Coachella Will Issue NFTs

Coachella, one of the world largest music festivals, is offering memorabilia and virtual passes as non-fungible tokens.

Coachella’s NFT lineup will contain 10 “key” NFTs that will act as lifetime passes. The permits will provide access to yearly events in April as well as online performances. These NFTs will be auctioned to the winning bidder rather than having a fixed price.

There are also two bigger NFT volumes in the series. 10,000 tokens including photographs and music from previous events will be included in the “Sights and Sounds” collection. Each of them will cost $60.

There will also be 1,000 NFTs in the “Desert Reflections” collection, which includes 10 digital posters from previous Coachella performances. The NFTs in this series will cost $180 apiece.

Purchaser of these NFTs will be able to exchange them for tangible reproductions of the corresponding poster or image.

Coachella will issue NFTs on the Solana blockchain. Solana is a sustainable blockchain, according to festival officials in numerous remarks. Solana, unlike Ethereum, does not require on mining and consumes relatively minimal energy.

The sale will start on February 4 at 10 a.m. PST. A percentage of the revenues will be donated to charitable organizations.

Coachella’s NFTs will be offered through FTX.US, the FTX exchange’s American branch and a business with intimate links to Solana.

FTX began its NFT marketplace in June of last year, with early support for Solana-based NFTs. In October, the exchange expanded the service to include American consumers. In December, FTX.US began to enable Ethereum-based NFTs.

FTX has already coordinated NFT sales for various businesses and organizations. Perhaps most significantly, FTX is in charge of land parcel sales for the virtual reality project Somnium Space. In December, it also announced an NFT drop for the Golden State Warriors of the NBA.

The marketplace also includes cryptocollectibles from existing collections, such as Bored Ape Yacht Club and CryptoPunks.

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Patrick

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