Coachella, touted among the world’s most famous annual music festivals held in the US, is trying a second shot at launching NFTs with VIP benefits for holders. To do this, the music and arts festival conglomerate has teamed up with OpenSea, the world’s largest digital-only NFT marketplace. Coachella decided to release a total of three NFT lineups. All three will offer different bundles of benefits to buyers of these digital collectibles through OpenSea.
On average, about 125,000 visitors reach the Empire Polo Club in Indio, California each year around April. Coachella’s decision to push NFT collections could directly drive NFT sector engagement on a massive level.
The first collection has already been released on OpenSea under the name — VIP Pass + Oasis Lounge Keepsake from Coachella. A total of 1024 NFTs are part of this collection. Holders of these NFTs will receive exclusive bar benefits with limited free drinks and a shaded lounge among other benefits. NFTs from this collection are ready to be mined for $1499 (Rs. 1.24 lakh approx) on the AVAX (Avalanche) blockchain.
Coachella is once again looking to elevate the festival experience in new ways, launching the Keepsake NFT Collection, which comes with additional ticketing benefits and exclusive benefits for attendees.@opensea and @Coachella I chose to launch on Avalanche because the technology provides… https://t.co/Gqyu7WTaSX
— Avalanche :small_red_triangle: (@avax) March 5, 2024
As for the other two collections, Coachella it is reported plans to raise the curtains on them around March and mid-April.
“NFT-based collections of music and tickets are one of the best ways for the crypto subsector to gain mass adoption. Tickets can have special memories around them for fans, and there is potential for them to be more than just memorabilia or collectibles, they also carry utility,” a tweet from the Avalanche threatened. cited Devin Finzer, CEO and co-founder of OpenSea, as he said.
However, this isn’t the first time Coachella has tried its hand at offering perk-laden NFTs like festival passes and digital memorabilia.
In February 2022, Coachella decided to give away ten lifetime passes to its NFT buyers. The music festival at the time launched an NFT market built by the now bankrupt company FTX US. Soon after, as FTX founder Sam Bankman-Fried’s fortunes collapsed, those passes and their promises fell, leaving holders on a high.
https://www.gadgets360.com/cryptocurrency/news/coachella-nft-retry-benefit-partners-opensea-5188426#rss-gadgets-all
