Coachella is attempting to enter the NFT market. According to its website, the Coachella music event in California plans to make a number of non-fungible tokens. Passes, posters, and photographs are among the items in the collection. The Coachella Valley Music and Arts Festival takes place every year in Coachella Valley, California.
Coachella’s NFT collection will comprise 10 “key” NFTs as passes for a lifetime. The permits will provide access to both yearly events in April and online concerts. These NFTs will be offered to the winning bidder rather than having a defined price. On February 4th, sales will commence. These NFTs will be redeemable into physical prints of the appropriate poster or image by purchasers.
Two bigger NFT collections are also included in the series. The “Sights and Sounds” collection and “Desert Reflections” collection. The “Sights and Sounds” collection comprises 10000 NFTs priced at USD 60 each. The other one “Desert Reflections” collection includes 1000 NFTs priced at USD 180 each.
Coachella will use the Solana blockchain to issue its NFTs. Solana is a viable blockchain, according to festival officials in numerous remarks. Solana, unlike Ethereum, does not require mining and consumes extremely little energy. A percentage of the revenues will be dedicated to a charitable organisation. Coachella’s NFTs will be offered through FTX.US, the FTX exchange’s American branch.
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