Coachella offers lifetime Access to the Festival Through NFTs

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For the very first time, the music festival Coachella will be selling lifetime festival tickets. However, one will need to buy an NFT to own one of these lifetime tickets.

On the 1st of February 2022, Coachella launched an NFT marketplace via a partnership with FTX US. And on the 4th of February, the music festival released three NFT collections for sale. The NFT collections launched feature a group of 10 NFTs that gives holders access to lifetime passes to the music festival.

Holders of these NFTs will have access to Coachella every year as well as lifetime access to virtual experiences produced by Coachella. Additional perks that come with owning the NFT include a celebrity chef dinner and front row access at the music festival.

Surely, Coachella dabbling into the NFT scene is somewhat surprising. The parent company of the music festival, AEG, in November 2021, renamed the Staples Center as the Arena – a clear indication that the company is tilting towards crypto. Many conventional firms have proven that there’s a lot of money to be made by merging physical services and products into digital goods. Now, Coachella has done just the same.

Generally, original sellers often net profits from most NFT resales and this could be a blessing for an asset as permanent as a lifetime ticket. In case the NFTs are the result, photographers, Coachella, design artists, and art installation artists will earn a royalty.
Several crypto enthusiasts have always believed ticketing to be a fundamental use case of blockchain and NFT. And this ideology has always existed even before the NFL and Coachella integrated NFTs into ticketing. Holders of these NFTs released by Coachella can use the digital asset to claim two festival passes every year. The music festival also ensured that digital passes and resales can be executed without NFTs being attached.
Aside from Coachella, other firms have also merged their physical products with NFTs. One of the alluring perks of the Bored Ape Yacht Club is the invite to exclusive parties BAYC NFT holders get. Companies like Adidas and Gap have also sold NFTs that earn every holder free physical merchandise.

Coachella, aside from the 10 lifetime-ticket NFTs is also selling 1,000 NFTs. Each of these NFTs goes for $180 and can be used to claim a physical photo book at the music festival. Coachella is also selling another set of 10,000 NFTs priced at $60 each. The NFT is said to feature never heard before soundscapes and fan-favorite festival

The Coachella NFT is minted on the Solana blockchain. The music festival has claimed that part of the proceeds will go to Find Food Bank, Lideres Campesinas, and GiveDirectly.