Coachella is selling lifelong festival cards for the first time – but you have to buy NFT to get one. The music festival today launched the NFT market, built by FTX, with three NFT collections, which will go on sale on February 4.
The company will auction off the Coachella Keys collection, a group of 10 NFTs that allow their holders lifelong tickets to the festival. Token holders will receive Coachella passes each year, plus “access to virtual experiences produced by Coachella forever.” NFT’s purchases also include special benefits at the 2022 festival, such as front-row access and a celebrity dinner by the chef.
The fact that the festival is steeped in NFT craze may come as no surprise – in November, the parent company of Coachella AEG renamed the Staples Center the Crypto.com Arena – and other traditional companies have shown that there is a lot of money to be made through attaching physical products and services to digital goods. NFT often resells net profits to the original vendor, which can be a boon for something as permanent as a lifetime pass. Coachella did not immediately answer questions about whether it would take a reduction in profits if the NFT passes were resold.
Tickets are often cited as a case of NFT and blockchain use – before Coachella, the NFL announced in November that it would attach NFT to tickets for select games. But in the case of the NFL, the digital token itself does not allow you to enter the event. (Coachella did not immediately respond to inquiries as to whether her NFT provided access to the festival). Digital tickets and resales are also possible without the NFT attached – the NFL is even getting rid of paper tickets for the 2021 season.
Other companies have linked NFT to physical products and experiences: one of the attractions of the Bored Ape Yacht Club is the parties that are supposed to get exclusive access, and companies from Gap to Adidas have sold NFT that come with physical goods.
In addition to 10 NFT for life, Coachella will sell 1,000 NFT for $ 180, which buyers can use to redeem Coachella’s physical photo book. The company will also sell 10,000 NFT “fans’ favorite festival photos and unprecedented soundscapes” for $ 60 apiece. Cut to Solana, Coachella will donate some of NFT’s sales to GiveDirectly, Lideres Campesinas and Find Food Bank.