Coachella Valley Music Festival Becomes a Trailblazer by Offering Event NFTs

By: Sharjeel Sohaib

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Feb 12, 2022

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The Coachella Valley Music and Arts Festival will take place this year from APR 15-17 & 22-24. Passes are no longer available for the festival, however, you join the waitlist here.

As part of a partnership with crypto exchange FTX, the Coachella Valley Music & Arts Festival will return this April after a two-year pause. The festival’s management has announced a series of non-fungible tokens (NFTs) offering on-site perks and VIP access to the event. “The Hash” team discusses the latest move signaling NFTs taking off in the music industry and bringing mainstream blockchain awareness to the masses.

The NFTs & Partnership with FTX US

The festival will now let you unlock lifetime Coachella passes, art prints, photo books, and digital collectibles. According the festival’s official communication, it has partnered with FTX US to build an environmentally friendly marketplace on Solana. A portion of the proceeds from each item will be donated to Give DirectlyLideres Campesinas, & Find Food Bank, and a royalty will support the creators involved. More novel NFT experiences to come.

What are NFTs and Coachella Keys Collection?

A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, and audio.

Coachella Keys Collection is an NFT with 10 NFT keys that grant you lifetime access to Coachella. This includes passes to one festival weekend every April and Coachella produced virtual experiences… forever. These keys also include unique experiences for 2022 like front and center views at the Coachella Stage, lifetime Safari camping, or a dinner prepared by a professional chef in the Rose Garden. There’s no telling what else these NFT keys will unlock in the near future. Select a key to learn more about its offerings and to place a bid. The auction for this collection begins February 4th at 10am PT and will last for one week.

Coachella Valley Jumps on the Crypto Bandwagon 

Coachella is jumping on the crypto bandwagon and will sell lifetime passes to its annual festival via NFT. The music festival partnered with the cryptocurrency exchange FTX US to launch three collections of nonfungible tokens, or NFTs, which will be available for auction Friday. The launch includes the Coachella Keys Collection, 10 NFTs that grant owners “lifetime access” to one weekend of the festival every April, as well as “Coachella produced virtual experiences forever.”

NBC News

CoinDesk, a popular news website covering Bitcoin and digital currencies also covered Coachella Valley Music Festivals offer of floating NFTs.


Author

  • Avatar Of Sharjeel

    Sharjeel joined Startempire Wire as emerging technologies editor. Earlier, he worked at Silicon Canals, a leading English language technology media source for the Benelux and wider Europe. He covered the European technology and startup ecosystem digging into latest funding rounds of startups.

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