Coachella will sell lifetime festival passes as NFTs

The Music Festival has partnered with cryptocurrency exchange FTX US to launch three collections of non-fungible tokens, or NFTs, that will be available for auction.

The launch includes the Coachella Keys Collection - 10 NFTs that grant owners "lifetime access" to one festival weekend each April, as well as the "Coachella makes virtual experiences forever" collection.

“Only blockchain technology can give us the unique opportunity to offer lifetime passes at Coachella for the first time,” said the head of innovations at Coachella.

This news once again underlines the growing interest in NFT, which is also shown by companies far from the technology industry. Last November, the US National Football League announced that it would attach non-fungible tokens to tickets for some games, but noted that the NFT by itself would not give the holder access to the event. Apparel and footwear manufacturers such as Gap and Adidas sold NFTs alongside physical goods.

In addition to the ten Coachella Lifetime NFTs, festival organizers will be selling 1,000 tokens, worth $180 each, that buyers can use to purchase a photo book commemorating the event. For $60 each, 10,000 NFTs with the best photos from the festival will be available. Part of the proceeds from the token sale will go to charity.