Coachella will sell lifetime passes for the first time in its history, but to get them you have to buy an NFT, no physical passes. This way, Coachella is once again trying it with non-fungible tokens.
The music festival has today launched an NFT marketplace created by FTX US, with three NFT collections that will go on sale on February 4th. The company will auction the Coachella Keys Collection, a group of 10 NFTs that grant holders lifetime tickets to the festival.
The owners of the token will receive passes for Coachella every year, in addition to “access to virtual experiences produced by Coachella forever”. NFT purchases also included special benefits at the 2022 festival, such as front row access and a dinner with a famous chef.
The fact that the festival has jumped on the NFT trend may not come as a surprise -in November, Coachella’s parent company, AEG, renamed the Staples Center as Crypto.com Arena-, and other traditional companies have shown that it is possible to make a lot of money by linking physical products and services to digital assets.
NFT resales also often report profits to the original seller, which could be of great help for something as permanent as a lifetime pass. If NFTs are resold, Coachella, photographers, artists of art installations, and design artists will receive a royalty.
In addition to the 10 lifetime NFTs, Coachella will sell 1,000 NFTs at a price of $180 that buyers can use to redeem a physical photo album of Coachella. The company will also sell 10,000 NFTs of “fans’ favorite festival photos and previously unheard soundscapes” at a price of $60 each.
