TL;DR Breakdown
- FTX exchange jand Coachella has partnerned to float NFT.
- NFT is to help fans, music lovers have more fun.
- Coachella to debut in metaverse in future.
CEO of top-American crypto exchange Sam Bankman-Fried has expressed excitement at the partnership his firm, FTX exchange, entered with Coachella, an annual California music and arts festival.
Both entities partnered to provide a premium music concert experience for fans and music lovers through NFTs. The Coachella Valley Music & Arts Festival, which returns this April after a two-year hiatus, would come back with this series of NFT collections through its partnership with FTX.
The NFTs, called Coachella Collectibles, will allow consumers to unlock festival passes, art prints, photo books, digital collectibles, unique real-life experiences at the Festival, and physical merchandise, according to the website.
FTX exchange, Coachella NFT tokens
Coachella is launching three collections at different prices on the Solana blockchain.
The first set is Coachella Keys Collection. It contains 10 tokens, each offering lifetime festival access and other VIP goodies (among them, a “celebrity chef dinner”). It also includes access to Coachella-produced virtual experiences in the future.
The two other drops include the “Sights and Sound Collection,” made up of 10,000 NFTs of never-before-seen soundscapes and photos priced at $60 each, and the “Desert Reflections Collection,” which celebrates Coachella’s 20-year history through 1,000 NFTs priced at $180 each.
Holders from the “Desert Reflections Collection” can also redeem their token for a physical copy of the Coachella | The Photographs: 1999-2019 photo book.
FTX exchange, Coachella NFT partnership 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.
Beyond NFT, Coachella to debut in Metaverse
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 NFTs would go live Friday, February 4, 2022.
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