Skip to main content

Coachella will sell lifetime festival passes as NFTs

Coachella will sell lifetime festival passes as NFTs

/

Owners of the 10 lifetime NFTs will get tickets every year

Share this story

Image: Coachella

Coachella is selling lifetime festival passes for the first time — but you have to buy an NFT to get one. The music festival today launched an NFT marketplace built by FTX US, with three collections of NFTs going on sale on February 4th.

The company will auction the Coachella Keys Collection, a group of 10 NFTs that allow holders lifetime tickets to the festival. Owners of the token will get passes to Coachella every year, plus “access to Coachella-produced virtual experiences forever.” NFT purchases also include special perks at the 2022 festival like front row access and a celebrity chef dinner.

That the festival is dipping into the NFT craze is perhaps unsurprising — in November, Coachella parent company AEG renamed the Staples Center the Crypto.com Arena — and other traditional companies have shown there’s plenty of money to be made by attaching physical products and services to digital goods. NFT resales often net profits for the original seller, too, which could be a boon for something as permanent as a lifetime pass. If the NFTs are resold, Coachella, photographers, art installation artists, and design artists will receive a royalty.

Digital ticketing is possible without NFTs attached — the NFL even got rid of paper tickets for the 2021 season

Ticketing is often raised as a use case for NFTs and blockchains — before Coachella, the NFL announced in November it would tack on NFTs to tickets for select games. But in the case of the NFL, the digital token itself doesn’t gain you entry to the event. Owners of Coachella’s NFTs use the token to redeem two festival passes yearly. Digital ticketing and resales are also possible without NFTs attached — the NFL even got rid of paper tickets for the 2021 season.

Other companies have tied NFTs to physical products and experiences: one of the draws of the Bored Ape Yacht Club is the parties you supposedly get exclusive access to, and companies from Gap to Adidas have sold NFTs that come with physical merchandise.

In addition to the 10 lifetime-pass NFTs, Coachella will sell 1,000 NFTs priced at $180 that buyers can use to redeem a physical Coachella photo book. The company will also sell 10,000 NFTs of “fan-favorite festival photos and never before heard soundscapes,” priced at $60 apiece. Minted on Solana, Coachella will donate a portion of NFT sales to GiveDirectlyLideres Campesinas, and Find Food Bank

Update February 1st 2:30 PM ET: This story has been updated to include responses from Coachella.


Related:

Today’s Storystream

Feed refreshed 10 minutes ago The tablet didn’t call that play by itself

A
External Link
Andrew J. Hawkins10 minutes ago
Vietnam’s EV aspirant is giving big Potemkin village vibes

Idle equipment, absent workers, deserted villages, an empty swimming pool. VinFast is Vietnam’s answer to Tesla, with the goal of making 1 million EVs in the next 5-6 years to sell to customers US, Canada and Europe. With these lofty goals, the company invited a bunch of social media influencers, as well as some auto journalists, on a “a four-day, multicity extravaganza” that seemed more weird than convincing, according to Bloomberg. Guests were treated to a champagne and lobster lunch, but also were left wondering why none of VinFast’s machinery was working. They even got to visit the company’s real estate holdings outside Hanoi, where they were greeted by empty swimming pools, dusty construction equipment, and a library devoid of books.


J
James Vincent30 minutes ago
Today, 39 years ago, the world didn’t end.

And it’s thanks to one man: Stanislav Petrov, a USSR military officer who, on September 26th, 1983, took the decision not to launch a retaliatory nuclear attack against the US. Petrov correctly guessed that satellite readings showing inbound nukes were faulty, and so likely saved the world from nuclear war. As journalist Tom Chivers put it on Twitter, “Happy Stanislav Petrov Day to those who celebrate!” Read more about Petrov’s life here.


Soviet Colonel who prevented 1983 nuclear response
Photo by Scott Peterson/Getty Images
J
The Verge
James Vincent45 minutes ago
Deepfakes were made for Disney.

You might have seen the news this weekend that the voice of James Earl Jones is being cloned using AI so his performance as Darth Vader in Star Wars can live on forever.

