The next big trend in Non-Fungible Tokens is to have them serve a purpose or utility, and not just as art collection. This is a particularly growing trend in the music and entertainment industry. Recently, rapper Nas auctioned NFTs that are linked to streaming royalties for some of his music.
Now, Coachella Valley Music and Arts Festival has announced that they will be auctioning 10 NFTs which will give their holders lifetime tickets to the annual event.
Dubbed ‘Coachella Keys Collection’, owners will have lifetime passes to both the physical festival and all Coachella-produced virtual experiences. It is the first time that the festival has ever sold lifetime tickets.
“We’ve all seen how NFTs enable true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world too,” said Innovation Lead for Coachella Sam Schoonover.
“Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever. We’re excited about building new utility and community for our fans with NFTs, and in FTX we found the partner that we trust to provide us with infrastructure and support to help us usher in this new frontier.”
The auction will take place on February 4, from 10a.m to February 11 at 5pm.
A further 1,000 NFTs will be sold for $180. These will be used to redeem a Coachella photo book, with a portion of the sales going to charity.