Coachella jumps into NFT trend, teams up with FTX for concert passes
Music festival Coachella and cryptocurrency exchange FTX are teaming up to offer ten lifetime festival guest passes as non-fungible tokens (NFTs), underscoring how the music industry is using digital collectibles to enhance the concert going experience, while offering a glimpse into the future of live events.
The NFT passes, which go on sale Friday, February 4, kick off the launch of Coachella’s official NFT marketplace, which was built by FTX, and release of its first-ever NFT series, Coachella Collectibles.
The NFT passes offer owners entry to the festival every year, and unlimited access to Coachella-produced virtual experiences. The music festival, home to some of the biggest acts in music that takes place every April east of Palm Springs, is also auctioning off VIP on-site experiences – including front row views at the Coachella Stage, on-stage access and a celebrity chef dinner.
The festival is also launching two limited-edition NFT Collections for fans that pair photos from the festival, with physical items like posters and photobooks. Coachella is trying to offer unique experiences in person along with digital collectibles all verified using blockchain technology.
Coachella’s NFTs are being minted on the Solana (SOL-USD) blockchain, which the organization chose for its lower energy consumption within the industry and lower transaction fees. FTX has also committed to taking ownership over its portion of the environmental costs of mining, buying a total of 100,000 tons of carbon offsets through two providers for upwards of $1 million.
The partnership, which will span multiple years, marks the first time a major event producer has used NFTs as passes for real life experiences, offering a look into what the future of ticketing might look like.
Coachella is also looking to leverage the metaverse at some point in the future.
“We’re always working on ways to engage our international and at-home audiences to make them feel like they’re a part of Coachella, even if they’re not at the Festival, said Sam Schoonover, Innovation Lead for Coachella.
“As the metaverse continues to develop, we will create more opportunities for fans to have fun and interact with each other and their favorite artists both online and offline,” Schoonover added.
The NFT sale and auction will be live on nft.coachella.com and ftx.us/nfts
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