Coachella, the renowned annual music and arts festival, is making a second attempt at launching NFTs in collaboration with OpenSea, the world’s largest digital NFT marketplace. The festival plans to release three NFT lineups, each offering unique advantages for holders, including VIP benefits.
The first collection, named “VIP Pass + Oasis Lounge Keepsake by Coachella,” has already been introduced on OpenSea. Comprising 1,024 NFTs, holders of these digital collectibles will enjoy exclusive bar benefits, limited complimentary drinks, and access to shaded lounges during the festival. The NFTs from this collection are available for minting at $1,499 (approximately Rs. 1.24 lakh) on the AVAX (Avalanche) blockchain.
Coachella aims to enhance the festival experience by providing additional ticketing perks and exclusive benefits through its Keepsake NFT collection. The other two NFT collections are scheduled to be unveiled in March and mid-April.
Devin Finzer, CEO and co-founder of OpenSea, emphasized the potential of NFT-based music and ticketing collections to drive mainstream adoption in the crypto subsector. He highlighted the significance of tickets becoming not only memorabilia or collectibles but also offering utility and special memories for fans.
This initiative is not Coachella’s first foray into NFTs, as the festival previously offered benefits-laden NFTs as festival passes and digital souvenirs in February 2022. However, challenges arose when the NFT marketplace, built by the now bankrupt company FTX US, faced issues due to FTX founder Sam Bankman-Fried’s financial troubles, leaving NFT pass holders without the promised benefits.
