Coachella’s decision to push out NFT collections could directly drive engagement to the NFT sector on a massive level.
On an average, around 125,000 people attend Coachella every year
Coachella, touted among world's most famous annual music festivals held in the US, is trying a second stab at launching NFTs with VIP benefits for holders. To do so, the music and arts festival conglomerate has teamed up with OpenSea, the world's largest NFT marketplace that operates only digitally. Coachella has decided to release a total of three NFT lineups. All three will offer different bundles of advantage for the buyers of these digital collectibles through OpenSea.
On an average, around 125,000 attendees reach the Empire Polo Club in Indio, California each year around April. Coachella's decision to push out NFT collections could directly drive engagement to the NFT sector on a massive level.
The first collection has already been dropped on OpenSea by the name of -- the VIP Pass + Oasis Lounge Keepsake by Coachella. A total of 1,024 NFTs are part of this collection. Holders of these NFTs will get exclusive bar benefits with limited complimentary drinks, and shaded lounge among other benefits. NFTs from this collection are up for being minted for $1,499 (roughly Rs. 1.24 lakh) on the AVAX (Avalanche) blockchain.
As far as the other two collections are concerned, Coachella reportedly plans to lift the curtains off them around March and mid-April.
"NFT-based music and ticketing collections are one of the best ways for the crypto subsector to gain mainstream adoption. Tickets can have special memories around them for fans, and there's potential for them to not to just be memorabilia, or a collectible, but also bring in utility,” a tweet threat from Avalanche quoted Devin Finzer, CEO and co-founder of OpenSea as saying.
This, however, is not the first time that Coachella is trying its hand at offering benefits laden NFTs as festival passes and digital souvenirs.
In February 2022, Coachella decided to give away ten lifetime passes to the buyers of its NFTs. The music festival, at the time, had launched an NFT marketplace built by the now bankrupt company FTX US. Soon after, when FTX founder Sam Bankman-Fried's fortune collapse, these passes and their promises fell flat leaving holders high and dry.
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