It seems like no one wants a $1,200 Coachella NFT, which is twice as much as a VIP pass.
With Coachella’s first weekend less than a month away, tickets to the three-day music festival in the California desert have once again become a hot commodity, minus those attached to NFTs.
Since Coachella announced it two weeks ago, more than 1,000 NFTs have been offered for sale, twice as many VIP passes to this year’s event, and some exclusive access to the “Oasis Lounge” has been packaged. But this plan paid off dismally. Approximately 3% of the tokens offered have been issued to date.
In collaboration with NFT marketplace OpenSea, Coachella has launched an initial collection of 1,024 non-fungible tokens that also serve as VIP passes with special benefits. According to OpenSea data, only 34 of the NFTs created have been minted.
“Coachella’s VIP Pass + Oasis Lounge Keepsake is an NFT that gives the owner one VIP ticket to the 2024 Coachella Valley Music and Arts Festival and access to the Oasis Lounge, a private lounge + bar inside the VIP section of the festival site,” a description of the collection posted on OpenSea According to.
“The collection offers VIP admission, access to special lounges with unique amenities, and additional events. We are very excited about the value of the collection.” CoachellaSam Schoonover, innovation leader at , said in an emailed statement to The Block a few days after launch.
The NFT is listed at around $1,269 and is issued by Avalanche. Consumers can make purchases using cryptocurrency or debit cards. This year’s Coachella Festival will feature popular musical acts including Lana Del Rey, Blur, and Tyler, The Creator.
According to OpenSea data, there are fewer than 36 NFTs issued and only seven unique owners. According to an OpenSea spokesperson, the NFTs issued do not appear to belong to regular consumers. “The teams decided to set the drop live ahead of a dedicated marketing push to conduct a joint team mint for stakeholders who would participate in the on-site Oasis Lounge activation that led to the initial mint,” OpenSea said a few days after the launch. collection.
A “dedicated marketing push” was scheduled to begin last week. Coachella and OpenSea did not immediately respond to requests for updated comment Wednesday.
In contrast to Coachella NFTs gaining little traction, there appears to be no shortage of demand for traditional ticket options. Coachella’s website says the first weekend of the festival is sold out, including general admission and VIP tickets. Coachella’s first weekend runs from April 12th to 14th. Another three days of music begin on April 19.
$25 million worth of past FTX transactions
This is Coachella’s second foray into NFTs. About a year ago, the festival partnered with the now-defunct FTX to launch a series of collectible NFTs. At one point, Coachella signed a $25 million deal with FTX. FTX is known for paying large sums of money to sports stars and celebrities to promote its cryptocurrency exchange.
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