Despite the mainstream hate of Non-Fungible Tokens (NFTs), one of the world's largest festivals is fully adopting them by offering lifetime passes to all of its concerts.
Coachella Valley Music & Arts has partnered with FTX US to release a selection of NFTs that are built on the Solana blockchain. According to the announcement, Coachella will auction off 10 key NFT's that will serve as lifetime passes to all Coachella festivals. The keys also come with perks for the Coachella 2022, such as front row access, dinner made by a celebrity chef, or on-stage access at a Sahara Tent.
Additionally, Coachella is releasing two more collections of NFTs, one will include a 1,000-piece collection that will start at $180 apiece that will allow buyers to redeem a physical photo book from the festival and the other being a 10,000-piece digital collection that starts at $60 apiece. Coachella will be auctioning these NFTs on its own website as well as the FTX NFT marketplace.
"Since each NFT is a permanent record verified on a blockchain, they have the unique capability to securely guarantee their owner permanent rights to [in real life] experiences too. We think lifetime access to Coachella is a perfect use case for NFTs. These Coachella Keys are digital items that provide real value to their owners over the long term," said Sam Schoonover, Coachella's Innovation Lead, to Decrypt.
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