Coachella and OpenSea launch NFTs with music festival gear and memorabilia
Popular music and arts festival Coachella has announced a new partnership with non-fungible token (NFT) marketplace OpenSea to launch digital advertising that will have real-world utility at the event.
On March 5, the Coachella Valley Music and Arts Festival announced that the 2024 edition of the festival will have three unique NFT suites, serving as the gateway to all of the festival's most unique on-site experiences and merchandise.
Coachella is one of the largest music festivals in the world, with over 645,000 people in attendance. He is known for his diverse musical productions featuring newcomers and superstars, along with a large audience.
Over the years, the festival has become an important event in the pop culture and music industry and a highly sought after event for promoters. This partnership with OpenSea is a move that brings both NFTs and the large Web3 utility and innovation to the mainstream directly.
Coachella's head of innovation, Sam Schoonover, called the collaboration a “new chapter” in how the event can use NFTs to create real-life and digital customer experiences. he said:
“We're moving forward where Coachella is not just an event you attend, but an experience you can own and shape based on the digital tokens you own.”
NFT collections will be hosted on the Avalanche blockchain network and released over three drops that combine collectible Coachella intellectual property artwork with perks, including access to exclusive venues, limited edition Coachella merchandise and VIP festival passes.
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The first drop will take place on March 5, with only 1,000 available NFTs giving holders a VIP passport, Oasis Lounge access and an Oasis Lounge Keepsake, with the other two on March 25 and mid-April.
OpenSea CEO Devin Finzer commented on the partnership and what it could mean for the space:
“Our partnership with Coachella represents a significant milestone in integrating digital with physical elements in ways that promise to enrich the festival experience.”
This partnership comes as OpenSea continues to see a rocky NFT market, with NFT sales hitting a three-year low in February 2024, with just 199,000 sold.
The platform is recognized as a dominant player in the Web3 scene. However, in the past few years, it has faced “vampire attacks” where other platforms have tried to lure users and liquidity with incentives such as low fees.
In December 2023, the OKX NFT marketplace topped both OpenSea and Blur – its top competitors – in daily trading volume.
OpenSea's CEO said in an interview earlier this year that given the current NFT market climate, the idea of being acquired by another company is “open-minded.”
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