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Concert Festival NFTs Are Poised To Change The Music Industry

Earlier this year the Coachella Valley Music & Arts Festival announced the creation of Solana NFTs that provide lifetime passes to the annual concert festival. Coachella teamed up with FTX US

to mint and sell the concert festival NFTs. Owners of the Solana NFTs are able to attend the concert festival for free.

Coachella auctioned 10 NFTs that provide free lifetime access to the annual music festival in Indio, California, as well as access to all Coachella virtual events. The NFTs are minted on the Solana blockchain and they are tradeable. In addition, owners of the NFTs received extra perks during the 2022 festival, which included front row access, dinner made by a celebrity chef, and on-stage access at the Sahara Tent.

Coachella released two other NFT collections at lower price points. One NFT collection was limited to 1,000 pieces at $180 apiece, and could be redeemed for a physical photo book from the festival. The other NFT collection was purely digital and spans 10,000 pieces at $60 each. The NFTs were sold both through Coachella’s own NFT portal and the FTX NFTs marketplace. Coachella donated a portion of proceeds across a trio of organizations: Find Food Bank, Lideres Campesinas, and GiveDirectly.

Owners of the Coachella Solana NFTs are able to use Solana wallets such as Avana Wallet to collect, mint, and trade their NFT collectables. Solana wallets provide a user-friendly interface for NFT collectors to interact with the blockchain. Solana wallets prove ownership of valuable NFTs by creating cryptographic digital signatures.

An NFT is a blockchain digital certificate of ownership for an item, such as artwork, video files, collectibles, and more. NFTs can also provide utility, such as an NFT that provides access to gated online communities and exclusive live events. Many famous NFT collections such as the Bored Ape Yacht Clubgrant NFT holders special access to events and merchandise. NFTs are quickly becoming an important technology for the music industry and event ticketing.

Popular NFT marketplaces featuring Solana NFTs include Magic Eden, OpenSea, and Hyperspace.

NFT owners and creators can buy and sell their Solana NFTs instantly in a decentralized manner by interacting with Solana blockchain smart contracts.

“Since each NFT is a permanent record verified on a blockchain, they have the unique capability to securely guarantee their owner permanent rights to [in real life] experiences too,” said Sam Schoonover, Coachella’s Innovation Lead. “We think lifetime access to Coachella is a perfect use case for NFTs. These Coachella Keys are digital items that provide real value to their owners over the long term. We needed to mint our NFTs on a platform that’s environmentally sustainable, inexpensive, and doesn’t require high transaction fees to move tokens or assets around in order to make a purchase.”

Coachella 2022 took place in April, and was headlined by Harry Styles, Billie Eilish, and Kanye West. Additional artists included Lil Baby, Phoebe Bridgers, Megan Thee Stallion, Doja Cat, and Run the Jewels.

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About StanleyGatero (64 Articles)
I am Stanley Gatero, a music lover, digital marketer and PR specialist. I am regular contributor of Disrupt, 24hiphop, Redxmagazine, IndiePulse Music and LimitLess Mag. Reach out to me through slopswap@gmail.com

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