Reading the story, it struck me how perfect deepfakes are for Disney — a company that profits from original characters, fans' nostalgia, and an uncanny ability to twist copyright law to its liking. And now, with deepfakes, Disney’s most iconic performances will live on forever, ensuring the magic never dies.


E
External Link
Elizabeth LopattoAn hour ago
Hurricane Fiona ratcheted up tensions about crypto bros in Puerto Rico.

“An official emergency has been declared, which means in the tax program, your physical presence time is suspended,” a crypto investor posted on TikTok. “So I am headed out of the island.” Perhaps predictably, locals are furious.


Welcome to the new Verge

Revolutionizing the media with blog posts

Nilay PatelSep 13
R
The Verge
Richard LawlerTwo hours ago
Teen hacking suspect linked to GTA 6 leak and Uber security breach charged in London.

City of London police tweeted Saturday that the teenager arrested on suspicion of hacking has been charged with “two counts of breach of bail conditions and two counts of computer misuse.”

They haven’t confirmed any connection with the GTA 6 leak or Uber hack, but the details line up with those incidents, as well as a suspect arrested this spring for the Lapsus$ breaches.


D
David PierceTwo hours ago
Thousands and thousands of reasons people love Android.

“Android fans, what are the primary reasons why you will never ever switch to an iPhone?” That question led to almost 30,000 comments so far, and was for a while the most popular thing on Reddit. It’s a totally fascinating peek into the platform wars, and I’ve spent way too much time reading through it. I also laughed hard at “I can turn my text bubbles to any color I like.”


T
Thomas Ricker10:44 AM UTC
The Simpsons pays tribute to Chrome’s dino game.

Season 34 of The Simpsons kicked off on Sunday night with an opening credits “couch gag” based on the offline dino game from Google’s Chrome browser. Cactus, cactus, couch, d’oh! Perfect.


T
Youtube
Thomas Ricker7:29 AM UTC
Table breaks before Apple Watch Ultra’s sapphire glass.

”It’s the most rugged and capable Apple Watch yet,” said Apple at the launch of the Apple Watch Ultra (read The Verge review here). YouTuber TechRax put that claim to the test with a series of drop, scratch, and hammer tests. Takeaways: the titanium case will scratch with enough abuse, and that flat sapphire front crystal is tough — tougher than the table which cracks before the Ultra fails — but not indestructible.


E
Twitter
Emma RothSep 25
Rihanna’s headlining the Super Bowl Halftime Show.

Apple Music’s set to sponsor the Halftime Show next February, and it’s starting out strong with a performance from Rihanna. I honestly can’t remember which company sponsored the Halftime Show before Pepsi, so it’ll be nice to see how Apple handles the show for Super Bowl LVII.


E
Twitter
Emma RothSep 25
Starlink is growing.

The Elon Musk-owned satellite internet service, which covers all seven continents including Antarctica, has now made over 1 million user terminals. Musk has big plans for the service, which he hopes to expand to cruise ships, planes, and even school buses.

Musk recently said he’ll sidestep sanctions to activate the service in Iran, where the government put restrictions on communications due to mass protests. He followed through on his promise to bring Starlink to Ukraine at the start of Russia’s invasion, so we’ll have to wait and see if he manages to bring the service to Iran as well.


E
External Link
Emma RothSep 25
We might not get another Apple event this year.

While Apple was initially expected to hold an event to launch its rumored M2-equipped Macs and iPads in October, Bloomberg’s Mark Gurman predicts Apple will announce its new devices in a series of press releases, website updates, and media briefings instead.

I know that it probably takes a lot of work to put these polished events together, but if Apple does pass on it this year, I will kind of miss vibing to the livestream’s music and seeing all the new products get presented.


E
External Link
Emma RothSep 24
California Governor Gavin Newsom vetoes the state’s “BitLicense” law.

The bill, called the Digital Financial Assets Law, would establish a regulatory framework for companies that transact with cryptocurrency in the state, similar to New York’s BitLicense system. In a statement, Newsom says it’s “premature to lock a licensing structure” and that implementing such a program is a “costly undertaking:”

A more flexible approach is needed to ensure regulatory oversight can keep up with rapidly evolving technology and use cases, and is tailored with the proper tools to address trends and mitigate consumer harm.