February 2, 2022
Lifestyle,
Perhaps one of the biggest arguments against the rise of non-fungible tokens (better known as NFTs) is their lack of application outside of the blockchain. Critics and internet jokers alike have pointed out that often, NFTs can simply be captured in a screenshot or saved with right-clicks, making the purchase of such a digital product similar to fool’s gold.
There’s been a push to make NFTs more useful, and perhaps no company is more influential in this effort than Anschutz Entertainment Group (AEG). The entertainment company, who helped rename the Crypto.com Arena where the Los Angeles Lakers play, announced Tuesday that it would be releasing limited edition “Coachella” NFTs with an interesting twist: those that buy them will receive lifetime passes to the music festival.
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In a customized NFT marketplace built by FTX US, three collections will hit the virtual shelves on Friday, Feb. 4. One of them includes 10 “golden tickets” which will guarantee entry to the buyer and a +1 at every Coachella future festival in perpetuity.
The passes are sold in what’s being called the “Coachella Keys Collection,” which will also feature front-row access, camping in the luxurious safari campgrounds, and a gourmet dinner.
"Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever,” festival innovation lead Sam Schoonover says in a statement.
While it was not announced what the price may be for such a pass, current camping for the safari campground starts around $9,500, so it’s safe to assume these tickets will garner a healthy price tag.
Introducing Coachella Collectibles NFTs Lifetime festival passes, digital collectibles redeemable for physical items & more available Friday at 10am PT at https://t.co/D8v4cD04wc
— Coachella (@coachella) February 1, 2022
Explore our debut collections pic.twitter.com/eEPdVvxPhg
According to The Verge, there are other physical gifts featured in the section. Among the collections are 1,000 NFTs priced at $180, which will secure a physical photo book from this year’s festival, and 10,000 tokens which will grant the user access to “fan-favorite photos” and soundscapes, both prominent features of the current Crypto market. Those will be priced at $60.
The marketplace marks another leap in the trend towards digital ticketing, as more and more venues are ditching physical tickets for those found in Apple and Android wallets in phones everywhere.
AEG is also far from the first group to attach tickets to NFTs, as various NFL teams across the country tried a similar tactic for giveaways. Unlike the NFL, however, the roles will be reversed: the NFT gains access to the ticket.
We have partnered with @FTX_US to build an environmentally friendly marketplace on @Solana. A portion of the proceeds will be donated to @GiveDirectly, @LCampesinas, & @FINDFoodBank, and a royalty will support the creators involved.
— Coachella (@coachella) February 1, 2022
The sale is also promising profits for those outside of the AEG executive board, The Verge writes, as those who make the products; including art directors, photographers and the musicians themselves; will earn a profit with each resale of the blockchain.
AEG is aware of the impact such a powerful resale will have, and has promised that a portion of sales generated from the initial auction will be donated to various charities, including GiveDirectly, Lideres Campesinas, and Find Food Bank.
In short, it may finally be time to open that digital wallet. There may be no better way to see Harry Styles.
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