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Coachella and FTX Sell Lifetime Festival Passes as Solana-Based NFTs

The multi-day music and arts festival in California – Coachella – partnered with crypto exchange FTX to introduce non-fungible token (NFT) collections to fans. The digital collectibles are built on the Solana network. NFTs for the Music Fans The Coachella Valley Music & Arts Festival, postponed in 2020 and 2021 due to the COVID-19 pandemic, will return in April. To give fans more opportunities for its comeback, it introduced a series of non-fungible tokens (NFTs) that offer lifetime passes and VIP access to the event. The three types include ‘Coachella Keys Collection’, ‘Sights and Sounds Collection’ and ‘Desert Reflections Collection’. The first consists of 10 tokens and gives lifetime access to the festival and ‘unique experiences’. The second contains 10,000 collectibles and features iconic photos and soundscapes from the Polo Fields. “Desert Reflections Collection,” made up of 1,000 NFTs, is the most expensive with a starting price of $180. It celebrates Coachella’s 20-year history. All digital collectibles are built on Solana, which Coachella described as an eco-friendly blockchain protocol. The team behind the festival pledged to donate the proceeds to charitable organizations. Those include GiveDirectly, Lideres Campesinas, and Find Food Bank. Sam Schoonover – Coachella’s Digital Innovation Manager – explained why the entity decided to dive into the NFT universe: “We’ve all seen how NFTs enable true ownership of art and media on the web. We wanted to take it one step further and use NFTs to enable experience ownership in the real world as well. Only blockchain can give us the unique opportunity to offer negotiable lifetime passes to Coachella for the first time.” Those who wish to purchase non-replaceable tokens must register with FTX US and complete an identity certification. Some are not fans of NFTs Despite evolving as a global trend, non-replaceable tokens are not an intriguing niche for everyone. Earlier this week, American rapper and fashion designer Kanye West urged his fans to stop asking him “to do NFTs.” According to him, essential items are those in the real world, not the digital ones. The podcast host and commentator – Joe Rogan – is also against digital collectibles. The American, a proponent of cryptocurrencies such as bitcoin, opined that NFTs are a “weird crowd that makes no sense”. SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and get $100 Free and 10% Off Fees on Binance Futures First Month (Terms and Conditions). PrimeXBT Special Offer: Use this link to register and enter POTATO50 code to get 25% off trading fees.
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