Coachella Valley Music & Arts Festival to Release NFT Collectibles for Access Passes
The highly anticipated Coachella Valley Music & Arts Festival has announced its plans to release NFT collectibles, which will serve as access passes to this year’s event in Indio, California. This marks the second time Coachella has embraced NFT passes, following a previous collaboration that unfortunately did not end well.
NFT collectibles will be released on the popular OpenSea marketplace, beginning with the first collection titled “The VIP Pass + Oasis Lounge Keepsake.” This collection will include a VIP Festival Pass for this year’s event, granting attendees access to a luxurious lounge complete with complimentary drinks and other amenities. These NFTs will be minted on the Avalanche blockchain.
In addition to the initial collection, Coachella plans to release two more NFT collections on OpenSea. The second collection, titled “Canvas Welcome Box Keepsake,” will offer unique merchandise, digital content, and access to certain VIP areas. Details regarding the final drop, a collaboration with an undisclosed artist offering exclusive benefits for attendees, will be announced at a later date.
Coachella’s previous foray into the NFT space involved a partnership with FTX, where they auctioned lifetime festival passes and released digital collectibles. However, due to FTX’s collapse, accessing and transferring these NFTs became problematic.
Sam Schoonover, Coachella’s Innovation Lead, expressed that the new collaboration with OpenSea aims to provide attendees with unique experiences in a secure manner. By combining real-life events with digital tokens, Coachella hopes to give festival-goers an innovative and immersive experience. As part of this approach, OpenSea will also offer a new wallet solution to facilitate easier management of NFTs post-purchase.
As the countdown to Coachella begins, fans and collectors alike eagerly anticipate the release of these exclusive NFTs, which not only provide access to the festival but also serve as treasured keepsakes in the ever-evolving world of digital collectibles.
Analyst comment
Positive news. The release of NFT collectibles for access passes to the Coachella Valley Music & Arts Festival is expected to be well-received by fans and collectors. This collaboration with OpenSea aims to provide a secure and innovative experience, combining real-life events with digital tokens. The market for these exclusive NFTs is likely to be strong, as they offer both access to the festival and the opportunity to own treasured digital collectibles.
