Coachella tries again to bring benefit-packed NFTs despite a terrible first attempt, partnering with OpenSea

Coachella, one of the world’s most popular annual music festivals held in the US, is taking a second stab at launching NFTs with VIP benefits for holders. To do this, it has teamed up with the Music and Arts Festival. open sea, the world’s largest NFT marketplace that operates only digitally. Coachella has decided to release a total of three NFT lineups. All three will offer different bundles of benefits to buyers of these digital collections through OpenSea.

On average, about 125,000 participants arrive at the Empire Polo Club in Indio, California around April each year. Coachella’s decision to push out NFT collection Can increase direct engagement in large scale NFT sector.

The first collection has already dropped on OpenSea — The VIP Pass + Oasis Lounge Keepsake by Coachella. A total of 1,024 NFTs are part of this collection. Holders of these NFTs will enjoy exclusive bar benefits with limited complimentary drinks and a shaded lounge, among other benefits. The NFTs from this collection cost $1,499 (roughly Rs. 1.24 lakh). AVAX (avalanche) Blockchain

As for the other two collections, Coachella Allegedly They are scheduled to be unveiled around March and mid-April.

“NFT-based music and ticket collections are one of the best ways for the crypto subsector to go mainstream. Tickets can hold special memories for fans, and have the potential to They should not only be souvenirs or collectibles, but also bring utility,” threatened a tweet from Avalanche. referred to says Devin Finzer, CEO and co-founder of OpenC.

However, this isn’t the first time Coachella has tried its hand at offering benefits equipped with NFTs as festival passes and digital souvenirs.

In February 2022, Coachella decided to offer ten lifetime passes to buyers of its NFTs. The music festival, at the time, launched an NFT marketplace created by the now-bankrupt company. FTX US. Soon, when Sam Bankman Frieds, founder of FTX As luck would have it, these passes and their promises fell through, leaving flat-holders high and dry.

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