2 years ago
The Coachella Valley Music & Arts Festival, acceptable to instrumentality this April aft a two-year hiatus, has announced a bid of NFTs offering on-site perks and VIP entree to the event.
It’s portion of a “long-term” concern with FTX, festival officials said successful a property release. FTX is the crypto speech helmed by billionaire Sam Bankman-Fried that precocious snagged a $32 cardinal valuation (and an $8 cardinal valuation for its U.S. arm).
Coachella is launching three collections astatine antithetic terms points, each of which are built connected Solana, a comparatively eco-friendly blockchain with lower fees than Ethereum. FTX launched a Solana-based NFT marketplace past October.
The archetypal set, called the Coachella Keys Collection, consists of conscionable 10 tokens, each offering beingness festival entree and different VIP goodies (among them, a “celebrity cook dinner”). There’s besides the Desert Reflections Collection – 1,000 tokens priced astatine $180, which buyers tin redeem for a carnal transcript of a Coachella photograph publication – and the Sights and Sounds Collection, which mostly conscionable gets you the token and audiovisual accompaniment. The Sights and Sounds NFTs are priced astatine $60 each, and volition motorboat successful an variation of 10,000.
“Only blockchain exertion tin springiness america the unsocial quality to connection tradeable beingness passes to Coachella for the archetypal clip ever,” Coachella Innovation Lead Sam Schoonover said successful a statement.
Coachella – headlined this twelvemonth by Harry Styles, Billie Eilish and Kanye West – isn’t the archetypal euphony festival to experimentation with crypto. This past year, New York’s Governor’s Ball offered NFTs done a concern with Coinbase.
According to a property release, an undisclosed information of the proceeds from Coachella’s NFTs volition spell to 3 charities: GiveDirectly, Lideres Campesinas and Find Food Bank.
In an effort to get up of the backlash, FTX has besides purchased 100,000 tons of c offsets.
Some of the NFTs unlock on-site perks. (Coachella)
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Will Gottsegen is CoinDesk's media and civilization reporter. He holds ETH and 2 NFTs supra CoinDesk's disclosure threshold of $1000.
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