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Coachella, the renowned annual music and arts festival held in California, continues its exploration into the Web3 space, revealing the release of VIP Passes as non-fungible tokens (NFTs) in a series of drops for this year’s event.
Announced via a post on X (Twitter) by Coachella, the initial release include the VIP Pass and the Oasis Lounge Keepsake.
The VIP Pass grants holders access to the festival venue and VIP areas throughout the entire weekend associated with the ticket. Meanwhile, the Oasis Lounge Keepsake serves as an in-game asset for Coachella experiences across both virtual and physical realms. It offers exclusive festival benefits, including access to the Oasis Lounge, a venue with unique bar privileges, including limited complimentary drinks.
Coachella has opted for Avalanche, a decentralized, open-source proof-of-stake blockchain featuring smart contract capabilities, for the release of this NFT drop.
This initial release comprises 1,024 NFTs, already available for minting at a price of $1,499 each on the OpenSea marketplace. The minting phase, which started on March 5, has already seen 27 NFTs minted as of the time of this writing.
NFT holders are required to redeem their VIP Passes by April 1 through a redemption portal, details of which will be announced soon.
This move is not Coachella’s first venture into the Web3 space. Last year, Coachella collaborated with Fortnite to create a unique metaverse activation, allowing users to explore and engage in various activities related to the festival.
In 2022, Coachella entered the NFT space by partnering with the now-collapsed FTX US. The collaboration resulted in the release of three NFT collections, offering lifetime festival passes, digital collectibles redeemable for physical items, and more.
The incorporation of NFTs into the festival and ticketing industry has become notable, particularly in addressing ticket scalping issues. NFTs seem to represent a valid solution to the practice of bulk-buying tickets by bots for resale at inflated prices.
Beyond Coachella, other festivals have also embraced NFTs for tickets. In 2022, Firefly Music Festival, the largest East Coast camping festival, collaborated with Autograph to release NFTs, providing fans with exclusive access and experiences. Rolling Loud, an international hip-hop music festival, issued a collection of 10,000 NFTs in the same year, offering lifetime global access to every Rolling Loud Music Festival.
