Coachella 2022 nft

Coachella, one of the world’s most illustrious and profitable music festivals, recently announced the launch of three NFT collections: Sights and Sounds, Desert Reflections, and Coachella Keys.

NFTs (non-fungible tokens) are digital assets—such as photos, visual artwork, or audio—stored on a blockchain. The tokens are immutable and they are purchased, sold, and traded using cryptocurrency.

Coachella launched its own native NFT marketplace, which was built by FTX for the Solana blockchain. The festival’s three collections offer a range of digital photos, soundscapes, and posters that can be redeemed for real-world experiences.

Perhaps the most significant, however, is the Coachella Keys collection.

Coachella 2022 nft

Schoonover says it was priority for the festival to use such an energy efficient blockchain platform. “Coachella has a large audience of fans and for many of them, this will be their first time interacting with NFTs,” he says. “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.”

Additionally, a portion of all sales will be donated to GiveDirectly, a non-profit that makes it possible to directly donate to people living in poverty,Lideres Campesinas, which works to strengthen the the leadership of farmworker woman and girls, andFind Food Bank, a regional food bank serving the Coachella Valley region.

While the music-oriented NFT marketplace is exploding, lifetime passes are still currently rare.

Coachella 2022 nft drop

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    NFT

  • Coachella NFT Keys Collection

    Ser propietario de un Keys Collection Coachella NFT le otorga acceso de por vida a Coachella para su elección de un (1) fin de semana al año. La propiedad también le otorga acceso a las experiencias asociadas con esa clave para 2022.


    Las claves se pueden comprar, vender o intercambiar.

    Son 10 llaves especiales NFT que le darán al portador acceso de por vida a Coachella. Uno de los muchos beneficios con el Coachella NFT ftx es que puedes disfrutar de pases para los festivales de todos los años en cada abril, también en experiencias virtuales, y todo esto de por vida.

    The more expensive Desert Reflections collection will be linked to physical ownership of a limited-edition photobook commissioned to celebrate the festival’s 20-year history.

    Probably the biggest criticism that gets directed at NFT projects is that they are wasteful in the way energy is needed to “mint” the blockchain transactions that keep the tokens secure. Coachella is attempting to avoid this by hosting its NFTs on the Solana blockchain.
    This uses a proof-of-stake (PoS) – rather than proof-of-work (PoW) – algorithm to maintain consensus and validate the information stored on the blockchain.

    In contrast, Ethereum – the most commonly used blockchain for NFT projects – still currently uses PoW, which is far more energy-intensive.

    Why Proof-of-Stake?

    The difference is somewhat technical, but a simple way to think about it is that under a PoW algorithm, computer users are rewarded with cryptocurrency when their machines carry out the complex calculations that keep the network running securely. This means they are incentivized to throw as much computer power as possible at it, so their machines will be the ones that verify the most transactions, and they earn more coins.

    Under PoS, on the other hand, users “stake” their own cryptocurrency.

    Algorithms determine who gets to verify the transactions (and receives the rewards) based on who has had the most currency staked for the longest time.

    Photo Credit: Andrew Ruiz

    The sales of Coachella Lifetime Passes as NFTs saw at least two go for over $250,000 each.

    The Coachella Valley Arts and Music Festival announced it would offer an NFT auction on February 1. The Coachella NFT collection included items like photos to be redeemed for physical prints and collectible posters.

    However, the Coachella Key Collection was its foray into unique NFTs. Each of the ten Coachella Keys include lifetime passes to Coachella for one weekend in April each year.

    Each key includes access to different amenities.

    The Coachella NFTs Collection brought in $1,474,000 in sales collectively. The two most significant NFT sales were the Coachella Infinity Key and the Key to the Safari, which sold for $270,000 and $256,000 collectively.
    Here’s a peek at the unique perks that were on offer for the Coachella NFT auction in 2022.

    NFTs are typically used to buy and sell digital artwork and can take the form of GIFs, tweets, virtual trading cards, images of physical objects, video game skins, virtual real estate and more.

