festival passes each year. Without NFTs, digital ticketing and resale are also viable; the NFL even eliminated paper tickets for the 2021 season.
Other companies have linked NFTs to tangible products and experiences: one of the lures of the Bored Ape Yacht Club is allegedly exclusive admission to events, and brands ranging from Gap to Adidas have offered NFTs that came with physical merchandise.
Coachella will sell 1,000 NFTs for $180 each, in addition to the ten lifetime-pass NFTs. Buyers can use their NFTs to redeem a physical Coachella photo book. The business will also sell 10,000 NFTs for $60 each, with “fan-favorite festival photographs and never-before-heard soundscapes.” Coachella will give a part of NFT sales to GiveDirectly, Lideres Campesinas, and Find Food Bank through Minted on Solana.
