The Coachella Valley Music & Arts Festival has collaborated with FTX US, a brand new US-regulated cryptocurrency exchange, and has just acquired LedgerX in order to expand into bitcoin futures and options trading. The goal of this collaboration is to produce a line of NFT collectibles, including tokenized lifetime passes to its yearly music events. In 2022, the legendary music festival will be headlined by Harry Styles, Billie Eilish, and Ye (the musician formerly known as Kanye West) during two consecutive three-day weekends in California.
The partnership was launched on February 2nd, and it will see the two launch a Solana-based Coachella marketplace as well as NFTs that provide both real-world and virtual benefits. The first batch of Coachella’s NFTs will be auctioned or sold on February 4, and will include 10 unique lifetime access passes (for both live and virtual events), 10,000 tokenized photos, and 1,000 digital posters that can be redeemed for a physical copy of the “Coachella | The Photographs: 1999–2019” photo book.
The “Coachella Keys Collection” tokenized access cards allow the user lifetime access to Coachella’s festival experiences, but they all include various VIP benefits such as secret parties, backstage access, housing, and fine dining.
Coachella has also mentioned that the collaboration with FTX would result in the development of virtual events, most likely in the metaverse.
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