OpenSea and Coachella Team Up for Music Festival NFTs

One of the largest music festivals in the world, Coachella, has teamed up with popular NFT marketplace OpenSea to launch an NFT collection linked to VIP experiences and limited merchandise.

The digital keepsakes will have IRL utility at the upcoming festival scheduled for April 12th-14th and April 19th-21st of 2024. According to a report released on March 5th, the Coachella Valley Music and Arts Festival will feature three unique NFT collections released in three consecutive drops.

The three NFT collections are hosted on the Avalanche blockchain, a popular Layer 1 blockchain for NFTs. Depending on the NFT they purchase, holders can expect VIP festival passes, rare merchandise, and other perks and rewards.

Coachella, which draws crowds of up to 645,000 to Indio, California, each year, is one of the most popular music festivals in the world. It features an eclectic mix of up-and-coming musicians, known superstars, and guest celebrities. For advertisers, it has become one of the most sought-after events of the year.

According to the innovation lead for Coachella, Sam Schoonover, the collaboration will turn the festival into an experience that can be shaped “based on the digital tokens in your possession.” Devin Finzer, the CEO of OpenSea, added that the partnership will blend the “digital with the physical” in a way that enhances the festival experience. It also signals a shift towards a novel “paradigm in the live event and ticketing industry.”

The first drop consisted of 1,000 NFTs and took place yesterday, March 5th. Those who purchased the ‘VIP Pass + Oasis Lounge Keepsake’ (Weekend 2) NFTs will receive access to two VIP Festival Passes and to the new Oasis Lounge, which is touted as a “serene space” that includes limited complimentary drinks and a “shaded lounge.”

For OpenSea, the collaboration comes after a year that saw huge declines in its trading volume, due largely in part to the rise of competitor marketplaces like Blur, Magic Eden, and OKX.

Coachella Continues to Innovate in Web3

About two months ago, we reported that OpenSea planned to offer NFT event tickets on its website on a calendar to focus more on utility driven NFTs. So, it’s not surprising that OpenSea has partnered with Coachella to bring token-gated access and NFT tickets to the festival. But perhaps more interestingly is Coachella’s continued interest in Web3.

At Rarity Sniper, we’ve covered several stories over the past few years about Coachella dipping their toes in Web3 waters. Here are two of the most recent.

First, about two years ago, the vodka brand Absolut created a metaverse experience in Decentraland called Absolut.Land. Players who participated in the space were eligible for various prizes, including discounts on Absolut products, wearable NFTs, and a trip to the 2022 Coachella Music Festival.

Next, around the same time, Coachella partnered with the now fallen crypto exchange FTX to auction ten lifetime passes to its music and arts festival as NFTs. The Coachella Keys grant holders exclusive perks, plus access to the festival for the rest of their lives.

Perhaps the reason we didn’t hear much about Coachella in Web3 last year is because of its early collaborations with FTX. After the demise of Sam Bankman-Fried and his exchange (which plunged us all into a long crypto winter), it’s understandable that the festival would take a step back from Web3 to review its options.

But Coachella’s partnership with OpenSea, a marketplace that has earned its reputation even despite recent setbacks, could be exactly what Coachella needs to further expand its offerings in Web3 and NFT tickets. At Rarity Sniper, we’ll be on the lookout for any updates to the story.