Coachella is back, and Coachelle tickets are back in NFTs.
In the latest announcement, Coachella and FTX.US have formed a strategic collaboration to release NFTs backed by Solana blockchain. Under this partnership, the music organization will release NFTs under the digital non-fungible assets.
After 2 years of cancellation due to the pandemic, Coachella Valley Music and Art Festival will be back in April 2022, the location is set in California.
According to the announcement published on February 1, Coachella will sell a series of NFTs, each of them representing VIP access as well as additional special price for participants.
More Use Cases for NFTs
FTX.US will support the release of the NFT collectibles. The NFT platform successfully raised $400 million, pushing the valuation up to $8 billion.
Unlike other platforms which choose Ethereum blockchain to build their ecosystems, FTX.US chooses Solana to create digital items. FTX.US also launched FTX NFTs, an NFT marketplace that supports buying/selling NFTs.
The NFTs will be put up for sale on Friday this week, with 3 different NFT collections. The more exclusive the collection is, the more limited the number of tickets are released.
Coachella Keys Collection: consists of 10 NFTs, the “keys” to lifelong access to the Coachella Festival. In addition, owners of these NFTs can enjoy additional VIP deals, for example, joining dinner parties with singers and artists.
Desert Reflections Collection: consists of 1000 NFTs, starting at the sale point of $180. Owners of these NFTs can exchange for a copy of Coachella photo books.
Sights and Sounds Collection: consists of 10000 NFT artworks by Coachella, starting at $60 – a very budget-friendly for any individual.
FTX.US is a subsidiary of FTX exchange in the US. The exchange became more popular, attracting millions of users last year. According to statistics, the number of users incredibly increased by the end of 2021, amid the global hype of NFTs and mainstream cryptocurrency adoption.
Additionally, the company sealed a multitude of important collaborations. FTX.US was also the first cryptocurrency platform that sponsored a professional sports arena in the US, in a deal of millions of dollars with Miami Heat.
It was also featured at the Super Bowl, partnered with F1 Champion Mercedes and Major League Baseball.
Many People Want to Use NFTs
The exchange did not miss the chance in NFTs by rolling out the marketplace to customers in the US. The partnership with Coachella is the next impressive deal of the exchange.
Coachella is the most expensive and famous music festival in the world. Taking place once a year on two weekends in April, the music festival has generated the largest profits in the music industry.
The popularity of Coachella spreads amongst the music community across the world. The music event brings together many famous celebrities, artists, young singers, and artists.
Coachella is not the first festival that start exploring the release of NFT tickets.
In 2021, one of the largest art fairs in Miami announced selling tickets under NFTs. Miami’s SCOPE Art Show is partnering with YellowHeart, a blockchain-based live event ticketing platform, to sell VIP tickets in the form of non-fungible tokens.
NFT applications in music events can revolutionize the music space, providing music fans with creative access to top artists, while merging blockchain technology with mainstream entertainment.
Along with NFTs, Metaverse is expected to be the next big thing. In the future, fans of music can join the live shows or online events. NFTs play an important role, being used for online tickets, future live events, fan avatars, and souvenirs for certain performances.
As reported, part of the proceeds from the sale of NFT will be sent to Coachella organizers including GiveDirectly, Lideres Campesinas and Find Food Bank charities.
Apart from that, in order to reduce the impact on the environment, FTX.US also stated that the company would buy 100,000 tons of carbon emission credits.