The Coachella Valley Music and Arts Festival is stepping into non-fungible token (NFT) technology space, according to the festival’s official Twitter account. Coachella partnered with the crypto exchange FTX US, and the NFTs are minted on the Solana blockchain.
Coachella Partners With FTX US to Mint Solana-Based Digital Collectibles
Since 1999, the festival co-founded by Rick Van Santen and Paul Tollett called Coachella has been a popular music and arts event with its highest attendance in 2017, peaking at 250,000 attendees. Music acts that have played at various Coachella festivals include performers like the Chemical Brothers, Rage Against the Machine, Tool, Morrissey, A Perfect Circle, and Jurassic 5. Coachella celebrated its 20th anniversary in 2019 and had to cancel the 2020 event over the Covid-19 pandemic.
Goldenvoice — the firm that operates Coachella — revealed on June 1, that the event will return on April 15–17 this year, featuring artists like Swedish House Mafia, Billie Eilish, Harry Styles, and Ye. On February 1, Coachella’s official Twitter account announced it was launching NFTs minted on the Solana (SOL) blockchain. “We have partnered with FTX US to build an environmentally friendly marketplace on Solana,” Coachella tweeted. The festival organizers have also published a web portal dedicated to the NFTs.
Nft.coachella.com says that participants can “unlock lifetime Coachella passes, art prints, photo books, digital collectibles, and more.” The festival’s website asserts that Coachella collectibles are “a first of its kind opportunity to own lifetime festival passes, unlock unique on-site experiences, physical items, and digital collectibles.” Limited Coachella digital collectibles will drop on Friday, February 4, at 10 a.m. (PT) and NFT drop participants need to have an FTX US account.
The NFT sale proceeds will be given to givedirectly.org, liderescampesinas.org, and findfoodbank.org. Coachella further details that the festival’s NFT art was created by Emek Studios. As far as the unlock-able lifetime Coachella passes are concerned, there are 10 NFT keys that grant you lifetime access to Coachella available. “This includes passes to one festival weekend every April and Coachella produced virtual experiences… forever,” the website details. Coachella’s NFT key description adds:
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.
What do you think about Coachella partnering with FTX US and issuing Solana-based NFTs and lifetime pass NFT keys? Let us know what you think about this subject in the comments section below.
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Source: https://news.bitcoin.com/coachella-music-and-arts-festival-partners-with-ftx-us-to-issue-solana-based-nfts/