Coachella Valley Music Festival, which sells out every year with crowds of more than 60,000 people, will be offering crypto services with their new partner FTX exchange.
The partnership will include three different collections including limited edition NFTs which offer lifetime entry into the festival.
The partnership between FTX and Coachella will start with an initial collection called Coachella Collectibles.
The NFT collection will include 10 lifetime pass NFTs, physical and digital collectibles, all of which are centered around on-site experiences. The NFTs will be on auction from February 4 at 10am PST for one week.
This is the second time Coachella has offered lifetime passes and the first time they are purchasable. Previously lifetime passes could only be won at random by carpooling to the festival.
The second collection is called the Desert Reflection Collection which ties digital art with physical items like photo books and posters.
There are 10 different NFT types with artwork made by artist Emek. There will be a total of 10,000 of these collectibles on offer at $60 each.
The final collection they have available this year will be the Sights and Sounds Collection which will include NFTs with festival photos and “never before heard soundscapes from the Polo Fields”. There will be a total of 10,000 of these collectibles on offer at $60 each.
All NFT collections will have an emphasis on featuring both real-life experiences as well as digital collectibles. Coachella has already stated it will feature more collections in the future and the offerings will differ each year.
The NFTs will be available through FTX on the Solana blockchain. FTX is US regulated which has helped them bring in new adoption and US partnerships in the last 12 months.
Coachella stated they chose FTX as a partner because of the level of security and experience the FTX team brings with NFT collectibles.
NFTs being used for music festival and concert tickets has been a growing trend. Concert goers around the world have been growing tired with the expensive third-party ticket exchanges and NFTs offer an easy way to implement a ‘proof of ownership’ digital version of a ticket.
NFTs could force major ticket sale companies like Ticketmaster to re-evaluate their fees and make their services more competitive.