Coachella has officially entered into the crypto space by launching its own NFTs. The infamous music and arts festival boasts one of the largest attendances of any music festival and it is leveraging its enormous fanbase to bring this project to life. It will offer lifetime passes to concert-goers in the form of NFTs, as well as digital collectibles, art prints, photo books, etc.
Coachella Teams Up With FTX
Coachella announced via a tweet that the music and arts festival was teaming up with crypto exchange FTX to launch its first line of NFTs. This deal comes with building an environmentally friendly marketplace that will be domiciled on the Solana blockchain. In addition to donating a portion of the proceeds from this marketplace to social causes picked by the organization.
Related Reading | How This U.S. Bank Will Offer Bitcoin And Ethereum Via Bakkt’s Platform
We have partnered with @FTX_US to build an environmentally friendly marketplace on @Solana. A portion of the proceeds will be donated to @GiveDirectly, @LCampesinas, & @FINDFoodBank, and a royalty will support the creators involved.
— Coachella (@coachella) February 1, 2022
The collection will also feature one-of-a-kind collections like Coachella Keys, Sights and Sounds Collection, and the Desert Reflections Collection. It is a move into the digital world for concert goes who are able to own a piece of the music festival while being a part of it.
Users will be able to access the NFT collection on the FTX exchange by opening an account or using an existing account. A limited number of the NFTs are scheduled to go on sale on Friday where users will be able to purchase the NFTs.
Related Reading | Kanye West Shuns NFT Wave, Says He’s Focused On “Building Real Products”
Sam Schoonover, the Innovation Lead for Coachella, praised the capability of blockchain technology to be able to make this a possibility. “Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever,” Schoonover said.
NFTs have been growing in popularity with each month. Big brands are jumping on the bandwagon to take advantage of the space. Luxury automotive manufacturer Lamborghini recently announced that it was launching its own line of space-themed NFTs, barely a month after competitor Ferrari announced its intent to launch its own NFTs.
Featured image from HipHop-N-More, chart from TradingView.com
