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After the failed initial effort in 2022, Coachella Valley Music and Arts Festival decided to give NFTs another shot. This was after collaborating with FTX that later collapsed.
However, Coachella and Opensea, a “trusted, secure and safe partner,” NFT marketplace are teaming up this year to offer NFTs that give attendees access to VIP areas and special items.
Sam Schoonover, Coachella’s innovation lead, shared 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 added that NFTs with practical applications have promise for the future, according to Coachella, who says the 2022 program “clearly struck a positive chord with Coachella fans” despite the FTX backlash.
In the past years, Opensea has partnered on ticketing projects, mostly in the Web3 domain. These tickets are said to have gone on sale on NFT.NYC’s platform in 2023.
OpenSea CEO Devin Finzer agrees, stating that live events are “one of the verticals that we see enormous potential in.” This comeback by Coachella is a great step towards NFTs offering more than just speculative value.
Also read: IO Research Hits $1 Billion Valuation in New Funding Round
Read More: Coachella Revives NFT Initiative with OpenSea Partnership
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