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In April 2022, after a two-year hiatus, Coachella returns. The CVM and Arts Festival introduced a number of NFTs that provide VIP access and benefits to the event.
Festival officials said in a press release that this is part of a “long-term” partnership with FTX. FTX is a crypto exchange managed by Sam Bankman-Fried, which recently captured a valuation of $32 billion. FTX launched an NFT marketplace based in Solana last October.
The Coachella Key Collection gives each one lifetime festival VIP access. It consists of only 10 coins. Also, Desert Reflections Collection will be able to redeem buyers for a physical copy of their Coachella photobook.
There’s also 1,000 coins worth $180 and a Collection of Scenes and Sounds that mostly gives you coins and audiovisual accompaniment. Sights and Sounds NFTs cost $60 each and are releasing it in a $10,000 version.
“Only blockchain technology can give us, for the first time, the unique ability to offer tradable lifetime passes to Coachella,” Coachella Innovation Leader Sam Schoonover said in a statement.
Headliner this year; Coachella, Harry Styles, Billie Eilish and Kanye West. It is not the first music festival to experiment with crypto.
To avoid backlash, FTX also purchased 100,000 tons of carbon offset.
Some of the NFTs unlock benefits on the spot.
