The Coachella Valley Music and Arts Festival has gained a reputation for passes to the taste-making festival selling out quickly, and the festival’s new NFT offerings are following suit.
Coachella announced on Feb. 1 that it was jumping into NFTs and one of its offerings sold out within minutes of going on sale Friday morning. And the 10 unique NFTs that offer lifetime Coachella access as a part of the Coachella Keys Collection, are going for tens of thousands of dollars.
A non-fungible token, more commonly known as an NFT, is a one-of-a-kind digital token that can be bought and sold. Many include artwork.
The Desert Reflections Collection was limited to 1,000 and sold for $180. It consisted of 10 digital versions of festival posters across Coachella’s history from the artist Emek and can also be redeemed for the photo book “Coachella | The Photographs: 1999-2019.”
A spot check on the FXT US website showed that the Desert Reflections Collection, sold out by 10:03 a.m.
The Sights and Sounds Collection was limited to 10,000. Each one included a random selection of a festival photo and soundscapes from the Empire Polo Club (from a selection of 10) and can be redeemed for a physical art print of the photo. It was priced at $60.
At 2:48 p.m., the Coachella Twitter account posted that both the Sights and Sounds Collection and the Desert Reflections Collection had sold out.
In an emailed statement, Sam Schoonover, Coachella’s Innovative Lead, said that he couldn’t have asked for a better result.
“We introduced thousands of Coachella fans to NFTs for the first time and introduced thousands of NFT collectors to Coachella, too, ” Schoonover said.
Prices are expected to fluctuate for all collections due to ongoing bidding and reselling of the NFTs.
However, there was one group of NFTs up for bid on Friday: the Coachella Keys Collection of 10 unique NFTs that include lifetime super VIP access to Coachella for one weekend in April every year. The bidding for each key will close on Friday, Feb. 11 at 5 p.m. After they went on sale, some keys had bids as low as $4,000 but a spot check at 11:05 a.m. Feb. 4 showed all keys had already reached $25,000.
Hours later, at 4 p.m., Coachella’s NFT marketplace showed that the Infinity Key, which features lifetime Coachella Guest Passes, all-inclusive culinary experiences and private transportation was up to $52,500 bid. Another NFT, Key to the Safari, which includes accommodations in the festival’s most luxe camping, was up to $57,500.
Half of the 10 keys were up to $26,000 by 4 p.m. Friday, including the Key to the Dinner in the Garden, which includes a cooked meal by Coachella chefs, guest passes, dedicated viewing areas at most stages, backstage compound access, and guest golf cart transportation.
If you’re a Coachella fan and are going to this year’s festival but didn’t get a chance to cop any NFTs, you’re in luck.
On Feb. 3, the Coachella Twitter account hosted a Space with FXT.US, where it was announced that the festival is going to give everyone who is going to the festival an NFT with on-site activation.
In the email, Schoonover also said Coachella plans to release more NFTs this year and next.
The festival, which will feature headliners Harry Styles, Billie Eilish and Ye (formerly Kanye West), will happen at the Empire Polo Club in Indio April 15-17 and April 22-24.
Schoonover’s email said that those who purchased NFTs can go to Coachella’s Discord server to learn how to verify their ownership, gain access to NFT specific channels, talk with other collectors, trade and ask questions.
Published By : The Press Enterprise