Coachella Music Festival and FTX Partner to Launch NFTs

At the turn of the year, the music industry continues to embrace NFTs, amidst surging NFT marketplace activity. Keeping current and giving music fans access to rare collectibles, a number of legends from the industry have gone NFT in recent weeks.

Music Icons Embrace NFTs

Just last week, we reported on a David Bowie NFT collection to hit the market. The collection went on sale last Thursday. The news of the David Bowie NFT collection sale followed news hitting the wires of rock band Nirvana NFTs going on sale later this month. With The Beatles and John Lennon also reportedly putting NFTs up for auction later this week, a surge in music NFTs is likely as the industry and other artists take to the NFT marketplace.

What is the Coachella Valley Music and Arts Festival?

Coachella Valley Music and Arts Festival is a festival held annually in California. Co-founded back in 1999, the festival extends over two weekends and has artists ranging from rock and indie to pop music icons. The ethos of the festival is to not only present established artists but also up and comers.

After cancellations due to the COVID-19 pandemic, the festival is back for the first time in 3-years. This year, performing artists and bands include Billie Eilish, Ye (Kanye West), Harry Styles, and Swedish House Mafia.

The festival has a capacity of 125,000 each day

Coachella Music Festival Partners with FTX

With NFTs all the rage, news hit the wires overnight of Coachella planning to sell lifetime passes to the Festival via the NFT marketplace.

According to the Coachella website, the NFT collection will go on sale on Friday, 4^th February. Fans will be able to “own lifetime festival passes, unlock unique on-site experiences, physical items, and digital collectibles”.

Coachella has partnered with FTXUS to build an environmentally friendly NFT marketplace on Solana (SOL).

Featured collections will include:

• The Coachella Keys Collection – 10 NFT keys that grant lifetime access to Coachella.
• Sights and Sounds Collection – 10 digital collectibles of festival photos and soundscapes. Each NFT is redeemable for a physical art print of the photo.
• Desert Reflections Collection – Mint this NFT and randomly receive 1 of 10 digital renditions of a Coachella poster from Emek. Each NFT is redeemable for a physical copy of Coachella’s The Photographs: 1999 to 2019 photo book.

While the lifetime pass NFTs are to go to auction, Coachella has set the prices for the sights and sounds and desert reflections collections at $60 and $180 respectively. A portion of the proceeds from the sale of each item will then be donated to Give Directly, Lideres Campesinas, and Find Food Bank, together with a royalty to support the creators.

With Coachella Festival general admission tickets starting at $449, the NFTs are likely to fetch a hefty sum.