Coachella to Launch Solana NFTs in Deal With FTX

In Brief:

• Coachella has released three series of non-fungible tokens (NFTs) that include the Coachella Keys Collection, Sights and Sounds Collection, and the Desert Reflections Collection.
• The NFTs will be issued on the Solana blockchain and sold on the FTX.US platform.
• Sales begin at 10 a.m. PST on Friday, February 4th.

The Coachella Valley Music & Arts Festival, which will return this April after a two-year hiatus, has announced three lineups of non-fungible tokens (NFTs) that will provide on-site perks and VIP access to the event.

The NFTs will be available for purchase through both Coachella’s own NFT portal and the FTX NFTs marketplace. The three collections include the Coachella Keys Collection, Sights and Sounds Collection, and the Desert Reflections Collection. Sales for the collections begin on February 4th at 10 a.m. PST lasting for a week.

For its opening bids, the Sights and Sounds is offering 10,000 NFTs for $60.00, while the Desert Reflections is offering 1,000 tokens for $180.00 all of which will be minted on Solana, a blockchain that is less harmful to the environment and has lower fees than Ethereum.

Coachella will auction off 10 Key NFTs called Coachella Keys Collection, which will include:

• Lifetime passes to the annual music festival in Indio, California 
• Access to all Coachella virtual events. 
• Including special perks for the 2022 festival, such as front row access, dinner prepared by a celebrity chef, or on-stage access at the Sahara Tent.

Coachella’s Innovation lead Sam Schoonover says, “We think lifetime access to Coachella is a perfect use case for NFTs. These Coachella Keys are digital items that provide real value to their owners over the long term.”

Coachella will distribute a portion of the proceeds to three organisations: Find Food Bank, Lideres Campesinas, and GiveDirectly.

According to a press release from the festival, it is part of a “long-term” partnership with FTX. FTX is a cryptocurrency exchange led by billionaire Sam Bankman-Fried that recently received a $32 billion valuation.