Coachella has announced its entrance into the NFT ecosystem. Today, the storied festival released plans for a multi-part NFT drop in partnership with crypto-exchange giant FTX.
As one of the largest and most popular festivals in the world, Coachella has unveiled an array of digital collectibles in a move to embrace NFTs as new technology to help fans connect and discover. Featuring three collections, Coachella’s debut NFT drop, Coachella Collectibles, will go live on Feb. 4 at 1 p.m. ET.
Featuring a total of 11,010 NFTs across three collections, Coachella Collectibles offers fans the opportunity to purchase lifetime festival passes, unlock unique on-site experiences, physical items, and more. The drop will be broken down into three collections: Coachella Keys, Sights and Sounds, and Desert Reflections.
- Coachella Keys consists of 10 key-themed NFTs that grant their owners lifetime access to Coachella. These will be individually auctioned off.
- Sights and Sounds is comprised of 10 NFTs at 1,000 editions each that feature iconic festival photos and never before heard festival soundscapes. Each of these will cost $60.
- Desert Reflections is a 1,000 supply random NFT mint. Thos who participate in this collection will receive 1 of 10 possible digital renditions of an iconic Coachella poster. Each of these NFTs costs $180 and will be redeemable for a physical copy of the Coachella 1999-2019 photo book.
To collect an NFT from the Coachella Collectibles drop, users must first sign up for FTX US on the web. Once signed up, users will then be prompted to complete identity verification and will need to deposit at least $60 into their account via credit card, ACH bank transfer, wire transfer, or crypto transfer before the collection goes live.
With this collection, Coachella has endeavored to be one of the first music events to issue NFTs in place of festival passes. Previously, 3LAU had successfully released NFTs in lieu of concert tickets/festival passes and has been a major proponent of the NFT live event use case for years.
For more information and to prepare for the drop, visit Coachella’s NFT site here.
Photos courtesy of Coachella.
Source: NFT Now