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The Future. Coachella is launching an NFT marketplace where it’s selling a variety of NFTs, including 10 tokens that act as a lifetime pass to the festival. With the music industry testing out limited-edition collectibles that give unlimited access to events… crypto-backed tokens may become the ultimate sign of fandom. And an investment opportunity to get in on the ground floor of budding stars or events that will only become more expensive over time.
Weekends warrior
Coachella plans to be around for at least a lifetime.
- The music festival launched an NFT marketplace yesterday that was built by crypto exchange FTX US.
- The marketplace’s big-ticket item, the Coachella Keys Collection, goes up for auction on February 4th.
- Coachella Keys give holders lifetime tickets to the festival, unlimited access to virtual experiences, and, specifically for 2022, front-row access and a celebrity chef dinner.
- The starting price for the Keys (10 will be available) are still unknown but expect them to be expensive.
Additionally, Coachella is selling what will undoubtedly be more affordable NFTs, including 1,000 tokens that can be redeemed for a physical Coachella photo book ($180) and 10,000 of “fan-favorite festival photos and never before heard soundscapes” ($60).
The NFTs will be minted on the Solana blockchain and a portion of the sales will go to nonprofits GiveDirectly, Lideres Campesinas, and Find Food Bank.
The final ticket
Considering that most people won’t be going to Coachella well into their 80s (unless they’re that hardcore), the Keys will either get passed down to kin or make a killing on the resale market, as NFTs have become famous for. If a Key does get sold, Coachella (and all the photographers, art-installation artists, and design artists involved with making them) will receive a royalty.
Coachella’s Key offering mimics the social token that Kings of Leon minted for the release of its 2021 album When You See Yourself. The band sold six “Golden Tickets,” which included a lifetime VIP concert ticket for one show per tour, for $100K each.
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