Coachella, known as one of the most famous annual American music festivals in the world, is making its second attempt at launching NFTs and offering VIP benefits to holders. To do this, the music and arts festival group has partnered with OpenSea, the world’s largest digital-only NFT marketplace. Coachella decided to release a total of three NFT lineups. All three will offer different advantages to buyers of these digital collectibles through OpenSea.
On average around April each year, approximately 125,000 participants come to the Empire Polo Club in Indio, California. Coachella’s decision to launch an NFT collection may directly drive massive participation in the NFT industry.
The first series has been released on OpenSea and is called – VIP Pass to Coachella + Oasis Lounge Keepsake. There are 1,024 NFTs in the collection. Holders of these NFTs will receive exclusive bar benefits, including limited free drinks, shaded lounges, and more. The series of NFTs are expected to be minted on the AVAX (Avalanche) blockchain at a price of $1,499 (approximately Rs. 1.24 lakh).
Coachella is once again looking to enhance the music festival experience in new ways with the launch of the Keepsake NFT series, which provides attendees with additional ticketing benefits and exclusive perks.@外海 and @Coachella Choosing to publish on Avalanche was chosen because the technology offers… https://t.co/Gqyu7WTaSX
— avalanche: small_red_triangle: (@avax) March 5, 2024
As for the other two collections, Coachella is reportedly planning to unveil them around March and mid-April.
“NFT-based music and ticket collections are one of the best ways for the cryptocurrency sub-industry to gain mainstream adoption. Tickets can bring special memories to fans, and they have the potential to be more than just keepsakes or collectibles, but also bring utility ,” tweet threat from Avalanche lead said Devin Finzer, CEO and co-founder of OpenSea.
However, this isn’t Coachella’s first attempt at offering perk-filled NFTs as festival passes and digital souvenirs.
In February 2022, Coachella decided to give away ten lifetime passes to NFT buyers. At that time the festival launched an NFT market established by the now bankrupt FTX US company. Soon after, when the fortune of FTX founder Sam Bankman-Fried collapsed, these tokens and their promises fell flat, leaving holders stranded.