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Coachella, an annual music festival in California, is continuing its exploration of the Web3 space. It has revealed the release of non-fungible tokens for VIP Passes in a series drops to mark this year’s event.
Coachella has announced via a Tweet on X that the Oasis lounge Keepsake and VIP Pass are the initial releases.
The VIP Pass gives holders access to all VIP areas at the festival and to the venue for the entire weekend associated with the ticket. The Oasis Keepsake is an in-game item that can be used for Coachella virtual and physical experiences. It provides exclusive festival benefits including access to Oasis Lounge with its unique bar privileges including complimentary drinks.
Coachella has chosen Avalanche – a decentralized and open-access system.source proof-of-stake Blockchain with smart contracts capabilities for this NFT release.
This first release includes 1,024 NFTs that are already available to mint at a cost of $1,499 per coin on the OpenSea marketplace. Since the beginning of the minting process on March 5, 27 NFTs had been produced.
NFT holders will need to redeem their VIP passes by April 1, through a redemption site, which details will be announced shortly.
Coachella is not the first to venture into Web3 technology. Coachella’s first venture into the Web3 space was last year. collaborated with Fortnite Create a unique activation of the metaverse, which allows users to explore the festival and participate in different activities.
Coachella entered into the NFT market in 2022 by partnering up with the now-defunct FTX USA. The collaboration led to the release of three NFT collectionsThe festival offers lifetime passes, digital collectibles that can be redeemed for physical items and much more.
In recent years, the use of NFTs in festival and ticketing has been notable. ticket scalping issues. NFTs appear to be a viable solution to the practice where bots buy tickets in bulk to resell at inflated prices.
Other festivals, including Coachella have adopted NFTs as a ticketing method. In 2022. Firefly Music FestivalAutograph and the East Coast’s largest camping festival collaborated to release exclusive NFTs that gave fans access to unique experiences. Rolling LoudIn the same calendar year, Rolling Loud Music Festival, an international hip hop music festival, released a collection 10,000 NFTs that offered global lifetime access to each Rolling Loud Music Festival.
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Source: blog.cryptoflies.com
