The Coachella music festival began selling lifetime passes as non-fungible tokens or NFTs, the famous digital certificates that use blockchain technology.
Lifetime passes to the famous festival held in Indio, California, started at $9,500. They include a space to camp in the VIP Safari Campgrounds area, as well as a private dinner prepared by a professional chef.
Coachella Collectibles NFTs drop today at 10am PT, including the Key Collection đź—ť https://t.co/D8v4cD04wc pic.twitter.com/ejqrqOFzyj
— Coachella (@coachella) February 4, 2022
Only 10 passes were sold, and although the initial price was considerably higher than the annual tickets – which for the 2022 edition of the festival have a base price of $630 dollars – the idea is that the lifetime passes are priced above $9,500 dollars. . This is because, as they are NFTs, they can be resold in operations registered in blockchain technology, and therefore, their price can vary depending on supply and demand, and why not, on speculation.
At press time, some Twitter users reported that the price of NFT passes was $55,000.
55k for a coachella lifetime pass nft is insane lol
— 5874837 (@fucksoberr) February 4, 2022
“Only blockchain technology can give us the unique ability to offer interchangeable lifetime passes for the first time in Coachella history,” Sam Schoonover, director of innovation for the festival, said in a statement.
In addition to lifetime NFT passes to Coachella, festival organizers are also putting up for sale digital collectibles that can be exchanged for physical pieces of art.
Mint an NFT from the Sights & Sounds Collection and receive one random selection from the 10 audio/visual combinations. Each NFT can be redeemed once for a physical art print of the photograph.
đź“·: Calder Wilson pic.twitter.com/hTibtQcoIM
— Coachella (@coachella) February 3, 2022
The Coachella festival’s approach to NFTs is relatively different, as this time it’s about digital certificates that offer a good in the tangible world. In this case, a lifetime pass to a music festival.
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