    How to buy NFTs

    Essentially, any digital image can be purchased as an NFT. But there are a few things to consider when buying one, especially if you’re a newbie.

    You’ll need to decide what marketplace to buy from, what type of digital wallet is required to store it and what kind of cryptocurrency you’ll need to complete the sale.

    Some of the most common NFT marketplaces include OpenSea, Mintable, Nifty Gateway and Rarible. There are also niche marketplaces for more specific types of NFTs, too, such as NBA Top Shot for basketball video highlights or Valuables for auctioning tweets such as Dorsey’s currently up for bid.

    But be wary of fees.

    Coachella and FTX have partnered together to offer lifetime festival experiences as NFTs.

    US-regulated cryptocurrency exchange FTX US has entered into a long-term deal with the annual California music and arts festival to offer crypto-powered experiences minted on the Solanablockchain. Their first move is the unveiling of Coachella’s NFT marketplace, offering three different collections linked to different physical and digital items.

    The first collection, the “Coachella Keys Collection,” is offering up 10 one-of-a-kind NFT keys that grant lifetime access to Coachella and unique festival experiences for 2022.

    The “Sights and Sounds Collection,” for instance, consists of 10,000 NFTs, and those who front $60 a pop for the tokens will receive one of “10 digital collectibles made up of iconic festival photos and never before heard soundscapes from the Polo Fields.” Purchasers can then redeem the NFTs “for a physical art print of the photograph,” according to the product description.

    Similarly, 1,000 NFTs (priced this time at $180 apiece) will afford customers “1 of 10 digital renditions of an iconic Coachella poster from Emek,” and these tokens can likewise be redeemed for “a physical copy of Coachella | The Photographs: 1999-2019 photo book.”

    But the remaining Coachella NFTs that will drop this week are directly tied to physical benefits, without the need for converting on the shopper’s end.
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    What is an NFT? Non-fungible tokens explained

    (CNN) – Non-fungible tokens, or NFTs, are the latest cryptocurrency phenomenon to go mainstream. And after Christie’s auction house sold the first-ever NFT artwork — a collage of images by digital artist Beeple for a whopping $69.3 million — NFTs have suddenly captured the world’s attention.

    So what are NFTs?

    In the simplest terms, NFTs transform digital works of art and other collectibles into one-of-a-kind, verifiable assets that are easy to trade on the blockchain.

    Although that may be far from simple for the uninitiated to understand, the payoff has been huge for many artists, musicians, influencers and the like, with investors spending top dollar to own NFT versions of digital images.

    PT on nft.coachella.com/88rising and will run for 24 hours.

    Sean Miyashiro, CEO of 88Rising, says, “We wanted to collaborate with Coachella to provide insane experiences at the most iconic festival in the world – and extend them into the future for all of our Head In The Clouds festivals ahead. We want our contribution in this space to be meaningful to the fans and also provide value in real world experiences as well as an ongoing path to deliver amazing art.”

    Sam Schoonover, Innovation Lead for Coachella, also notes, “The magic of a concert comes from a personal connection established between viewer and performer.
    NFTs allow us to build on that connection by commemorating the experience, rewarding the loyalty of those who attended, and enabling a stronger community amongst fans.

    The Key to the Safari sold for $256,000 and comes with a luxury, air-conditioned tent for accommodations.

    While it’s still early in the NFT world, showing buyers that their NFTs can be utilized in the real world can help boost engagement for everyone involved, according to Reid Robinson, co-founder and CEO of cocoNFT, a company that helps artists and Instagram users create NFTs.

    “As technology becomes easier to use, more creators think of different ways to innovate ideas like offering access to Coachella,” Robinson said in a phone interview. “It starts to get interesting with people who have never bought NFTs and are buying some for Coachella.”

    When the collection first went on sale, some keys had bids as low as $4,000, but a spot check at 11:05 a.m. on Feb.

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