Coachella to Release NFT Collectibles for Access to Festival
The Coachella Valley Music & Arts Festival has announced that it will be releasing NFT collectibles that will serve as access passes to this year’s event in Indio, California. This is the second time that Coachella has embraced NFT passes, following a previous collaboration with FTX that did not end well due to the collapse of the crypto exchange.
Starting on Tuesday at 1pm ET on the OpenSea marketplace, Coachella will release the first collection of NFTs called “The VIP Pass + Oasis Lounge Keepsake”. These collectibles, minted on the Avalanche blockchain, include a VIP Festival Pass for this year’s event and access to the Oasis Lounge with complimentary drinks and other amenities.
Coachella will also release two additional collections on OpenSea. The first one, called “Canvas Welcome Box Keepsake”, will be minted on March 25. Pricing and tiers for these NFTs have not been revealed yet, but they will include varying levels of utility such as unique merchandise, digital content, and access to the Rose Garden VIP area. The third collection, featuring an artist collaboration and exclusive benefits for attendees, is expected to arrive in mid-April with details to be announced later in March.
In a press release, Sam Schoonover, Coachella’s Innovation Lead, expressed excitement about the partnership with OpenSea and the opportunities it provides for unique experiences at the festival. Schoonover stated that they are moving towards a future where Coachella is not just an event to attend but an experience that can be owned and shaped based on digital tokens.
Previous NFT Auction and Collaboration
In February 2022, Coachella auctioned 10 lifetime festival passes on the Solana blockchain in collaboration with FTX. This auction reportedly generated $1.5 million. Additionally, Coachella released larger digital collectible sets at lower, fixed price points.
However, after FTX collapsed in November 2022, many of the NFTs minted on its platform, including those from Coachella, became inaccessible to owners and could not be transferred out to external wallets. Some NFTs even stopped displaying their artwork due to the shutdown of centralized servers hosting the art.
Schoonover assured that Coachella has been working with the Solana NFT buyers to ensure that their benefits continue to be honored and that they receive new reissued NFTs. The interest in the original NFTs prompted Coachella to give the idea another shot with a new partner.
Coachella’s Collaboration with OpenSea
Coachella’s collaboration with OpenSea signifies a fresh start for the festival in terms of utilizing NFTs for unique experiences:
- Coachella believes that their previous campaign in 2022 resonated well with fans, which is why they are offering NFTs with festival benefits again this year.
- OpenSea is a trusted, secure, and safe partner for Coachella’s NFT release.
- OpenSea’s new wallet solution allows buyers to sign up with email and self-custody their NFTs after purchase.
Hot Take: Enhancing Festival Experiences Through NFTs
Coachella’s decision to release NFT collectibles as access passes demonstrates the festival’s commitment to leveraging blockchain technology and providing unique experiences for attendees:
- The use of NFTs allows Coachella to offer customized experiences for both real-life and online attendees.
- By owning digital tokens, attendees can shape and personalize their Coachella experience.
- The collaboration with OpenSea ensures a secure and trusted platform for the sale and custody of the NFTs.
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