After an unsuccessful first attempt in 2022, the Coachella Valley Music and Arts Festival decided to give NFTs another chance. This was after cooperating with FTX, which later failed.
However, Coachella and Opensea, a “trusted, secure, and safe partner,” NFT marketplace, are collaborating this year to offer NFTs that grant attendees access to VIP areas and unique merchandise.
Coachella’s innovation lead, Sam Schoonover, wrote in an email that the Coachella team “has worked with the owners of all the lifetime pass Coachella Key NFTs to ensure that their benefits continue to be honored and that they receive new, re-issued NFTs.”
He also stated that NFTs with practical applications have potential for the future, according to Coachella, who claims that the 2022 program “clearly struck a positive chord with Coachella fans” despite the FTX reaction.
In recent years, Opensea has collaborated on ticketing projects, particularly in the Web3 area. These tickets are expected to go on sale on NFT.NYC’s platform in 2023.
Devin Finzer, CEO of OpenSea, feels that live events are “one of the verticals that we see enormous potential in.” Coachella’s resurrection is a significant step toward NFTs giving more than just speculative value.
