Coachella Collabs With FTX To Sell Festival Passes As Solana-based NFT

Coachella collabs with FTX crypto exchange to sell festival passes as Solana-based NFTs as we can see further in our latest cryptocurrency news.

The multi-day music festival held in California – Coachella collabs with crypto exchange FTX to introduce non-fungible token collections to fans and they will be built on the Solana network. The Coachella Valley Music and Arts Festival was postponed in 2020 and 2021 because of the COVID pandemic but this April it Is set to return. To provide the fans with more opportunities with its comeback and introduced a series of NFTs offering lifetime passes and VIP access to the events.

The three types include Coachella Keys Collection, Desert Reflections Collection, and Sights and Sounds Collection. The first one has put u to 10 tokens and grants lifetime access to the festival with more unique experiences, the Desert Reflections one has 1000 NFTs and it is the most expensive one with starting price of $180 and celebrates the festival’s history while the last one has 10,000 collectibles and epics iconic photos from Polo Fields.

All digital collectibles are built on Solana which Coachella described as a very environmentally-friendly blockchain protocol. The team behind the festival promised to donate the proceeds to charity organizations including Leaders Campesinas, Find Food Bank, and GiveDirectly. The Digital Innovation Manager Sam Schoonover explained why they decided to enter the NFT universe:

“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. Only blockchain can give us the unique ability to offer tradable lifetime passes to Coachella for the first time ever.”

Those willing to buy non-fungible tokens will have to register with FTX USD and complete an identity certification so despite evolving as a glboal trend, the NFTs are not really intriguing for everyone. The American Rapper Kanye West urged his fans to stop asking him to do an NFT because he thinks that essential items can be found in the real world. Podcast host Joe Rogan is also against digital collectibles but supports bitcoin, saying NFTs are just a weird hustle that doesn’t make any sense.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://www.dcforecasts.com/altcoin-news/coachella-collabs-with-ftx-to-sell-festival-passes-as-solana-based-nft/