Summary
Coachella sold NFTs in 2022, but faced setbacks when FTX collapsed. They are now giving NFTs another try with partnerships with OpenSea. NFTs will offer exclusive perks for fans at this year’s festival. Coachella is embracing utility NFTs to enhance fan experiences.
Key Points
1. Coachella in 2022 sold NFTs in partnership with FTX, earning collectors physical art prints and photo books. Ten “Coachella Keys” were sold for a collective $1.4 million, guaranteeing lifetime passes to the festival.
2. Following the collapse of FTX, NFTs began displaying blank images and associated websites redirected users to information about the company’s bankruptcy. However, Coachella is giving NFTs a second try, allowing fans to purchase NFTs for VIP access and exclusive merchandise at this year’s festival.
3. Coachella is planning three NFT drops in the coming weeks with exclusive perks for holders. The NFTs live on the Avalanche blockchain and are being sold through a partnership with OpenSea. This revamped version of Coachella NFTs aims to provide fans with exclusive experiences and merchandise, moving towards utility beyond price speculation in the NFT space.