Coachella is jumping on the crypto bandwagon and will sell lifetime passes to its annual festival via NFT.
The music festival partnered with the cryptocurrency exchange FTX US to launch three collections of nonfungible tokens, or NFTs, which will be available for auction Friday. The launch includes the Coachella Keys Collection, 10 NFTs that grant owners "lifetime access" to one weekend of the festival every April, as well as "Coachella produced virtual experiences forever."
"Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever,” Sam Schoonover, Coachella's innovation lead, said in a statement.
Real-life VIP perks granted to Coachella Keys Collections owners include special viewing areas at festival stages, lifetime camping at the coveted Safari Campgrounds (luxury tents start at $9,500) and a private dinner prepared by a professional chef on the festival grounds. Each of the 10 virtual keys will come with festival perks unique to the NFT.
The NFT keys can be bought, sold and traded, according to Coachella, and selling one of the keys transfers the lifetime festival pass and other benefits to the new owner. Owners will have to verify their keys before April 1, ahead of the festival weekends, to gain access.
In addition the Coachella Keys Collection, the festival is also selling digital collectibles that are redeemable for physical copies of art. Minting any NFT within the Sights and Sound Collection or the Desert Reflections Collection will grant the owner a random digital copy of iconic festival photos or festival posters, which can be redeemed for physical art prints.
Coachella's 2022 festival is headlined by Ye (formerly Kanye West), Billie Eilish and Harry Styles.
The NFTs will be available for auction at 10 a.m. PT Feb. 4.