Coachella Sells Lifetime Passes as NFTs
Sponsored by DeFi Safety, deep dive due diligence reports on 200+ blockchain projects.
The torrid pace of NFTs has continued strong into the new year, and it seems like everyone, from celebrities to organizations, wants in on the NFT market.
NFTs have often been tied to artwork and other forms of digital media, but now the crypto community is starting to see the meaningful emergence of a new, but long predicted, trend: NFTs tied to physical goods.
The popular Coachella Valley Music and Arts Festival found a unique way to incorporate NFTs into the fan experience: tokenized lifetime passes. Never before have lifetime passes been extended, but, through these NFTs, you can line yourself up for a lifetime of concerts.
Coachella has created its own NFT marketplace that will open to buyers on February 4th. They have created three unique collections. The Coachella Keys Collection is a group of 10 NFTs that come with several perks, the most notable of which is the lifetime pass to Coachella.
This isn’t the first time an event-centered brand has attempted to incorporate NFTs with tickets. The National Football League (NFL) did something similar in November 2021 when they announced that NFT tokens would be included with some special event tickets. Unlike the Coachella NFTs, in this case the NFT itself wouldn’t grant entry to the event, rather it was included as a bonus with select NFL tickets.
Other companies that have experimented with mixing physical goods with NFTs are Gap and Adidas. The Bored Ape Yacht club got creative with their NFTs and included access to exclusive parties.
While not everyone who buys a Coachella NFT will get a lifetime pass, the music festival has included other fun perks with their other non-lifetime pass #NFTs. One of their more reasonably-priced #NFT collections-clocking in at only $180-comes with a Coachella photo book. They will be selling 1,000 of these. Then there is the $60 NFT option. This collection comes with the perk of photos from the festival and exclusive soundscapes, previously not released to the public. There will be 10,000 of these NFTs for sale.
Coachella will be giving a portion of the NFT proceeds to three different charity organizations: GiveDirectly, Lidere Campesinas, and FIND Food Bank
