Coachella is one of the biggest festivals in the United States. Designed to celebrate art and music, people come from all over the world to be part of the event. However, like any great brand, Coachella strives to stay on top of the trends, and it looks like the company is doing just that with a new offer of lifetime passes.
So, what’s so special about lifetime passes to the annual music and arts festival?
Well, they’re being sold as non-fungible tokens, or NFTs. Here’s the scoop:
About Coachella Lifetime NFTs
As mentioned above, Coachella is jumping into the NFT space, offering lifetime passes to its annual festival as non-fungible tokens.
To make this happen, the musical festival partnered with FTX US, a cryptocurrency exchange to launch three collections of tokens. These collections will be available for auction on Friday.
While there are three collections being launched, the one likely to see the highest demand is the Coachella Keys Collection. The collection consists of 10 NFTs that grant owners lifetime access to one weekend of the festival every April. Those who get their hands on this collection will also have access to Coachella produced virtual experiences for life.
Aside from access to Coachella and Coachella produced virtual experiences, those that get Coachella Keys will also have access to special viewing areas at festival stages, lifetime camping at the Safari Campground where tents start at $9,500, and a private dinner prepared by a professional chef on festival grounds. Not to mention, each of the 10 virtual keys will come with its own unique perks at the festivals.
As with any other NFT, the Coachella keys can be bought, sold, and traded, and selling one of the keys will transfer the lifetime benefits to the new owner.
Aside from the Coachella Keys Collection, the festival will be selling other digital collectibles. These collectibles will be redeemable for physical copies of art. The collections, known as the Sights and Sound Collection and the Desert REflections Collection, will grant owners a random digital copy of iconic festival photos or festival posters. If the owners would like, they can redeem the NFT for physical art prints.
Want to Get Your Hands On These NFTs?
If you’re interested in getting your hands on a Coachella NFT, you’ll need to be ready soon. The NFTs will go on auction at 10 a.m. PT on February 4, 2022. However, if you want to get your hands on one, especially a Coachella Key, make sure to bring your wallet.
The perks of these keys are worth well over $10,000 per year, and they offer lifetime access. So, it wouldn’t be surprising to see them sell for prices well above $100,000. In fact, considering the iconic nature of Coachella, the luxury camping ($9,500 a night minimum), and other perks that come for free, along with the right to say you own one of only 10 Coachella Keys, there’s a good chance that the price of these Keys will be more than the average value of a house in the United States.
The Bottom Line
The bottom line here is that NFT adoption continues to grow, and as it does, interesting opportunities are starting to arise. For Coachella, they offer an opportunity to raise significant cash. For Coachella fans, they offer an opportunity to have lifetime, VIP access, to just about everything! All in all, the utility of NFTs seems to grow by the day!